Dublin, Sept. 21, 2020 (GLOBE NEWSWIRE) -- The "Whole of Life Assurance - United Kingdom (UK) Protection Insurance 2020" report has been added to ResearchAndMarkets.com's offering.
The report provides an in-depth assessment of the whole of life market, looking at current and historical market size with regards to changes in contracts and premiums. It examines how whole of life products are distributed, and highlights key changes in the competitive landscape, as well as the proposition of the key market players.
Whole of life assurance accounts for the second-largest share of the protection market. The whole of life market grew in 2019. The majority of policies sold are guaranteed acceptance, and tend to be sold unadvised. Changes to electronic communications are bound to make it harder to reach out to potential customers. Meanwhile, independent financial advisors dominate the underwritten space. COVID-19 has led to delays in completing sales and has forced life insurers to tighten their underwriting guidelines. The market is anticipated to dip in 2020 before returning to growth.
The report 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. The scope of this report covers the market for individual regular premiums only.
The whole of life market grew in 2019 to reach 105.6m in new business premiums. Growth was driven by sales of guaranteed acceptance (over-50s) policies.
SunLife is by far the largest provider of whole of life policies, with a 39.9% stake of the market in terms of contracts sold in 2018.
COVID-19 has led to delays generating sales, due to challenges obtaining physical medical examinations and GP reports (underwritten policies) and issues processing paper-based applications (guaranteed acceptance over-50s policies).
Reasons to Buy
Examine the size of the whole of life assurance market.
Learn about the short-term and longer-term implications of COVID-19 on the market.
Understand the influence of other factors on growth.
Key Topics Covered:
1. Background: The Protection Market
2. The Whole of Life Assurance Market
3. Market Drivers
Impact of COVID-19
4. Product Launches & Innovation
5. Competitive Landscape
Legal & General
Medical Screening Solutions
Willis Towers Watson
For more information about this report visit https://www.researchandmarkets.com/r/fbo3ng
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