With the UK protection market continuing its trend of poor results, Herschel Mayers explains that the same glitches were experienced by the South African sector a decade ago
The 2007 Term & Health Watch survey, produced by Swiss Re, paints a bleak picture of the UK protection market. There has been little progress in closing the £2.3trn protection gap; income protection (IP) and individual critical illness (CI) policy sales have fallen (again); term assurance sales have increased only marginally; insurers have failed to promote the value of life assurance; and, consumers are becoming increasingly disillusioned. To a South African reader, this picture may appear familiar. Between 1997 and 2000, premium growth in the South African life assurance industry, altho...
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