More than 10 million individual protection policies are in-force across the term life, critical illness (CI), income protection (IP) and business protection product sectors, according to exclusive research by Health & Protection.
The research also found Aviva was the largest individual protection insurer in the UK with more than 4.1 million policyholders at the end of 2021 – 40% of the total out of those who responded.
The figures were revealed in the first edition of Health & Protection’s Individual and Business Protection Report.
The report brings advisers a detailed view of the term life, critical illness (CI), income protection (IP) and business protection markets.
It analyses the key providers, their market share and product offerings and is free for intermediaries to download.
In total 13 insurers responded to Health & Protection’s research and the full findings are available in the report.
At the end of 2021 the term life insurance market covered at least 6.8 million lives in the UK at the end of 2021.
Aviva claimed the largest number of in-force policies with 2.7 million active customers and a 40% market share.
There were more than 2.5 million in-force critical illness policies at the end of 2020 and again Aviva had the largest book of critical illness business with just over one million customers – the only insurer to hit seven figures.
The in-force income protection market totalled 691,092 where Aviva held the biggest book by far with 273,000 customers at the end of 2021, claiming 40% of the market and more than double the closest competitor.
Download the report by following this link or clicking on the front cover image below.
