2024
9
UK Income Protection Market 2024 | Focus: Market Size
2024-05-16T15:01:36+01:00
REPD43713CA_BCF0_4740_B708_FC2B56031750
500
173027
[{"name":"Insurance","url":"https:\/\/store.mintel.com\/industries\/financial-services\/insurance"}]
Report
en_GB
The individual income protection market is on the rise, driven by consumers' increased awareness of financial vulnerabilities and advisers' focus on protection. Stefania Apostol, Senior Financial Services Analyst…

UK Income Protection Market 2024 | Focus: Market Size

£ 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 market size 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: Market Size

Mintel’s UK Income Protection Market Size Focus Report provides access to the latest insights that shed light on the UK income protection insurance market size, detailing key trends and forecasts with trusted data and analysis.

Here’s an example of insights the full report provides:

  • An analysis of how heightened consumer awareness of financial vulnerabilities and advisers’ focus on protection is boosting the growth of the income protection market.
  • A detailed look into the escalation in the value of new premiums for individual income protection, mirroring the robust growth in new policies.
  • Discover how claims experience reveals an uptick in the number of claims paid, with musculoskeletal conditions topping the list.
  • Forecasts into the future of the income protection market.

Alongside comprehensive market data, Mintel’s Market Size Focus Report provides actionable recommendations for stakeholders looking to capitalise on market opportunities. This report is an invaluable resource for navigating the dynamic landscape of income protection 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 UK income protection market.

The individual income protection market is on the rise, driven by consumers’ increased awareness of financial vulnerabilities and advisers’ focus on protection.

Stefania Apostol - Financial Services Analyst

Stefania Apostol
Senior Financial Services Analyst

Table of Contents

    • Market predictions
    • Market size & forecast
  1. Market size

    • Sales of new individual income protection continue to rise…
    • Graph 1: volume of new individual income protection, ABI members, 2019-23
    • …alongside the value of new premiums
    • Graph 2: value of new individual income protection, ABI members, 2019-23
    • Average annual premiums for individual income protection rise
    • Graph 3: average annual new premium for new income protection insurance, 2019-23
    • Group income protection new premiums continue to decline
    • Graph 4: value of new group income protection, ABI members, 2019-23
  2. Market forecast

    • New individual policy sales are expected to continue to grow, albeit at a slower rate…
    • … with a similar trend forecast for new premiums
    • Growth is forecast to remain positive over the next five years
    • Learnings from the last income squeeze
    • Graph 5: new sales for individual income protection, 2007-14
  3. Claims experience

    • Number of claims increased by 9% in 2022
    • Claims acceptance rate declined slightly
    • Graph 6: proportion of new claims paid for individual income protection policies, 2018-22
    • Musculoskeletal conditions are the most claimed-for issues
    • Graph 7: proportion of individual income protection claims, by reason for claim, 2021-22
  4. APPENDIX

    • Market forecast data and methodology
    • Market size: underlying data
    • Market forecast and prediction intervals (volume)
    • Market forecast and prediction intervals (value)
    • Forecast methodology
    • Report definitions
    • Market definitions
    • Income Protection – UK – 2024

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2024 Sample Consumer Cover

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