Last year proved to be one of the more uncertain, challenging years from both a social and economic point of view, notwithstanding the profound impact of COVID. Very few industry outlooks at the start of 2023 would have been anywhere near correct with both worries about inflation and the expectation of a recession cooling. 2024 is looking, at least in early January, similarly hard to define, writes Mitchell Barker, head of product and chief distribution officer at HSBC Life UK.
With that in mind, what might the year ahead hold, in general terms, for those in the protection market? Given the wider headwinds impacting consumers, such as higher interest rates, higher mortgage costs and the cost-of-living crisis, I suspect a major theme will be ‘value'. There is likely to be a greater need for all stakeholders in the protection chain to focus on the value of benefits and the value of relationships as a means to generate growth. Consumers, who may benefit from cuts to interest rates later in the year, might wish to better understand the value of protection propos...
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