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Synopsis
- The report provides market
analysis, information and insights into the UK annuities insurance
business
- Provides a snapshot of market
size and market segmentation
- It analyzes drivers and the
outlook for the market
- It provides information on
distribution channels for annuity products in the UK
- It covers deals, news and
regulatory developments
- If offers a detailed analysis of
the competitive landscape and types of annuity
Summary
New business
premiums in the annuities market rose by 25.9% to GBP13.6 billion in 2012 as
customers rushed to buy annuities before the gender-neutral pricing rules were
introduced on December 21, 2012. Advisers also aimed to secure new annuities
business ahead the Retail Distribution Review (RDR) rules banning providers
from paying commission to advisers.
The 2012 surge in
annuity sales helped insurers to maintain a steady level of new business,
leading to an overall expansion of the annuities market, excluding bulk
transfer and deferred annuities, at a compound annual growth rate (CAGR) of
4.1% during the review period (2008?2012).
Annuity rates
have been in decline for 20 years, reducing the amount of income people can buy
with their pension pots to record lows. Annuities convert an individual's
pension savings into an income for the rest of their life. The fall in annuity
rates was attributed to the rising life expectancy, meaning that life insurers
have had to guard against paying out for longer.
Annuities are
also invested in low-risk gilts, or government bonds, and therefore, linked to
movements in gilt yields. The Bank of England's policy of quantitative easing
(QE) caused interest rates and gilt yields to fall, leading to a collapse in
annuity rates.
Scope
- This report provides a
comprehensive analysis of the UK annuities market.
- It provides historical values for
the UK annuities market for the report's 2008-2012 review period and
forecast figures for the 2013-2017 forecast period.
- It offers estimates of new
business premiums for the annuities market.
- It analyses the key types of
annuity products.
- It provides an overview of market
dynamics and market drivers.
- It discusses various distribution
channels for annuity products in the UK.
- It profiles top annuity providers
in the UK and outlines the key regulatory changes affecting them.
Reasons To Buy
- Gain an understanding of the UK
annuities market size.
- Explore the market dynamics
across different annuity categories.
- Learn about the performance of market
drivers and distribution channels.
- Understand the competitive
landscape and key annuity propositions.
- Find out more about key deals and
recent developments in the market.
Key Highlights
- Annuity sales rise ahead of the
gender directive and RDR implementation.
- Annuity rates recover in 2013 but
reprieve may be short-lived.
- The 2014 budget wipes out
billions from the value of annuity providers.
- New pension rules threaten the
future of annuity products.
- The FCA warns against non-advised
sales of annuities.
Table of Contents
1 Executive Summary
Table of Contents
List of Tables
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
2.4 Market Size
2.4.1 Purchased life annuities (PLA) new business
2.4.2 Compulsory purchase annuities (CPA) new business
2.5 Conventional Annuities (CPA)
2.5.1 Standard-level annuities new business
2.5.2 CPA impaired life annuities new business
2.5.3 Index-linked annuities (CPA) new business
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