Protection sales down 102,000 in 2023: Gen Re

Increase in premiums of 2%

Cameron Roberts
clock • 2 min read

The latest Gen Re Protection Pulse reveals that overall contracts written of protection products where down 102,000 in 2023, when compared to the previous year.

Despite this, the total market premiums grew 2%, up to £776m, the second highest figure since the report began, according to the reinsurer. Income Protection was the big winner of the report, with a growth in premiums of 23% and a growth in contracts written of 16%. This outpacing of contracts by premiums is indicative of high levels of earnings growth in the employment market, according to Gen Re. Vicky Churcher, co-chair, IPTF, said: "The IPTF were delighted to read the recent Gen Re Pulse report which highlighted that the Income Protection market has experienced significant growth,...

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