Sales down in offshore life industry

The offshore life industry was hit by harsh global economic conditions in 2003, with sales down by almost a fifth, according to data collated by the Association of International Life Offices (Ailo). This is the first time such figures have been collected, let alone released to the public, and they show that while total offshore life sales fell 17.9% in 2003 to £6.8bn, the rate of decline was slowed by the end of the year. Ailo, which was formed in 1987 and represents more than 30 companies from seven jurisdictions, said total worldwide new offshore life business was £6.8bn (calculated on...