UK Income Protection Market 2024 | Focus: Market Factors
A compilation of political, economic, social and legal factors impacting the income protection market. Stefania Apostol, Senior Financial Services Analyst…

UK Income Protection Market 2024 | Focus: Market Factors

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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 market factors impacting 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: Market Factors

Mintel’s UK Income Protection Market Factors Focus Report provides a deep dive into the political, economic, social, and legal forces shaping the UK income protection market.

This report takes you through a comprehensive analysis of the income protection insurance market, highlighting pivotal data points and trends.


An example of the key insights from this report:

  • A startling 40% of Brits have savings less than £5,000, underlining the critical necessity of income protection.
  • Expect unemployment rates to hold steady, thus propelling growth in the market.
  • Rising cost of living pressures exert additional strain on households, injecting demand for income protection.
  • The Consumer Duty regulation is laser-focused on ensuring retail customers in the financial sector receive favourable outcomes.

In this report, Mintel provides analysis to uncover the effects of regulatory changes, economic conditions, and social trends on the income protection market. In summary, this report is your personal guide to navigating the 2024 income protection landscape in the UK.

Meet The Expert

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

This focus report is a compilation of political, economic, social and legal factors impacting the income protection market.

Stefania Apostol - Financial Services Analyst

Stefania Apostol
Senior Financial Services Analyst

Table of Contents

    • Key takeaways
  1. Political factors

    • The government cuts National Insurance
    • Labour pledges to strengthen statutory sick pay
  2. Economic factors

    • Economic output has stagnated since the cost of living crisis began
    • Graph 1: GDP, 2021-23
    • Inflation declines but still affects consumers’ finances
    • Graph 2: CPI and CPIH inflation rates, 2021-24
    • Interest rates expected to fall in 2024, but borrowing pressures will remain…
    • …and continue to impact the housing sector
    • Graph 3: number of residential property transactions completed in the UK with value of £40,000 or above, not seasonally adjusted, 2007-23
    • Consumer sentiment: the recovery has begun …
    • Graph 4: the financial wellbeing index, 2016-24
    • …but most people are still feeling the effects of higher prices
    • Graph 5: “Have you been affected by any of these issues over the last two months? Please select all that apply.”, 2024
    • People maintain a cautious approach to their finances
    • Graph 6: households’ saving ratio, seasonally adjusted and at current prices, 2000-23
  3. Social factors

    • 40% of Brits have less than £5,000 in savings and investments
    • Graph 7: level of savings and investments, excluding main home and pension savings, 2024
    • Average weekly earnings have steadily increased
    • Graph 8: average weekly earnings in Great Britain, seasonally adjusted, 2000-24
    • The unemployment rate remains low but a moderate rise is expected
    • Graph 9: unemployment rate, 2015-29
    • The number of economically inactive people due to long-term sickness rises
    • Graph 10: economically inactive people aged 16-64 due to long-term sickness – seasonally adjusted, 2000-24
    • The number of self-employed workers declined during the pandemic
    • Graph 11: number of self-employed, rolling three-monthly figures – seasonally adjusted, 2000-24
    • The proportion of renters remains stable
    • Graph 12: English housing stock, by tenure (proportions), 2018/19-22/23
  4. Regulatory changes

    • Consumer Duty encourages providers to deliver good outcomes
    • Consumer Duty’s key outcomes
    • 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.


Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.


Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.


Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.


Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*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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