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Protection new business drops 77%, says ABI

Protection new business on single premium policies dropped 77 per cent in Q2 this year, Association of British Insurers’ figures reveal.

Single premium individual protection product sales dropped 77 per cent In Q2 this year from £283m in 2008 to £65m this year.

New business levels for individual regular premium policies, which includes term assurance, whole of life cover, income protection, critical illness cover and long-term care, remained unchanged quarter on quarter at £215m.

Total individual regular premium product sales for 2008 dipped 1 per cent from £867m for the full year 2007 to £858 for last year. While total single premium new business dropped 19.5 per cent in 2008 from £1.26bn in 2007 to £1bn last year.

Group protection sales also dropped 15 per cent from £88m in Q2 last year to £74m this year, with a 9 per cent year on year drop.

Product sales on single premium individual pensions dropped 25 per cent in Q2 2009 from £5.9bn in 2008 to £4.4bn this year.

Regular premium individual pensions new business also dropped 16 per cent to £818m in Q2 2009 from £976m for the same period last year.

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