The Association of British Insurers (ABI) has released a study into sold protection policies, which shows growth for income protection (IP) and critical illness cover (CIC).
The association states that individual IP policies hit 247,000 last year, a 16% increase compared to 2022. This number is the highest on ABI record, with 97% of the products being sold with advice according to the study. Standalone critical illness also saw a rise up to 75,700 policies sold, showing a 7% rise year-on-year. Yvonne Braun, director of policy, long term savings, health and protection, ABI, said: "Financial resilience – the ability to withstand a financial shock – is a hugely important issue. "It's encouraging to see that so many people recognise that income protection ...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Members only access to monthly programme 'The COVER Review'
- Be the first to hear about our CPD accredited events and awards programmes.
