In comparison to other sectors of the financial services industry McMullan says the insurance market has weathered the economic storm.
In the insurer’s newsletter McMullan said: “There are advantages for the group market, for example people will need more not less of the reassurance offered by protection in these uncertain times. There is also the psychological impact of the downturn on people’s mental and physical health which is where health insurance and protection proves to be vital.”
However, McMullan said there will be an impact to the industry, “the question is exactly when and what that will be”.(
Going forward McMullan says Canada Life will “continue to invest in our key strategic SME market offering”.
He said: “I believe that as a company we have grown not only in terms of premium income but also in terms of what we can offer to the market during 2009 and beyond. We intend to maintain this momentum during 2009.”