2024 in review: Provider reflections on a year of 'recovery'

Focus on IP growth, Consumer Duty and prevention

Jaskeet Briah
clock • 5 min read

As 2024 comes to an end, a range of protection providers shared their views with COVER on how the industry fared throughout 2024.

What stood out to most providers this year was the industry-wide growth in income protection (IP) sales. Throughout the year, IP sales have continued to rise, the latest Gen Re figures show a 7% year-on-year sales increase during the third quarter (Q3) of 2024. Demand for IP surpassed 2023 volumes for Royal London, something that was echoed by Guardian. Jennifer Gilchrist, protection expert, Royal London notes the provider has also seen higher average sums assured and premiums in the life and critical illness market. Scott Cadger, head of underwriting strategy and claims, Scottish Wid...

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