View more on these topics

Critical and income insurance sales hit record year

Individual critical-illness and individual income protection sales had a bumper year in 2001, surpassing previous sales records, according to the latest figures from reinsurer Swiss Re.

In its 2002 edition of HealthWatch, Swiss Re shows that sales of individual critical-illness cover increased by 12 per cent to 872,184 from 780,271 in 2000 and individual income-protection sales increased by 11 per cent to 204,379 from 184,780.

The report says 46 per cent or 402,100 of critical-illness cover and 48 per cent or 98,138 of income-protection sales came through IFAs.

The company says the majority of new sales can be linked to the continuing buoyancy of the housing market. Mortgage-related critical-illness cover sales represented 56 per cent or 491,040 of new sales and 41 per cent or 84,000 of individual income-protection sales last year.

The report shows how market consolidation of providers is increasing. It says the top five providers account for 59 per cent of critical-illness cover sales up from 49 per cent in 2000 and for 57 per cent of income-protection sales up from 49.5 per cent in 2000.

Technical manager Ron Wheatcroft says: “The growth of new sales demonstrates the value placed on protection. The report shows the attraction of products related to a specific need, namely a mortgage. This indicates the potential to provide wider non-mortgage-related coverage at a later stage.”

Recommended

On track online

The role of the internet has for some time provided a forum for up to date comment, opinion and speculation about technology and the mortgage market. Are we on the verge of a technical revolution or have we simply lost our way on the information super highway?Whatever the answer, a business which chooses not to […]

Directors to carry can for with-profits

Life office board directors running with-profits funds will be answerable for performance and consumers will get more information following the FSA&#39s with-profits review.The review has divided the industry over reforms which some call a disappointment while others welcome them.The role of the appointed actuary will be one of discretion only when setting bonus rates and […]

Anna Bradley

With last week&#39s publication of its paper on the future of financial advice, the National Consumer Council announced its re-entry into the debate about an industry that it has left alone for the last three years.Leading the charge back into financial services is director Anna Bradley, who is looking to re-establish the NCC as a […]

The rotten state of regulation

I agree with David Birkmyre that the current split/zero fiasco culpability appears at least in part to lie with the FSA, who approved what turns out to have been quite inappropriate promotional literature.Perhaps the task was assigned to an incompetent junior (and I wonder just how many of those the FSA employ) whose understanding of […]

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com