Published on : Nov 18, 2016
ALBANY, NY, Nov 18, 2016: The report examines the U.K. market for critical illness and income protection insurance and presents a detailed overview of the notable trends in the market, illustrating the likely development trajectory of the market in the coming years. The report takes into account the various factors affecting the trajectory of the critical illness and income protection insurance market in the U.K. and thus presents comprehensive coverage. The report is titled ‘UK Protection Insurance: Critical Illness & Income Protection’ and is available for sale on the official website of ResearchMoz.us.
According to the report, term products dominate the U.K. critical illness and income protection insurance market, with non-mortgage term products leading the market. However, the unstable macroeconomic environment in the U.K. has generated significant pressure on all significant product lines in the protection insurance market and is likely to remain a key restraint on the market in the coming years.
The U.K. protection insurance has undergone significant changes in recent years due to the initiation of the retail distribution review (RDR). This has led to advisors who offered a wide repertoire of protection insurance services having to readjust their business models to suit the demands of the changing economic and regulatory dynamics. The increased focus on conduct in recent years has also played a key role in the development of the U.K. critical illness and income protection market in recent years, as it has led to a number of new regulations.
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The decline in contract levels following the RDR has been a key restraint on the U.K. critical illness and income protection insurance market. The general trend regarding protection insurance among banks has also been negative, with several banks opting out of advisory services and focusing on core business. This has led to a steady diminishing in the role of banks in the protection insurance sector, as advisors have taken on an important gatekeeper role in the protection insurance industry, since protection is sold rather than bought.
As a result of such changes, the development of the U.K. critical illness and income protection market hasn’t been steady, with different product categories exhibiting notably different performances in the last few years. However, the steady rise in prices has been a key driver for the U.K. critical illness and income protection market.
Despite the significant and acknowledged benefits of critical illness and income protection insurance, the lack of widespread awareness about the benefits and easy availability of the same has hurt the industry’s development prospects in the U.K. The variety of options available in the critical illness and income protection insurance market has led to confusion, while the long application process has also served to discourage customers. As a result, boosting the awareness about critical illness and income protection insurance is the key objective for leading industry players in the coming years.
The report also takes a look at the potential impact of Brexit on the U.K. critical illness and income protection insurance market’s future development. Other factors likely to have a notable impact on the critical illness and income protection insurance market’s development in the coming years are also examined in the report.
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