2024
9
UK Income Protection Market 2024 | Focus: Competitive Landscape
2024-05-16T15:01:00+01:00
REP5E06CADE_8635_4C4B_BEBA_1A07B34AD99B
500
173024
[{"name":"Insurance","url":"https:\/\/store.mintel.com\/industries\/finance\/financial-services\/insurance"}]
Report
en_GB
An overview of the market share of major players, competitive and advertising strategies. Stefania Apostol, Senior Financial Services Analyst…

UK Income Protection Market 2024 | Focus: Competitive Landscape

£ 500 (Excl.Tax)

Report Summary

Mintel’s Focus Reports extract and analyse key information and data to provide a condensed and insightful report on the topics that matter to you and your business. This report covers the competitive landscape of the UK income protection industry, if you are interested in learning more about the UK income protection market, use the navigation at the top of this page to browse other Focus Reports on the subject.

UK Income Protection: Competitive Landscape

Mintel’s UK Income Protection Competitive Landscape Focus Report provides a comprehensive overview of the UK income protection insurance industry, including market share of the industry’s major players, alongside competitive and advertising strategies making waves in the UK market.

 

Key features of the full report include:

  • A thorough examination of distribution strategies and channels to market.
  • An analysis of how Bancassurance sales in the industry have fluctuated.
  • Key insights into acquisitions that are changing the industry landscape, including high-profile acquisitions by Aviva and Royal London.
  • Detailed information on advertising and marketing activity in the income protection market.

This report provides an essential overview of the UK income protection market. It’s packed with vital information on new marketing strategies, significant acquisitions, and advertising activity. Stay on top of your game in the competitive landscape of income protection with this report.

Meet The Expert

This report, written by Stefania Apostol, a senior financial services analyst at Mintel, delivers in-depth commentary and analysis of the UK income protection industry.

This focus report provides an overview of the market share of major players, competitive and advertising strategies.

Stefania Apostol - Financial Services Analyst

Stefania Apostol
Senior Financial Services Analyst

Table of Contents

    • Key takeaways
  1. Market share

    • Legal & General continues to dominate the income protection market…
    • …and its new income protection sales increased by 4%
    • Aviva records strong growth in sales
    • LV=, Royal London and The Exeter maintained market positions despite declining sales in 2022
  2. Distribution strategies

    • Advised channels continue to dominate the market
    • Bancassurance sales remain stable but offers scope for growth
    • Graph 1: value and proportion of bancassurance premiums for new individual income protection policies, 2014-23
    • Lloyds Banking Group expands protection distribution channels
  3. Competitive strategies

    • Aviva purchases AIG’s UK protection business
    • Royal London acquires Aegon UK’s individual protection business
    • Income protection providers focus on adviser support
    • The Exeter enhances its HealthWise benefits app
    • AIG Life overhauls its income-protection offering
    • National Friendly enhances flexibility and coverage
    • IPTF launches Let’s Talk IP podcast
  4. Advertising and marketing activity

    • Overall advertising on protection products declines
    • Graph 2: total above-the-line, online display and direct mail advertising expenditure on protection products , 2019/20-23/24
    • Limited above-the-line advertising for income protection
    • Graph 3: total above-the-line, online display and direct mail advertising expenditure on income protection and critical illness, 2019/20-23/24
    • Aviva focuses on brand building
    • Royal London launches a new advertising campaign to promote the benefits of its mutuality
    • Kia Commodore discusses the impact of health issues on careers and the importance of financial protection in Legal & General’s podcast
  5. Appendix

    • Supplementary data
    • Channels to market – underlying data
    • Above-the-line, online display and direct mail advertising expenditure on finance
    • Methodology
    • Coverage
    • Abbreviations and terms
    • Income Protection – UK – 2024

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

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Data

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*databooks not available with UK B2B Industry reports.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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