Income protection on the rise: ABI

Income protection policy sales hit 247,000 in 2023

Cameron Roberts
clock • 1 min read

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 ...

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