Protection sales up in 2016
Gen Re has seen an increase in protection sales across the board in its annual Protection Pulse report for 2016.
New protection business was up by 3.9% in 2016 compared to 2015 and income protection sales increased by 17% in the same period.
Other key findings from the report include critical illness rising by 5.2% and the total market increasing by 3.9%.
Jules Constantinou, life/health regional manager: UK and Ireland, said: “It’s great to report such positive news.
“Q3 did not disappoint, although unfortunately Q4 turned out to be the fly in the ointment, with sales falling against the same quarter in 2015.
“Whilst the overall trend looks very positive, we need to make sure Q4 was just a blip.”
Tom Conner, director at Drewberry Insurance, added: “It’s positive to see the protection market grow as a whole and particularly great to see continued double digit growth in income protection sales.
“However, any substantial growth for income protection comes from a low starting point in relation to life and critical illness cover, so a lot more work is needed to educate both advisers and the public on the importance and priority given to this vital policy.”