Protection business increases 5.6% year on year

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 £4...