Sovereign increases market share

The latest life insurance market share figures confirm that Sovereign is by far the largest player in the market and it has been gradually increasing its market share.

Thursday, April 13th 2006, 7:24AM

Market share stats, supplied by the Investment Savings and Insurance Association, are broken into two groups, total market and risk products. Total market includes all the old style bundled products such as whole of life and endowment policies while Risk Products covers policies such as trauma which have no investment component.

Good Returns has compiled a set of data which goes back over five quarters, ending in the December 2005 period.

The key trends out of this are that Sovereign is the largest player with no other provider close by. The next three players, AXA, AMP, Asteron are grouped around the 10% market share each and all the other life companies are in a band from 4% market share to 8%.

Over the year there has been no change in rankings.

Sovereign has increased its market share, in Risk Products as measured by annual premium income, from 30.32% in December 2004 to 30.9% a year later.

The following graph shows what has been happening to market share of the carriers with 8% market share or less. The key trend is that both Fidelity and Cigna have increased their market share.

« Actuaries defend themselves

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Sovereign increases market share

The latest life insurance market share figures confirm that Sovereign is by far the largest player in the market and it has been gradually increasing its market share.

Thursday, April 13th 2006, 7:24AM

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