The UK Life Insurance industry has been adversely affected by the aftermath of the financial crisis and recent regulatory changes. As a result, industry revenue is estimated to decline at a compound annual rate of 4.3% over the five years through 2015-16. Industry revenue is highly volatile as it comprises both premium income and investment income. In 2015-16, premium income is estimated to account for 36.4% of industry revenue, while investment income is anticipated to contribute 63.6% of revenue. Weak business confidence levels during the early part of the period and falling real incomes hampered demand.
Industry firms provide life insurance cover and life-based investment products. Life insurance obliges the insurer to pay designated beneficiaries a sum of money in the event of the insured individual suffering death, disablement, serious illness or injury. As with all insurance contracts, exclusions may apply that limit the insurer's liability, such as suicide, riot or war.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.
