Group Risk Insurance in the UK, Key Trends and Opportunities to 2018

Group Risk Insurance in the UK, Key Trends and Opportunities to 2018

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Published on Oct 18, 2014 - 58 pages

New business premiums in the group risk insurance category grew by 35.8% in 2012, but fell by 2.9% in 2013. This was a result of a sharp rise in new business at Friends Life in 2012 following its consolidation of Bupa's protection business and Axa's UK life business, and a subsequent decline in group protection sales reported by the insurer in the 2013 PRA returns.

The majority of group risk insurers achieved solid results in both 2012 and 2013, receiving a boost in new group protection sales due to the introduction of pension auto-enrolment from October 2012. The group risk insurance category recorded a compound annual growth rate (CAGR) of 1.0% during the review period (2009-2013) to reach a value of GBP293.7 million in 2013.

Providers and advisers are expected to benefit from opportunities created by auto-enrolment, as more employers will be willing to consider a wider range of flexible benefits for their staff. Group risk benefits, such as group income protection (IP), group critical illness (CI) or group life schemes, are expected to become more relevant to employers as they aim to reduce sickness absence costs and improve staff retention.

Report Highlights
  • Protection providers deliver strong results in the group risk insurance category.
  • Auto-enrolment has the potential to widen the appeal of group risk benefits.
  • The government is launching a new Health and Work Service (HWS) initiative.
  • Online technical solutions are well received by intermediaries.
  • The category is forecast to expand at CAGR of 4.5% during the next five years.
Report Scope
  • This report provides a comprehensive analysis of the group risk insurance market in the UK.
  • It provides historical values for the UK group risk insurance market for the report's 2009-2013 review period and forecast figures for the 2014-2018 forecast period.
  • It offers estimates of new business premiums collected in the market.
  • It provides an overview of market dynamics and market drivers.
  • It profiles top group risk insurers in the UK and outlines the key challenges faced in the market.
Reasons to Get this Report
  • Gain an understanding of the UK group risk insurance market.
  • Learn about the performance of market drivers, claims and market dynamics.
  • Explore group risk products and key providers in the category.
  • Find out more on key deals and recent developments in the market.


Table of Contents

1 Executive Summary
Table of Contents
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Market Analysis
3.1 Market Size
3.1.1 Group risk insurance new business premiums by product type
3.1.2 Group income protection
3.1.3 Group critical illness
3.1.4 Group life insurance
3.2 Claims
3.2.1 Group risk statistics published for the first time
3.2.2 Claims outlook
3.3 Market Drivers
3.4 Market Outlook
3.5 Distribution Channels
4 Competitive Landscape
4.1 Review - The Best Performers of 2013
4.2 Product Innovation
4.3 Group Risk Insurance - SWOT Analysis
5 Deals and News
5.1 Canada Life Launches Group Risk Treatment Service
5.2 Aviva Joins Group Risk Connect
5.3 Friends Life Launches Group CI Support Service
5.4 IPTF Launches Seven Families Industry Initiative
5.5 Unum Launches Group IP for Pension Auto-Enrolment
5.6 Generali UK Extends EAP and Best Doctors Services
5.7 Canada Life Offers 'BusinessCare' Service to All Group Advisers
6 Regulation and Compliance
6.1 Regulatory Changes
6.1.1 Compulsory retirement at age 65 abolished
6.1.2 Retail Distribution Review (RDR)
6.1.3 The Welfare Reform Act 2012
6.1.4 End of percentage threshold scheme
6.1.5 Auto-enrolment
7 Economic Backdrop
7.1 Real GDP Growth
7.2 Demographics
7.3 Employment and Support Allowance and Incapacity Benefits Claimants
7.4 Labor Market
8 Company Profiles
8.1 Aviva Plc - Company Overview
8.1.1 Aviva Plc - key facts
8.1.2 Aviva Plc - main products
8.1.3 Aviva Plc - main competitors
8.1.4 Aviva Plc - key employees
8.2 Canada Life Ltd - Company Overview
8.2.1 Canada Life Ltd - key facts
8.2.2 Canada Life Ltd - main products
8.2.3 Canada Life Ltd - main competitors
8.2.4 Canada Life Ltd - key employees
8.3 Friends Life Group Ltd - Company Overview
8.3.1 Friends Life Group Ltd - key facts
8.3.2 Friends Life Group Ltd - main products
8.3.3 Friends Life Group Ltd - main competitors
8.3.4 Friends Life Group Ltd - key employees
8.4 HSBC Holdings Plc - Company Overview
8.4.1 HSBC Holdings Plc - key facts
8.4.2 HSBC Holdings Plc - main products
8.4.3 HSBC Holdings Plc - main competitors
8.4.4 HSBC Holdings Plc - key employees
8.5 Legal & General Group Plc - Company Overview
8.5.1 Legal & General Group Plc - key facts
8.5.2 Legal & General Group Plc - main products
8.5.3 Legal & General Group Plc - main competitors
8.5.4 Legal & General Group Plc - key employees
8.6 Lloyds Banking Group Plc - Company Overview
8.6.1 Lloyds Banking Group Plc - key facts
8.6.2 Lloyds Banking Group Plc - main products
8.6.3 Lloyds Banking Group Plc - main competitors
8.6.4 Lloyds Banking Group Plc - key employees
8.7 Standard Life Plc - Company Overview
8.7.1 Standard Life Plc - key facts
8.7.2 Standard Life Plc - main products
8.7.3 Standard Life Plc - main competitors
8.7.4 Standard Life Plc - key employees
8.8 The Royal London Group - Company Overview
8.8.1 The Royal London Group - key facts
8.8.2 The Royal London Group - main products
8.8.3 The Royal London Group - main competitors
8.8.4 The Royal London Group - key employees
8.9 Unum Ltd - Company Overview
8.9.1 Unum Ltd - key facts
8.9.2 Unum Ltd - main products
8.9.3 Unum Ltd - main competitors
8.9.4 Unum Ltd - key employees
8.10 Wesleyan Assurance Society - Company Overview
8.10.1 Wesleyan Assurance Society - key facts
8.10.2 Wesleyan Assurance Society - main products
8.10.3 Wesleyan Assurance Society - main competitors
8.10.4 Wesleyan Assurance Society - key employees
9 Statistics
9.1 Review Period
9.2 Forecast Period
10 Appendix
10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric's Services
10.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: UK Group Risk Insurance - Claims Statistics, 2013
Table 3: UK Group Risk Insurance - SWOT Analysis


Companies Mentioned:

Aviva Plc
Canada Life Ltd
Friends Life Group Ltd
HSBC Holdings Plc
Legal & General Group Plc
Lloyds Banking Group Plc
Standard Life Plc
The Royal London Group
Unum Ltd
Wesleyan Assurance Society