Personal Accident and Health Insurance in the UK, Key Trends and Opportunities to 2020

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Published: June 19, 2017 Report Code: GD-IS1481MR-ST

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GlobalData’s 'Personal Accident and Health Insurance in the UK, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the UK personal accident and health insurance segment, and a comparison of the UK insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the UK economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in the UK:

• It provides historical values for the UK personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the UK personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the UK personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in the UK.

• It profiles the top personal accident and health insurance companies in the UK, and outlines the key regulations affecting them.

Key Highlights

• The UK personal accident and health segment is highly concentrated, with the presence of both domestic and foreign insurers.

• In 2015, the top 10 ABI members accounted for 92.3% of the gross written premium – up from 63.2% in 2014.

• The penetration of the segment marginally increased from 0.34% in 2011 to 0.38% in 2015.

• On June 1, 2017, the insurance premium tax (IPT) was raised from 10% to 12%, with effect from October 2016.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the UK personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the UK personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the UK insurance industry, and their impact on companies and the industry's future.

Axa UK Plc
Aviva Plc
Discovery Holdings Ltd
Simply Health
Cigna Life Insurance Company of Europe SA-NV
AIG Europe Ltd
Direct Line Group
Ageas Insurance Ltd
National Farmers Union Mutual Insurance Society Ltd
RSA Insurance Group Plc

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Direct written premium and penetration

4.2.2 Claims

4.2.3 Profitability

5 Distribution Channel Outlook

5.1 Analysis by Distribution Channel

6 Competitive Landscape

6.1 Company Profiles

6.1.1 Axa UK Plc – company overview

6.1.2 Aviva Plc – company overview

6.1.3 Discovery Holdings Ltd – company overview

6.1.4 SimplyHealth – company overview

6.1.5 Cigna Life Insurance – company overview

7 Governance, Risk and Compliance

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulation

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life insurance

7.3.2 Property insurance

7.3.3 Motor insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Employer’s liability insurance

7.4.2 Motor third-party liability insurance

7.4.3 Merchant shipping compulsory insurance

7.4.4 National Insurance Scheme

7.4.5 Professional indemnity insurance

7.4.6 Air carriers and aircraft operators insurance

7.4.7 Clinical trials liability insurance

7.4.8 Liability for ships with respect to oil pollution

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 European Insurance and Occupational Pensions Authority

7.5.3 Prudential Regulation Authority

7.5.4 Financial Conduct Authority

7.6 Non-Admitted Insurance Regulations

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and Penalties

7.7 Company Registration and Operations

7.7.1 Type of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margin

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Withholding taxes on premium paid overseas

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution

8 Databook

8.1 Policies and Premium

8.2 Claims and Expenses

8.3 Direct Marketing and E-Commerce

8.4 Insurance Brokers and Agencies

8.5 Bancassurance and Other Distribution Channels

8.6 Personal Accident Insurance

8.7 Health Insurance

8.8 Travel Insurance

9 Definitions and Methodology

9.1 Definitions

9.2 Methodology

10 About GlobalData

10.1 Contact GlobalData

10.2 About GlobalData

10.3 GlobalData’s Services

10.4 Disclaimer

Table

Table 1: UK Personal Accident and Health Insurance – Key Facts, 2015

Table 2: UK Personal Accident and Health Insurance – Top Five Insurers, 2015

Table 3: UK Government Credit Ratings

Table 4: UK Personal Accident and Health Insurance – Direct Written Premium (GBP Billion and US$ Billion), 2011–2015

Table 5: UK Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 6: UK Personal Accident and Health Insurance – Direct Written Premium (GBP Billion and US$ Billion), 2015–2020

Table 7: UK Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 8: UK Personal Accident and Health Insurance – Premium per Capita (GBP and US$), 2011–2015

Table 9: UK Personal Accident and Health Insurance – Premium per Capita (GBP and US$), 2015–2020

Table 10: UK Personal Accident and Health Insurance – Paid Claims (GBP Billion and US$ Billion), 2011–2015

Table 11: UK Personal Accident and Health Insurance – Paid Claims (GBP Billion and US$ Billion), 2015–2020

Table 12: UK Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 13: UK Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 14: UK Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (GBP Billion), 2011–2015

Table 15: UK Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (GBP Billion), 2015–2020

Table 16: UK Personal Accident and Health Insurance – Percentage of Direct Written Premium, by Distribution Channel, 2011–2020

Table 17: UK Personal Accident and Health Insurance – Top Insurers, 2015

Table 18: Axa UK Plc – Key Facts

Table 19: Aviva Plc – Key Facts

Table 20: Discovery Holdings Limited – Key Facts

Table 21: Simply Health – Key Facts

Table 22: Cigna Life Insurance – Key Facts

Table 23: UK – Insurance Regulatory Framework Key Features

Table 24: UK – Life Insurance Regulatory Framework

Table 25: UK – Property Insurance Regulatory Framework

Table 26: UK– Motor Insurance Regulatory Framework

Table 27: UK – Liability Insurance Regulatory Framework

Table 28: UK – Benefits Under National Insurance Scheme

Table 29: UK – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 30: UK – Corporate Tax Rates for the Financial Year 2017

Table 31: UK– VAT Rates in UK for Insurance Products

Table 32: UK Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 33: UK Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 34: UK Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 35: UK Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 36: UK Personal Accident and Health Insurance – Direct Marketing, 2011–2015

Table 37: UK Personal Accident and Health Insurance – Direct Marketing, 2015–2020

Table 38: UK Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2011–2015

Table 39: UK Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2015–2020

Table 40: UK Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2011–2015

Table 41: UK Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2015–2020

Table 42: UK Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2013

Table 43: UK Personal Accident and Health Insurance – Health Insurance, 2011–2013

Table 44: UK Personal Accident and Health Insurance – Travel Insurance, 2011–2013

Table 45: Insurance Industry Definitions

Figures

Figure 1: UK Real GDP (GBP Trillion), 2011–2020

Figure 2: UK Consumer Price Inflation (%), 2011–2020

Figure 3: UK Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 4: UK Unemployment Rate, 2011–2020

Figure 5: UK Population by Age Group, 2011–2025

Figure 6: UK Non-Life Insurance Penetration – Regional Comparison (%), 2015

Figure 7: UK Personal Accident and Health Insurance – Direct Written Premium (GBP Billion), 2011–2020

Figure 8: UK Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 9: UK Personal Accident and Health Insurance – Premium per Capita (GBP), 2011–2020

Figure 10: UK Personal Accident and Health Insurance – Paid Claims (GBP Billion), 2011–2020

Figure 11: UK Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 12: UK Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 13: UK – The Three Pillars of Solvency II

Figure 14: UK – Insurance Supervision and Control at Various Levels

Figure 15: UK – Insurance Regulatory Frameworks for Company Registration and Operation

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