United Kingdom (UK) Life Insurance Market Summary, Competitive Analysis and Forecast to 2027
Summary
Life Insurance in the United Kingdom industry profile provides top-line qualitative and quantitative summary information including: market size (value 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and retirement savings plans.
- The UK life insurance market had total gross written premiums of $301.8 billion in 2022, representing a compound annual growth rate (CAGR) of 8.7% between 2017 and 2022.
- The Life Insurance segment accounted for market's the largest proportion in 2022, with total gross written premiums of $254.8 billion, equivalent to 84.4% of the market's overall value.
- Low consumer confidence among the UK population is likely to draw the moderate growth of the life insurance market. Rising inflation is also anticipated to may also impact the market.The performance of the market is forecast to decelerate, with an anticipated CAGR of 5.7% for the five-year period 2022 - 2027, which is expected to drive the market to a value of $397.9billion by the end of 2027.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance market in the United Kingdom
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in the United Kingdom
- Leading company profiles reveal details of key life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the United Kingdom life insurance market with five year forecasts
- What was the size of the United Kingdom life insurance market by value in 2022?
- What will be the size of the United Kingdom life insurance market in 2027?
- What factors are affecting the strength of competition in the United Kingdom life insurance market?
- How has the market performed over the last five years?
- What are the main segments that make up the United Kingdom's life insurance market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Market rivalry
- 1.7. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What strategies do leading players follow?
- 7.4. What has been the rationale behind recent M&A activity?
- 7.5. How has the COVID-19 outbreak impacted the market?
- 8 Company Profiles
- 8.1. American International Group Inc (AIG)
- 8.2. Aviva Plc
- 8.3. Lloyds Banking Group Plc
- 8.4. Zurich Insurance Group Ltd
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: United Kingdom life insurance market value: $ billion, 2017-22
- Table 2: United Kingdom life insurance market category segmentation: % share, by value, 2017–2022
- Table 3: United Kingdom life insurance market category segmentation: $ billion, 2017-2022
- Table 4: United Kingdom life insurance market geography segmentation: $ billion, 2022
- Table 5: United Kingdom life insurance market value forecast: $ billion, 2022-27
- Table 6: United Kingdom life insurance market share: % share, by value, 2022
- Table 7: American International Group Inc (AIG): key facts
- Table 8: American International Group Inc (AIG): Annual Financial Ratios
- Table 9: American International Group Inc (AIG): Key Employees
- Table 10: American International Group Inc (AIG): Key Employees Continued
- Table 11: Aviva Plc: key facts
- Table 12: Aviva Plc: Annual Financial Ratios
- Table 13: Aviva Plc: Key Employees
- Table 14: Aviva Plc: Key Employees Continued
- Table 15: Lloyds Banking Group Plc: key facts
- Table 16: Lloyds Banking Group Plc: Annual Financial Ratios
- Table 17: Lloyds Banking Group Plc: Key Employees
- Table 18: Lloyds Banking Group Plc: Key Employees Continued
- Table 19: Zurich Insurance Group Ltd: key facts
- Table 20: Zurich Insurance Group Ltd: Annual Financial Ratios
- Table 21: Zurich Insurance Group Ltd: Key Employees
- Table 22: Zurich Insurance Group Ltd: Key Employees Continued
- Table 23: United Kingdom size of population (million), 2018–22
- Table 24: United Kingdom gdp (constant 2005 prices, $ billion), 2018–22
- Table 25: United Kingdom gdp (current prices, $ billion), 2018–22
- Table 26: United Kingdom inflation, 2018–22
- Table 27: United Kingdom consumer price index (absolute), 2018–22
- Table 28: United Kingdom exchange rate, 2017–21
- List of Figures
- Figure 1: United Kingdom life insurance market value: $ billion, 2017-22
- Figure 2: United Kingdom life insurance market category segmentation: $ billion, 2017-2022
- Figure 3: United Kingdom life insurance market geography segmentation: % share, by value, 2022
- Figure 4: United Kingdom life insurance market value forecast: $ billion, 2022-27
- Figure 5: Forces driving competition in the life insurance market in the United Kingdom, 2022
- Figure 6: Drivers of buyer power in the life insurance market in the United Kingdom, 2022
- Figure 7: Drivers of supplier power in the life insurance market in the United Kingdom, 2022
- Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in the United Kingdom, 2022
- Figure 9: Factors influencing the threat of substitutes in the life insurance market in the United Kingdom, 2022
- Figure 10: Drivers of degree of rivalry in the life insurance market in the United Kingdom, 2022
- Figure 11: United Kingdom life insurance market share: % share, by value, 2022
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