UK Markets open in 4 hrs 4 mins

United Kingdom Critical Illness Protection Insurance Report 2020 - COVID-19 has Prompted Insurers to Tighten their Underwriting Guidelines

Research and Markets
·3-min read

Dublin, Dec. 23, 2020 (GLOBE NEWSWIRE) -- The "Critical Illness - United Kingdom (UK) Protection Insurance 2020" report has been added to ResearchAndMarkets.com's offering.

The report provides an in-depth assessment of the standalone critical illness market, looking at current and historical market sizes with regards to changes in contracts and premiums.

New business premiums in the UK's standalone critical illness market increased to UKP21.5m in 2019. Despite the strong growth, critical illness cover continues to represent a small proportion of the protection market. Advised sales are more common than non-advised sales. Together, the advice and restricted advice channels accounted for 83.1% of all standalone critical illness policies sold in 2019. The outbreak of COVID-19 has prompted insurers to tighten their underwriting guidelines, particularly with customer groups who are more vulnerable to the effects of the disease. Meanwhile, delays in onboarding new customers have been commonplace. This will lead the market to temporarily contract before returning to growth. The standalone critical illness market is forecast to reach 26.7m by 2024.

The report examines how critical illness products are distributed and highlights key changes in the competitive landscape, as well as the proposition of the key market players. It provides five-year forecasts of contracts and premiums to 2024 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.

Scope

  • The standalone critical illness market experienced another year of strong growth in 2019, with premiums rising by 9.3% to UKP21.5m.

  • L&G retained its position as the largest provider of critical illness cover. The insurer accounted for more than a quarter of all critical illness contracts sold (standalone and with-rider) in 2018.

  • Cancer is the most common reason for claims. COVID-19 has the potential to aggravate this, given the way the virus has strained NHS services.

  • The standalone critical illness market is forecast to shrink in 2020 owing to COVID-19. Growth will resume a year later, with the market anticipated to grow to UKP26.7m in premiums by 2024.

Key Topics Covered:

1. Background: The Protection Market

  • Market Size

  • Distribution

2. The Critical Illness Insurance Market

  • Market Size

  • Distribution

3. Market Drivers

  • Current Drivers

  • Legislation

  • Impact of Covid-19

4. Product Launches & Innovation

  • Case Studies

5. Competitive Landscape

  • Market Shares

  • Company Profiles

6. Forecasts

  • Forecasts

  • Commentary

  • Methodology & Appendix

Companies Mentioned

  • Legal & General

  • Aviva

  • Zurich

  • Royal London

  • Friends Life

  • Aegon

  • The Exeter

  • Vitality

  • AIG

  • Guardian

  • SquareHealth

  • Medical Screening Solutions

  • Defaqto

  • Finance and Technology Research Center

  • Choozi

  • Neilson Financial Services

  • Canada Life

  • HSBC Life

  • Scottish Widows

  • Anorak

  • Resurety

  • Quilter

For more information about this report visit https://www.researchandmarkets.com/r/oyrkrv

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900