Pacific Life Re has released its annual Beneath the Surface report, it focused on underserved groups and what can be done to both better serve and grow the protection market.
As part of the 2024 edition of the research, Serving the Underserved, the reinsurer surveyed 2,000 adults the UK and Ireland, finding that one third (37%) had a ‘protection shortfall' amounting to around £/€60k on average. Pacific Life said it defines a protection shortfall as total debt less any individual term assurance cover and any savings. More than one in five existing protection customers had a shortfall. Since most of these customers purchased through advised channels, the reinsurer said this shortfall points to changing customer needs over time, highlighting the need for insu...
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