Protection new business sales decline, says ABI
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Regular premium protection sales dipped £2m during the third quarter of this year, new business data from the Association of British Insurers reveals today.
The data shows new regular premium individual protection business in Q3 this year was £224m, down from £226m in Q3 last year.
Single premium individual protection business dropped £193m to £55m in Q3 this year, from £248m during the same period last year.
Individual protection includes term insurance, whole of life, income protection, critical illness, long-term care and collective products.
Group protection, which includes group life, IP, CI, long-term care and collective products, increased by £8m quarter-on-quarter to £76m in Q3.
Individual pensions dropped from £4.4bn in Q3 last year to £3.3bn in Q3 this year. Occupational pensions also dropped from £3.5bn to £2.17bn this year.
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