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Building a sustainable protection market - Beneath the surface report 2023
schedule
4 mins
Richard Purcell | April 2023
schedule 4 mins
Introduction
The UK and Irish protection markets are always evolving and continually face new challenges. The past few years have been no exception with Brexit and the ongoing war in Ukraine creating economic headwinds, not to mention a pandemic and climate change adding to pressures in public health.
As the industry looks to the future, there will undoubtedly be new challenges and opportunities that will shape the long-term sustainability of the individual protection market in the UK and Ireland.
In this report we explore some of the key drivers of sustainability for the market. To explore the significance of these factors we conducted some consumer research which, combined with our medical and underwriting expertise and our deep understanding of the market, has enabled us to create this report. We surveyed 1,000 respondents across the UK and Ireland, half of whom had protection product(s), the other half had no protection products. This research has given us an insight into customers’ understanding and expectations of individual protection products, as well as their broader needs and views on topics such as climate change.
The key findings are shown below:
