United Kingdom (UK) Income Protection Insurance Distribution Dynamics and Future Market, 2023 Update

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United Kingdom (UK) Income Protection Insurance Market Report Overview

Price is a prominent factor in the consumer’s decision-making process while purchasing insurance. Hence, in 2023, price comparison websites (PCW) remained their preferred pre-purchase activity. The proportion of consumers who visited their existing provider’s website and researched via broker/insurer websites increased in 2023 compared to the previous year. This suggests that consumers are seeking more detailed information from provider sites.

The United Kingdom (UK) Income Protection Insurance market research report provides an in-depth assessment of the income protection (IP) insurance market and explores how purchasing preferences have changed over time. The report discovers what is most influential to customers when purchasing an income protection policy and reveals the most popular providers in the market. It highlights new trends and innovations, as well as the key factors that will influence the market over the next few years.

Key Distribution Channels ·       Insurer

·       Broker/IFA

·       Bank

·       PCW

Key Purchasing Triggers ·       Buying a New House

·       Inflation/Cost of Living Crisis

·       Advice from Friends and Family

·       Concern about Job Security

Key Companies ·       Aviva

·       Legal & General

·       LV=

·       HSBC

·       Royal London

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UK Income Protection Insurance - Purchasing Journey

Consumers with greater responsibilities or financial liabilities, such as mortgage payers, married people, and those in a civil partnership, are more likely to have an IP insurance policy. The key distribution channels used to purchase IP policy in 2023 included insurer, broker/IFA, bank, and PCW, among others. The insurer channel was preferred among IP insurance customers in 2023.

With the help of PCWs, consumers can find products quicker than through other avenues. Hence, it was the most popular pre-purchase activity in 2023. On the other hand, the proportion of consumers who researched online via a broker/insurer website increased considerably. With the cost-of-living crisis, consumers have increasingly used broker advice to research IP policies online, while also verifying details directly using insurers’ websites.

UK Income Protection Insurance Market Analysis by Distribution Channels, 2023 (%)

UK Income Protection Insurance Market Analysis by Distribution Channels, 2023 (%)

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UK Income Protection Insurance - Behaviors and Attitudes

Buying a new house, inflation/cost of living crisis, advice from friends and family, and concern about job security are a few of the triggers behind purchasing an income protection policy. In 2023, buying a house was the most popular trigger. Furthermore, consumers are increasingly becoming aware of the benefits of IP when rent/mortgage payments and food prices are all rising, and energy bills remain high. Mortgage protection was the leading feature driving the purchase of a new IP product as mortgage payments are expensive based on the Bank of England’s current monetary policy.

UK Income Protection Insurance Market Analysis by Insurance Purchasing Triggers, 2023 (%)

UK Income Protection Insurance Market Analysis by Insurance Purchasing Triggers, 2023 (%)

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UK Income Protection Insurance - Competitive Landscape

The key providers associated with the UK income protection insurance market are Aviva, Legal & General, LV=, HSBC, and Royal London. In 2023, Aviva accounted for the highest share of the IP insurance market.

Aviva: Aviva launched a new support program in March 2023 to lessen the impact of the cost-of-living crisis on its individual protection customers. It was created in conjunction with Aviva’s current payment deferral program, which was implemented during the COVID-19 pandemic to provide clients with protection against financial problems brought on by the crisis.

UK Income Protection Insurance Market Analysis Companies, 2023 (%)

UK Income Protection Insurance Market Analysis Companies, 2023 (%)

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Segments Covered in the Report

UK Income Protection Insurance Outlook by Distribution Channel (2023)

  • Insurer
  • Broker/IFA
  • Bank
  • PCW


  • The insurer channel was preferred among income protection (IP) insurance customers, accounting for 35.3% of sales in 2023. The channel’s share increased by 3.2 percentage points (pp) compared to 2022, while the share of second-placed brokers decreased by 6pp.
  • Online purchasing continued to account for the majority of total purchases with a share of 53.7% in 2023. However, this share was down considerably from 2022, with PC/laptop purchases dropping by 4.9pp and smartphone/tablet purchases falling by 0.4pp.
  • GlobalData’s 2023 UK Insurance Consumer Survey found that buying a house was a popular trigger for the purchase of IP insurance policies, as cited by 12.6% of respondents. A substantial proportion of protection policies are sold as a result of key events such as the cost-of-living crisis, concerns about job security, and reaching an age when having an IP policy was considered important.

Reasons to Buy

  • Understand consumer purchasing decisions and how these will influence the income protection insurance market over the next few years.
  • Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
  • Compare the Net Promoter Scores of key insurance providers.
  • Discover which providers lead the way in the income protection insurance space and learn about new product innovations.
  • Adapt your distribution strategy to ensure it still meets customer purchasing behavior.

Legal & General
Royal London
British Friendly

Table of Contents

Executive Summary

The Purchasing Journey

Behaviors and Attitudes

Brand Selection

Future Market


Frequently asked questions

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