Of the 60% that have life insurance, 20% of males and 18% of females only own group life insurance. By continuing to use this website you agree to the use of these technologies. (Total Current Assets * 100) / Total Assets. Contact ABI Data & Analytics. Because it reflects the ability to finance current operations, working capital is a measure of the margin of protection for current creditors. It excludes loan receivables and some receivables from related parties. Our reports include 15+ pages of data, analysis and charts, including: Inform your decisions for marketing, strategy and planning. This percentage represents all current loans and notes payable to Canadian chartered banks and foreign bank subsidiaries, with the exception of loans from a foreign bank, loans secured by real estate mortgages, bankers acceptances, bank mortgages and the current portion of long-term bank loans. • It analyzes the various distribution channels for life insurance products in the UK. Consolidation and demutualization were the buzzwords of the day and as a result of the Gramm-Leach-Bliley Act of 1999, banks, insurers and securities firms were once again allowed to affiliate and cross-sell products, and the concept of functional regulation was introduced. GlobalData provides unique and market-leading data and insights into the automotive market. The higher the percentage, the relatively better profitability is. About EIOPA insurance statistics. This figure expresses the average number of days that receivables are outstanding. Half of all adults visited a life company website and/or sought life insurance information online in 2018. Biggest life insurance companies by market share. Contact ABI Data & Analytics. This percentage represents all current assets not accounted for in accounts receivable and closing inventory. Life Insurance in the UK industry outlook (2020-2025) poll Average industry growth 2020-2025: x.x lock Purchase this report or a membership to unlock the average company profit margin for this industry. IBISWorld provides research covering hundreds of similar industries, including: Purchase this report or a membership to unlock the average company profit margin for this industry. Examples of such liabilities include accounts payable, customer advances, etc. (Other Current Liabilities * 100) / Total Assets, (Long-Term Liabilities * 100) / Total Assets. This is a solvency ratio, which indicates a firm's ability to pay its long-term debts. life and pensions companies are going to deal with the disruptive forces they face is reflected in the generally disappointing share prices in the sector. reportstore@globaldata.com UK Life Assurance Statistics I came across some interesting statistics about the percentage of families in the UK who have Life Assurance. While a stronger ratio shows that the numbers for current assets exceed those for current liabilities, the composition and quality of current assets are critical factors in the analysis of an individual firm’s liquidity. Please contact client services for any further information: The Global Life Insurance Market Research Report 2020-2026, offers an in-depth evaluation of each crucial aspect of the Global Life Insurance industry that relates to market size, share, revenue, demand, sales volume, and development in the market. The higher the percentage, the better profitability is. Biggest companies in the Life Insurance industry in the UK, Collection Period for Accounts Receivable (Days), Revenue to Closing Inventory (Inventory Turnover), Administration & Business Support Services, Professional, Scientific & Technical Services, Specialist Engineering, Infrastructure & Constractors, Water Supply; Sewerage, Waste Management and Remediation Activities, Market Size Statistics for Life Insurance in the UK. A comparison of this ratio may indicate the extent of a company’s control over credit and collections. 02. How healthy is the UK? Generally, the greater the number of days outstanding, the greater the probability of delinquencies in accounts receivable. The UK life insurance industry has been a sector in consolidation mode for some time. This ratio is not very relevant for financial, construction and real estate industries. Access insurance industry data collected from ABI member companies. Ian Sparshott. • To ensure transparency, on November 30, 2016 the FCA proposed that retiring policyholders should have access to an annuity comparator before purchasing an annuity contract. This percentage represents tangible or intangible property held by businesses for use in the production or supply of goods and services or for rental to others in the regular operations of the business. GlobalData’s 'Life Insurance in the UK, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the UK life insurance segment, and a comparison of the UK insurance industry with its regional counterparts. 19/02/2021. Life insurance statistics. • It provides a comparison of the UK life insurance segment with its regional counterparts. ABI welcomes data adequacy decision. Nigel Walsh. The tables and charts are available in PDF and Excel format and are based on information from the statistics at … 23.7 million protection insurance policies in place in the UK – 1.5 million fewer than last year. Data from LIMRA’s 2018 Insurance Barometer Study shows that approximately 60% of people in the US have life insurance. • Identify growth opportunities and market dynamics in key product categories. This percentage represents all claims against debtors arising from the sale of goods and services and any other miscellaneous claims with respect to non-trade transaction. This ratio is not very relevant for financial industries. We put together the following life insurance statistics and facts to help our readers get a better grasp of just how big the life insurance marketplace is, and to get a better understanding of why choosing a highly rated life insurance company is important when deciding on what carrier to buy life insurance with. Browse or search our Report Store for the latest comprehensive reports, market data, analysis and survey findings alongside industry information on key companies, markets and financial deals. United Nations projections are also included through the year 2100. This figure must match total assets to ensure a balance sheet is properly balanced. Independent insurance agents have held over half of the individual life insurance market over the 10 years from 2010 to 2019, but have lost some ground to affiliated agents and direct response companies, as shown in the charts below. The lower the positive ratio is, the more solvent the business. reportstore@globaldata.com, © GlobalData UK Ltd, a company registered in England and Wales, with company number 05968121 and registered address John Carpenter House, John Carpenter Street, London EC4Y 0AN. 19/02/2021. Every publication is accompanied by a note describing the key aspects of the statistics published. Access insurance industry data collected from ABI member companies. 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. (212) 419-8286. 8 • Assess the competitive dynamics in the life insurance segment. Valuation of net fixed assets is the recorded net value of accumulated depreciation, amortization and depletion. Health statistics 2020. In 2018, 773 companies were selling life insurance in the United States. (Net Profit + Interest and Bank Charges) * 100 / Total Assets. These statistics are published on a quarterly basis. An increased demand for some life insurance and non-life insurance policies, such as motor insurance, likely accounted for this expansion of insurance business worldwide. You have been successfully added to our Research Alert list. The chart below illustrates the type of coverage those consumers have. Average Total Liabilities + Average Total Equity. US Life Insurance Industry 2020‑2024 . Insurance Partner ... London EC4A 3HQ, United Kingdom. Biggest companies in the Life Insurance industry in the UK. This figure represents the sum of two separate line items, which are added together and checked against a company’s total assets. About EIOPA insurance statistics. 1801 reports; Life Insurance Claims, Life Insurance Revenue, Life Insurance Net Written Premiums, Life Insurance Premium Written … 244 statistics life insurance and variable life insurance products. Thank you for your request. Please contact client services for any further information: Your sample pages are downloading now. This percentage represents obligations that are not reasonably expected to be liquidated within the normal operating cycle of the business but, instead, are payable at some date beyond that time. This figure represents the average value of all resources controlled by an enterprise as a result of past transactions or events from which future economic benefits may be obtained. Life insurance policies sold, US Compound annual growth rate, gross written premium (GWP), USD, European non-life insurers 2008 28.6 million 2018 27.7 million 2018: 0% 2013: 0% 05 2020 Global Insurance Outlook There are over 25 million insurance protection policies in place – but who has cover and who doesn’t? • It offers a detailed analysis of the key categories in the UK life insurance segment, and market forecasts to 2020. This percentage represents obligations that are expected to be paid within one year, or within the normal operating cycle, whichever is longer. This ratio is also known as "times interest earned.". Finder - Life Insurance Statistics. ABI welcomes data adequacy decision. Here is the most recent data published in March of 2020: $174,072,717,982 Based on an industry total of direct written premiums equaling $174,072,717,982, the top 25 life insurance companies wrote close to 2/3rds of all premiums, with more than 50% of the total coming from just the top 12 insurers. GlobalData’s 'Life Insurance in the UK, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the UK life insurance segment, and a comparison of the UK insurance industry with its regional counterparts. • Life insurance was the largest segment in the UK insurance industry, accounting for 64.1% of the overall gross written premium in 2015. Discounts available for multiple report purchases. ABI reaction to the European Commission giving the go ahead for the continued free flow of data between the UK and the EU. This ratio is a rough indication of a firm’s ability to service its current obligations. ... United Kingdom. The lower the ratio, the more solvent the business is. HS320 Gains on UK life insurance policies (2020) Updated 6 April 2020. 19 Million Shoppers Begin to Buy Life Insurance – but never finish. The database includes information on insurers’ investment portfolio, benefits and claims paid, distribution channels and the market structure for the life, non-life and health insurance sectors in Europe. Life and annuity sales undercut by pandemic, interest rate drop Life insurance premiums may decline 6% globally through the end of 2020 and by 8% in advanced economies, while a recovery of 3% growth is projected overall for 2021. How to contact the ABI Data and Analytics Team. Timetric’s 'Life Insurance in the UK, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the UK life insurance segment, and a comparison of the UK insurance industry with its regional counterparts. Regulatory and reporting upheaval rolls on GlobalData uses the information in this form to provide you with occasional updates on new products and reports in accordance with your preferences. The four trends that define insurance in 2020. Mintel’s research shows that consideration of life insurance increased by 5 percentage points in 2020 when compared with 2019. Ian Sparshott. Covered in this report Mintel’s research shows that consideration of life insurance increased by 5 percentage points in 2020 when compared with 2019. This report provides a comprehensive analysis of the life insurance segment in the UK: • It provides historical values for the UK life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period. This percentage represents the net worth of businesses and includes elements such as the value of common and preferred shares, as well as earned, contributed and other surpluses. This percentage indicates the profitability of a business, relating the business income to the amount of investment committed to earning that income. Nigel Walsh. • In 2015, ABI-registered life insurers accounted for 94.2% of the UK life gross written premium. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020). 6.35 MetLife (Metropolitan group) 6.19 Lincoln Financial. • It profiles the top life insurance companies in the UK and outlines the key regulations affecting them. Generally, the higher the current ratio, the greater the "cushion" between current obligations and a firm’s ability to pay them. Whole-of-Life Insurance – UK – July 2018 Automotive Consumer Reports Europe Financial Services Health And Protection Insurance Life Insurance € 2,278.69 (Excl.Tax) Insurance Europe has published a database with figures on the European insurance industry for the period 2004 to 2018. Some life insurance market statistics are very concerning. 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. Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses. Request sent: your sample pages will be with you shortly. This website uses cookies to improve your user experience while you navigate through the website. Email Nigel View profile. Apparel, Accessories, Luggage and Leather Goods (265), Cash and Carries and Warehouse Clubs (174), Drug Stores and Health and Beauty Stores (296), Hypermarkets, Supermarkets and General Merchandise Retailers (374). Current liabilities are generally paid out of current assets or through creation of other current liabilities. Insurance Partner +44 (0)75 8410 0633. The world insurance sigma, covers direct premiums written in the global primary insurance industry. GlobalData UK Ltd is a wholly owned subsidiary of GlobalData PLC, with company number 03925319. 2019 relating to advice for the 2020 technical review is an example. The tables and charts are available in PDF and Excel format and are based on information from the statistics at … It reflects the combined effect of both the operating and the financing/investing activities of a business. • Group life insurance recorded positive growth compared to individual life insurance during the review period. It excludes assets held for rental purposes. ABI reaction to the European Commission giving the go ahead for the continued free flow of data between the UK and the EU. However, companies within the same industry may have different terms offered to customers, which must be considered. This percentage represents tangible assets held for sale in the ordinary course of business, or goods in the process of production for such sale, or materials to be consumed in the production of goods and services for sale. Please let us know if you agree to our use. (Other Current Assets * 100) / Total Assets. IBISWorld reports on thousands of industries around the world. Historical Life Insurance Data By Year. Email Clive View profile. You are in control of the communications you receive from us and you can update your preferences anytime to make sure you are receiving information that matters to you. The data is available to ABI Members for free as a benefit of their membership whilst non-members can access data upon payment of a subscription fee. (All Other Assets & Adjustments * 100) / Total Assets. It excludes those assets intended for sale. The ABI collects extensive data from insurers & long term savings providers, covering everything from motor and property insurance to life assurance and pensions. Among those with life insurance, about 1 in 5 say that they do not have enough. The larger the ratio, the more able a firm is to cover its interest obligations on debt. A large portion of variable annuities, and a small portion of fixed annuities, are sold by stockbrokers. Life Happens and LIMRA announce results from its 10 th annual consumer study. According to a 2019 report only around 58% of UK adults with a mortgage have life cover. It indicates the profitability of a business, relating the total business revenue to the amount of investment committed to earning that income. Insurance Partner +44 (0)75 8410 0633. Net fixed assets represent long-term investment, so this percentage indicates relative capital investment structure. You may contact us at any time to opt-out. We dived into all the latest stats to give you the figures on life expectancy, alcohol consumption, obesity and more. FACT #14: There are almost 19 million life insurance shoppers who get stuck and quit the buying process.It’s getting better because more and more companies are offering options like term life insurance no medical exam with simplified issue underwriting. Over half who are interested in taking out cover indicate that the COVID-19 outbreak has made them more likely to consider the issue. Life insurance statistics. Try our corporate solution for free! This statistic presents the market share of the ten leading general insurance companies, calculated based on gross premiums written in the United Kingdom (UK) in years 2013 and 2014, listed for various insurance business segments. Protection insurance includes life insurance but also other types of insurance such as income protection and serious illness insurance. When we look at household income levels, not surprisingly we discover that higher income households have more life insurance. ... UK Head of Insurance +44 20 7303 3247. Half of all adults visited a life company website and/or sought life insurance information online in 2018. Almost 1 in 3 purchased or attempted to purchase life insurance online — about the same as in 2017. Your data will never be shared with third parties, however we may send you information from time to time about related third party products that may be of interest to you. This is a solvency ratio indicating a firm's ability to pay its long-term debts, the amount of debt outstanding in relation to the amount of capital. Health statistics 2020. (Net Tangible & Intangible Assets * 100) / Total Assets. Examples of such items are plant, equipment, patents, goodwill, etc. The ABI collects extensive data from insurers & long term savings providers, covering everything from motor and property insurance to life assurance and pensions. This ratio is also known as "inventory turnover" and is often calculated using "cost of sales" rather than "total revenue." Almost 1 in 3 purchased or attempted to purchase life insurance online — about the same as in 2017. Many insurers are becoming more selective about the markets in which they want, or feel able, to operate in profitably. 4.1.1 Gross written premium and penetration, 7.1.2 Standard Life Plc – company overview, 7.1.4 FIL Life Insurance Ltd – company overview, 7.1.5 Legal & General Group Plc – company overview, 8.1 Legislation Overview and Historical Evolution, 8.3 Legislation and Market Practice by Type of Insurance, 8.3.5 Marine, aviation and transit insurance, 8.3.6 Personal accident and health insurance, 8.4.2 Motor third-party liability insurance, 8.4.3 Merchant shipping compulsory insurance, 8.4.6 Air carriers and aircraft operators insurance, 8.4.7 Clinical trials liability insurance, 8.4.8 Liability for ships with respect to oil pollution, 8.5.1 International Association of Insurance Supervisors, 8.5.2 European Insurance and Occupational Pensions Authority, 8.8.1 Insurance premium or policy taxation, 8.8.2 Withholding taxes on premium paid overseas, 9.8 Individual Life – Single vs Non-Single Premium, 9.9 Group Life – Single vs Non-Single Premium, Table 1: UK Life Insurance – Key Facts, 2015, Table 2: UK Life Insurance – Top Five Life Insurers, 2015, Table 4: UK Life Insurance – Gross Written Premium (GBP Billion and US$ Billion), 2011–2015, Table 5: UK Life Insurance – Penetration (%), 2011–2015, Table 6: UK Life Insurance – Gross Written Premium (GBP Billion and US$ Billion), 2015–2020, Table 7: UK Life Insurance – Penetration (%), 2015–2020, Table 8: UK Life Insurance – New Business Direct Written Premium (GBP Billion and US$ Billion), 2011–2015, Table 9: UK Life Insurance – New Business Direct Written Premium (GBP Billion and US$ Billion), 2015–2020, Table 10: UK Life Insurance – Premium per Capita (GBP and US$), 2011–2015, Table 11: UK Life Insurance – Premium per Capita (GBP and US$), 2015–2020, Table 12: UK Life Insurance – Paid Claims (GBP Billion and US$ Billion), 2011–2015, Table 13: UK Life Insurance – Paid Claims (GBP Billion and US$ Billion), 2015–2020, Table 14: UK Life Insurance – Total Investment Income (GBP Billion and US$ Billion), 2011–2015, Table 15: UK Life Insurance – Total Investment Income (GBP Billion and US$ Billion), 2015–2020, Table 16: UK Life Insurance – Investment Portfolio (GBP Billion), 2011–2015, Table 17: UK Life Insurance – Investment Portfolio (GBP Billion), 2015–2020, Table 18: UK Life Insurance – Gross Written Premium by Sub-Segment (GBP Billion),2011–2015, Table 19: UK Life Insurance – Gross Written Premium by Sub-Segment (GBP Billion), 2015–2020, Table 20: UK Individual Life Insurance – Gross Written Premium by Category (GBP Billion), 2011–2015, Table 21: UK Individual Life Insurance – Gross Written Premium by Category (GBP Billion), 2015–2020, Table 22: UK Group Life Insurance – Gross Written Premium by Category (GBP Billion), 2011–2015, Table 23: UK Group Life Insurance – Gross Written Premium by Category (GBP Billion), 2015–2020, Table 24: UK Life Segment – Product and Market Share (%) of Top Insurers , 2015, Table 25: UK Life Segment – Top Insurers , 2015, Table 29: FIL Life Insurance Ltd – Key Facts, Table 30: Legal & General Group Plc – Key Facts, Table 31: UK – Insurance Regulatory Framework Key Features, Table 32: UK – Life Insurance Regulatory Framework, Table 33: UK – Property Insurance Regulatory Framework, Table 34: UK– Motor Insurance Regulatory Framework, Table 35: UK – Liability Insurance Regulatory Framework, Table 36: UK – Benefits Under National Insurance Scheme, Table 37: UK – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft, Table 38: UK – Corporate Tax Rates for the Financial Year 2017, Table 39: UK– VAT Rates in UK for Insurance Products, Table 40: UK Life Insurance – Policies and Premium, 2011–2015, Table 41: UK Life Insurance – Policies and Premium, 2015–2020, Table 42: UK Life Insurance – Claims and Expenses, 2011–2015, Table 43: UK Life Insurance – Claims and Expenses, 2015–2020, Table 44: UK Life Insurance – Assets and Investments, 2011–2015, Table 45: UK Life Insurance – Assets and Investments, 2015–2020, Table 46: UK Life Insurance – Individual Life Insurance, 2011–2015, Table 47: UK Life Insurance – Individual Life Insurance, 2015–2020, Table 48: UK Life Insurance – Individual Life Insurance by Product, 2011–2015, Table 49: UK Life Insurance – Individual Life Insurance by Product, 2015–2020, Table 50: UK Life Insurance – Group Life Insurance, 2011–2015, Table 51: UK Life Insurance – Group Life Insurance, 2015–2020, Table 52: UK Life Insurance – Group Life Insurance by Product, 2011–2015, Table 53: UK Life Insurance – Group Life Insurance by Product, 2015–2020, Table 54: UK Life Insurance – Individual Life Insurance by Premium, 2011–2015, Table 55: UK Life Insurance – Individual Life Insurance by Premium, 2015–2020, Table 56: UK Life Insurance – Group Life Insurance by Premium, 2011–2015, Table 57: UK Life Insurance – Group Life Insurance by Premium, 2015–2020, 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 Life Insurance – Gross Written Premium (GBP Billion), 2011–2020, Figure 7: UK Life Insurance – Penetration (%), 2011–2020, Figure 8: UK Life Insurance – New Business Direct Written Premium (GBP Billion), 2011–2020, Figure 9: UK Life Insurance – Premium per Capita (GBP), 2011–2020, Figure 10: UK Life Insurance – Paid Claims (GBP Billion), 2011–2020, Figure 11: UK Life Insurance – Total Investment Income (GBP Billion), 2011–2020, Figure 12: UK Life Insurance – Investment Portfolio (GBP Billion), 2011–2020, Figure 13: UK Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020, Figure 14: UK Life Insurance – Gross Written Premium by Sub-Segment (GBP Billion), 2011–2020, Figure 15: UK Life Insurance – Gross Written Premium Share by Sub-Segment, 2011–2020, Figure 16: UK Life Insurance – Gross Written Premium Dynamics by Sub-Segment, 2011–2020, Figure 17: UK Individual Life Insurance – Gross Written Premium by Category (GBP Billion), 2011–2020, Figure 18: UK Individual Life Insurance – Gross Written Premium Share by Category, 2011–2020, Figure 19: UK Individual Life Insurance – Gross Written Premium Dynamics by Category, 2011–2020, Figure 20: UK Individual Life Insurance – Penetration (%), 2011–2015, Figure 21: UK Individual Life Insurance – Penetration (%), 2015–2020, Figure 22: UK Group Life Insurance – Gross Written Premium by Category (GBP Billion), 2011–2020, Figure 23: UK Group Life Insurance – Gross Written Premium Share by Category (GBP Billion), 2011–2020, Figure 24: UK Group Life Insurance – Gross Written Premium Dynamics by Category (GBP Billion), 2011–2020, Figure 25: UK Group Life Insurance – Penetration (%), 2011–2015, Figure 26: UK Group Life Insurance – Penetration (%), 2015–2020, Figure 27: UK – The Three Pillars of Solvency II, Figure 28: UK – Insurance Supervision and Control at Various Levels, Figure 29: UK – Insurance Regulatory Frameworks for Company Registration and Operation.