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Income protection sales surge 50% in Q1

Income protection sales reached a record breaking growth of 50 per cent in Q1 this year, according to figures from technology provider Iress.

Data from its transaction portal The Exchange shows growth across sales of critical illness, life, income protection and multi-benefit offerings.

Income protection saw the largest year-on-year increase at 50 per cent, followed by mortgage protection (17 per cent), multi-benefit cover (15 per cent), and term and critical illness (6 per cent).

The number of firms writing protection also grew 3.5 per cent compared to Q1 last tear.

There was also a 10 per cent year-on-year rise in total protection new business applications with 68,941 compared with 62,644 in Q1 2018.

Iress executive commercial director Dave Millar says: “The significant growth seen in income protection is fueled by a wider range of products offered by providers as well as a greater number of advisers selling this line.

“Historically more new business has been placed between January and March, so we would normally expect to see lower volumes later in the year. However, 2018 bucked that trend across many lines, so we watch with interest to see how the second quarter plays out.”

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