Business is Picking Up in the Critical Illness Cover Market in the United Kingdom

Published on : Feb 28, 2018

Albany, New York, February 28, 2018: Market Research Hub (MRH) has included a new report in its online repository titled ‘Critical Illness Cover - UK - February 2018’. This report explores the insurance coverage of critical illnesses in the market of United Kingdom. As per the report, the critical illness cover market remains an underpenetrated market in the United Kingdom. There are several reason to this phenomenon. One of the reason is that even though policy terms have been constantly tweaked by insurance companies, so as to provide simple and affordable insurance proposals to the policy holders that also give value added benefits to the policy holders, they are still struggling to effectively develop this market. This marks an underrepresentation of the core target groups of families and mortgage holders. This report provides several insights into the critical illness cover market in the United Kingdom.

Inclusions of the Report

This report starts with an executive summary and this section of the report also contains the overview of the report along with information on products covered in this report. As per the data given in the report, there are 4.5 million in-force policies in the United Kingdom and the new business for insurance policies is picking up. This reports gives information about the forecast of new individual critical illness premiums, at current prices, in the form of a fan chart, for a period of 2012-22. The report also states that ABI has proposed changes to guide on minimum standards. As far as the companies associated with critical illness cover in the United Kingdom are concerned, the report states that Legal & General retains the position of being the market leader in this segment. The report also gives information on estimated market shares of the top five providers of new individual critical illness cover, 2015 and 2016. As per the information provided in the report, the smaller players in the insurance sector are gaining ground in the market of United Kingdom. The report also states that the companies operating in the insurance sector in the United Kingdom have invested a small amount in above-the-line advertising.

The report also gives information on ownership of protection insurance products, for a period of October 2017. As per the report, 75 percent of policyholders have held their policy for ten years or less. The report states information on the length of time ago took out critical illness cover, for a period of October 2017. The report also states the fact that recent customers are more likely to have approached insurance providers directly. However, there is still a lot of scope to improve customer communication and understanding for the major insurance companies. Also, as per the report, cost is a key barrier for buying insurance, but cost factor is not an important factor for all the customers. The report also states information of reasons for not having critical illness cover, October 2017. As per the information provided in the report, most of the people who are not insured in the United Kingdom lack a proper safety-net alternative and such type of people are at the risk of facing real hardships if the worst happened to them and they fall critically ill and lose their income. Keeping in view this point of view, the report also gives information on ability to cope financially if unable to work for a year or more due to illness, October 2017.

All in all, this report is a comprehensive source of information on the critical illness insurance cover market in the United Kingdom and gives extensive information on this subject which can be of great use to the insurance companies.

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