Particular person safety gross sales at highest stage since 2004

Greater than two million particular person safety insurance policies have been
purchased final yr, the very best stage of latest enterprise since 2004 and a rise
of 5.9% from 2017.

Swiss Re’s Time period & Well being Watch 2019 reveals that time period
gross sales grew by 5.5%, time period gross sales with out important sickness (CI) elevated by 7.three%
and time period gross sales the place the product included a CI profit elevated by 1.7%.

Earnings safety (IP) insurance policies grew by 22.6%, with 58%
of those insurance policies written with advantages paid to a specific retirement age.

Absolutely-underwritten complete life insurance policies elevated by eight%
and assured acceptance complete life insurance policies by 2%.

An opinion survey for the report, which was written in
conjunction with iPipeline, discovered very optimistic sentiment, with trade
collaboration to develop the market a key theme.

Maxine Udall, advertising and marketing and analysis supervisor at Swiss Re
and writer of the report, mentioned regardless of ongoing political uncertainty and
shopper warning, the person safety market has carried out nicely. 

“Unsure instances can maybe immediate discussions about
private monetary safety,” she acknowledged. “The directly-authorised gross sales
channel has continued to do nicely. With the variety of first time patrons and
remortgages up in 2018, there have been good alternatives to debate safety
wants.”

IP gross sales elevated for the fifth consecutive yr.
Nevertheless, solely 38% of latest IP gross sales have been made to ladies in comparison with 62% for males.

Chloe Gilbert, purchasers challenge supervisor at Swiss Re and
co-author of the report, recommended some individuals might choose speaking to a lady,
but nearly all of advisers are male. 

“Extra feminine advisers could also be one of many keys to unlock
the potential right here,” she added.

The variety of stage time period insurance policies with and with out CI
used for enterprise safety grew by simply 1.four%. Swiss are mentioned this may increasingly, in
half, be linked to the degrees of enterprise uncertainty that was additionally reported.