Protection sales figures released by the ABI today show new single premium business crashed nearly 80% on last year while the group market is proving most resurgent in its recessional recovery.
New single premium business, the biggest loser in protection, plummeted from £248m in the third quarter of 2008, to just £55m in the same period this year, a drop of 77.8%.
This marks a 64.7% year-on-year decline, although this part of the sector has been declining steadily since peaking in 2004.
The individual regular premium market is proving stagnant, with just a 0.7% decline to £215m on the third quarter of 2008 (from £224m), but a minor 0.4% year-on-year increase.
Conversely, third-quarter results for group protection indicate an 11% gain on the same period last year, and also mark three consecutive quarters of sales increases, following a low in the final quarter of 2008.
Sales to the end of September stand at £76m, up from last year's trough of £60m, and also up £2m on the previous quarter.
However, new regular premiums for the last four quarters are still 7.3% down on the previous four.
