Summary
The life market has contracted significantly over the last couple of years since the introduction of the Retail Distribution Review (RDR) and the subsequent exodus of banks providing advice, so that now both the number of contracts and the value of premiums are at much lower levels than before. With minimal change in either variable over 2014 and 2015, a new normal is taking hold in the market.
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Synopsis
This report examines the protection side of the life insurance market, the side that broadly provides financial compensation in the risk-measured event of death or severe health issues.
Taking protection as a whole, it focuses on the major and closely related product lines of term and whole of life insurance. It also highlights the impact of the RDR and provides a forecast for the next five years.
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Key Findings
· The sheer size of the total term market dictates the overall protection market direction, with the reduction in premium value every year from 2012 pinning the protection market back. Following a 3.6% drop in term premium income in 2015, the total protection market was only able to register 0.2% growth.
· There has been very little activity within the term market itself to inspire growth, and the product is reasonably commoditized to make it a price-driven market. As a population, many UK consumers are under-insured, but are failing to engage with the product. Term is still a product that is sold rather than bought, and for a product which might well never pay out, the new business figures suggest that a sale is increasingly difficult for consumers and advisors alike.

Reasons To Buy
· Review your strategy against both the existing and new challenges facing the term and whole of life insurance markets.
· See where the opportunities are for digital disruption and how insurers need to respond.
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