Is protection business on the rise?
24th April, 2019
A market review by reinsurance company Gen Re has revealed some good news regarding protection business. Their review indicates that more people are taking the step and protecting themselves and their finances, with an 8.6% rise in new policies written in 2018.
The Protection Pulse review showed that total new protection business volumes grew by 5.6% year on year for 2018 when measured by premium. Annualised premiums for the year also surpassed £700m for the first time in six years.
Most types of protection policy sales grew in 2018. Term assurance, a popular form of life cover, increased by 7.5% to £315m, critical illness grew by 2.4% to £273m, and income protection increased by 4%.
All this is good news for the industry and for those wanting to close the protection gap in the UK. Although more people are now covered and growth is reassuring, experts believe there is still plenty of scope to raise awareness and encourage more people to take out protection.