Which group income protection providers have the biggest market share?
The largest provider is Unum with about 50% of the market, and Canada Life is in second place. Other providers include Aegon Scottish Equitable, Bupa, Generali, Friends Provident, Legal & General and Norwich Union. Which group income protection providers increased their share the most over the past year? The group income protection market tends to be fairly static, with insurers keeping their sales figures a closely guarded secret. But with new players such as Zurich Corporate Risk entering the market, there is likely to be more of a tussle for share in the next 12 months. †MAIN†ARTICLE: Gloomy economic conditions are putting a squeeze on many employee benefits, but in the group income protection (GIP) sector, competition is keen and product development teams are racking up overtime designing cost-effective features. It is a buyer’s market. The arrival of new player Zurich Corporate Risk this year is partly responsible for the shake-up in the market. Drawing on the experience of team
