About the market:

Market conditions have been very tough for life insurers over recent years. New sales of individual regular-premium life insurance policies have fallen, while costs mainly associated with new regulatory changes have increased, leading to tight margins. While the stock market continues to improve, the general public are taking longer to be convinced and the situation remains vulnerable, with ongoing problems in the endowment and with-profits markets and a loss of faith in private pensions continuing to take their toll. Added to this is the slowdown in the mortgage market, which drives a significant proportion of insurance sales, and the declining popularity of critical illness cover – not so long ago the shining star of the protection industry.

About Mintel’s research:

This report provides an overview of the protection side of the UK life insurance market, offering the latest trend data and expert analysis to help set current industry developments in context.

Exploring the main challenges that life insurers are facing, Mintel’s research appraises the strategies and initiatives which are being suggested, investigated and implemented by these companies to invigorate the market and turn around their fortunes.

Mintel’s report offers you:

a summary of key market and consumer insights (Premier editions only)

the context for the current state of the life insurance market

an overview of the main factors driving the market, such as socio-demographic and macroeconomic factors and regulatory developments

an analysis of the market’s size and segmentation

an appraisal of the supply side of the market and the competitive environment

comments on product innovation, distribution and promotion

an overview of general consumer financial activity, including expected life and pensions activity (Premier editions only)

an investigation into consumer behaviour and attitudes towards life insurance and other protection products

special further analysis (using CHAID, repertoire and cluster models) on consumer research data to enable deeper understanding of specific target groups (Premier editions only)

a round-up of industry views (Premier editions only)

an analysis and forecast of future market development.

Intriguing findings include:

Three in five adults do not read the terms and conditions whenever they take out an insurance policy such as life insurance or critical illness cover. This is perhaps due to constraints of time or simply a lack of interest.

The fact that 17% of all life insurance policyholders are not aware of the type of insurance they have is a concern but is also not atypical. It is well documented that many people are not particularly interested in personal finance and most financial services sectors suffer or benefit from a significant amount of consumer apathy.