UK Protection Insurance Report 2021 - Term Assurance Accounts for Largest Share of the Protection Market at 74% of Contracts and 71% of New Business Premia - ResearchAndMarkets.com
The term assurance market contracted by 5.6% to 516.6m in new business premiums in 2020, down from 547.6m in 2019.
- The term assurance market contracted by 5.6% to 516.6m in new business premiums in 2020, down from 547.6m in 2019.
- Non-mortgage-related term assurance was the only term assurance product to record an increase, up 3.3% in terms of new contracts sold in 2020.
- Legal & General is the largest player in the term assurance market with a 29.4% share in terms of contracts sold in 2019.
- Term assurance accounts for the largest share of the protection market at 74.1% of contracts and 71.5% of new business premiums.