Gen Re 2018 market review indicates 8.6% rise in new policies written
Total new protection business volumes increased by 5.6% year on year for 2018 when measured by premium and by 8.6% in terms of the number of new policies written, Gen Re's UK Protection Pulse - 2018 Market Review - has found.
Annualized premium for the year broke through the £700m barrier for the first time since the Protection Pulse analysis began in 2013, the reinsurer said.
Term assurance increased by 7.5% to £315m, income protection grew by 4% to £48.8m and accelerated/standalone critical illness insurance rose by 2.4% to £273m.
The independent advice channel grew by 4.7% to £425m, the restricted advice channel increased by 5.3% to £182m and the non-advised channel rose by 10% to £117m.
Jules Constantinou, Gen Re's life/health regional manager UK & Ireland, commented: "Whilst it's reassuring to see growth in the market there is still plenty of scope to reach more customers - those that could and should have insurance but don't."
‘The Orange Table’
15 years’ experience
In association with Scottish Widows