Cost of living hits individual protection sales with 7.8% slump in 2022: Swiss Re

In its annual report detailing sales of new individual life, critical illness (CI) and income protection (IP) policies through the previous year, the reinsurer highlighted that pressures on consumer finances were the highest recorded in the past decade, despite "narrowly avoiding a technical recession despite 40-year high levels of inflation, three Prime Ministers, and four Chancellors." Despite overall sales new policies falling nearly 8% compared to the previous year, Swiss Re noted that the number of new IP policies continued to grow, while there was also an uptick in average new sums...