U.K. Life Insurance Market, 2020-2027
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U.K. Life Insurance Market, 2016-2027 (US$M)
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UK life insurance market highlights
- The UK life insurance market generated a revenue of USD 92,790.1 million in 2020 and is expected to reach USD 109,599.7 million by 2027.
- The UK market is expected to grow at a CAGR of 2.4% from 2021 to 2027.
- In terms of segment, whole life insurance was the largest revenue generating product in 2020.
- Universal Life Insurance is the most lucrative product segment registering the fastest growth during the forecast period.
Life insurance market data book summary
| Market revenue in 2020 | USD 92,790.1 million |
| Market revenue in 2027 | USD 109,599.7 million |
| Growth rate | 2.4% (CAGR from 2020 to 2027) |
| Largest segment | Whole life insurance |
| Fastest growing segment | Universal Life Insurance |
| Historical data | 2016 - 2019 |
| Base year | 2020 |
| Forecast period | 2021 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Whole Life Insurance, Term Life Insurance, Universal Life Insurance, Variable Universal Life Insurance |
| Key market players worldwide | MetLife Inc, Prudential Financial Inc, American International Group Inc, Lincoln National Corp, John Hancock Asset-Based Lending I, China Life Insurance Co Ltd Class H |
Other key industry trends
- In terms of revenue, UK accounted for 8.8% of the global life insurance market in 2020.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
- In Europe, Germany life insurance market is projected to lead the regional market in terms of revenue in 2027.
- Germany is the fastest growing regional market in Europe and is projected to reach USD 142,743.4 million by 2027.
The UK life & pensions market continues to witness tremendous change. Automatic enrolment continues to boost long-term savings. It has added more than 10 million new savers into the pension systems, with the number continuously increasing.
Simultaneously, pension freedom reforms have given millions of consumers over the age of 55 access to their retirement savings. Moreover, the insurance provider as well as financial advisors are changing themselves to offer modernized digital platforms to customers.
Insurance providers are also looking for ways to engage consumers and inspire them to take more protection. There is more focus on simpler direct products as well as use of innovative technologies to streamline the process of underwriting.
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Life Insurance Market
Life Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| American International Group Inc | View profile | 25,200 | 1271 Avenue of the Americas, New York, NY, United States, 10020 | www.aig.com |
| MetLife Inc | View profile | 45,000 | 200 Park Avenue, New York, NY, United States, 10166-0188 | www.metlife.com |
| Prudential Financial Inc | View profile | 40,658 | 751 Broad Street, Newark, NJ, United States, 07102 | www.investor.prudential.com |
| Lincoln National Corp | View profile | 11,024 | 150 North Radnor-Chester Road, Suite A305, Radnor, PA, United States, 19087 | www.lincolnfinancial.com |
| John Hancock Asset-Based Lending I | View profile | - | - | - |
| China Life Insurance Co Ltd Class H | View profile | 100,000 | No. 16, Financial Street, Xicheng District, Beijing, China, People's Republic of, 100033 | www.e-chinalife.com |
U.K. Life Insurance Market
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Life Insurance Market will help companies and investors design strategic landscapes.
Whole Life Insurance was the largest segment with a revenue share of 34.09% in 2020.
Horizon Databook has segmented the U.K. life insurance market based on whole life insurance, term life insurance, universal life insurance, variable universal life insurance covering the revenue growth of each sub-segment from 2016 to 2027.
The UK life & pensions market continues to witness tremendous change. Automatic enrolment continues to boost long-term savings. It has added more than 10 million new savers into the pension systems, with the number continuously increasing.
Simultaneously, pension freedom reforms have given millions of consumers over the age of 55 access to their retirement savings. Moreover, the insurance provider as well as financial advisors are changing themselves to offer modernized digital platforms to customers.
Insurance providers are also looking for ways to engage consumers and inspire them to take more protection. There is more focus on simpler direct products as well as use of innovative technologies to streamline the process of underwriting.
- U.K. Life Insurance Market Product Outlook (Revenue, USD Million , 2016-2027)
- Whole Life Insurance
- Term Life Insurance
- Universal Life Insurance
- Variable Universal Life Insurance
- U.K. Life Insurance Market Distribution Channel Outlook (Revenue, USD Million , 2016-2027)
- Agency
- Broker
- Bancassurance
- Digital & Direct Channels
- U.K. Life Insurance Market Type Outlook (Revenue, USD Million , 2016-2027)
- Individuals
- Corporate houses/Business Units
- Others (Govt. agencies and NGOs
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Horizon Databook provides a detailed overview of country-level data and insights on the U.K. Life Insurance Market, including forecasts for subscribers. This country databook contains high-level insights into U.K. Life Insurance Market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
U.K. Life Insurance Market, 2016-2027 (US$M)
UK life insurance market statistics, by product, 2016-2027 (US$M)
