- Newslink Global Insurance Trends-The Week
- EIOPA publishes new set of statistical information on the European insurance sector based on Solvency II regulatory reporting for the fourth quarter of 2017-including new exposure statistics
- Broker use of PPL going in right direction says LIIBA CEO Croft
- Chilton to rejoin Capsicum Re
- AdvantageGo announces two ground-breaking products-‘Aniita’ and ‘Score’-designed to make it easier for commercial insurers/reinsurers to integrate and utilise new digital data
- Majesco Distribution Management and Digital Solutions chosen by NTUC Income in Singapore
- Verisk acquires UK claims management solutions company Validus-IVC expired
- AIG Life to acquire UK-based group protection specialist Ellipse from Munich Re expired
- Monument Re to acquire run-off portfolio of linked and traditional business from MetLife Europe expired
- Hamilton Underwriting appoints Lee-Amies as Head of Treaty expired
- Tokio Marine moves for IAG Thailand and Indonesian businesses expired
- Tokio Marine KIln reshaping Accident & Health business-Strettle to be Interim Department Head expired
13th December 2017
Equifax Touchstone reports total UK sales of protection products increased by 1.4% in Q3 2017 to £149.1m-a new five year high
Analysis from Equifax Touchstone, a market leading intermediary database provider, shows that total UK sales of protection products increased by 1.4% in Q3 2017 to £149.1m, a new five year high. Year-on-year total sales are up by 7.0%.
The data, collated from 22 protection providers with inputs from over 11,000 advisers, shows income protection product sales in Q3 increased by 14.2% on the previous quarter, reaching £10.7m, compared to £9.4m in Q2.
Mortgage term protection sales continued to grow, with a 3.8% increase in Q3 following a 20.7% increase in Q2. Whole of life and term with critical illness policies also saw growth, at 4.5% and 3.5% respectively.
However, not all products did so well in Q3, with critical illness, decreasing term with critical illness, relevant life and term products decreasing by 9.4%, 1.3%, 5.8% and 1.1% respectively.
John Driscoll, director at Equifax Touchstone, comments “Q3 began in the aftermath of the snap general election and also as Brexit negotiations started to really get underway. This political uncertainty, combined with the continued murmurings of an economic downturn on the horizon, goes some way to explaining the rise in income protection sales. People in the UK are responding to the high levels of uncertainty and the concerns over job security that come with this.”
Equifax Touchstone utilises intermediary and customer profiling tools to enable financial services providers obtain a detailed understanding of their marketplace and client base.
Equifax Trends(19 articles)