Life insurance industry in the United Kingdom (UK) - statistics & facts
The United Kingdom (UK), one of the world’s largest financial centers, is the leader in the European life insurance industry. In 2020, UK life insurance businesses had a market share of over 70 percent of the total UK insurance market, providing a wide range of insurance and financial investment products. Life insurance policies provide coverage in the event of the policy holder’s death, allowing them to leave money behind to help their beneficiaries. Annuities, on the other hand, are a regular payment scheme which grants the policy holder lifelong income upon retirement. And income protection insures a policy holder's income in the event they suffer an injury or a terminal illness and cannot work. In 2020, the top three life insurers in Great Britain by number of plan owners were Legal & General, Aviva, and Scottish Widows.
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