Advisers' search for fresh income streams in the midst of the credit crunch has hit a wall, statistics released by the Association of British Insurers (ABI) suggest.
According to ABI data for Q3 2008, single premium individual protection sales fell more than 27% on Q3 2007 and 13% on Q2 this year. Regular premium new business dropped 0.5% on Q3 2007. Additionally, single premium individual pensions new business has dropped 18% since Q3 last year while regular premium sales dropped 4%. Pension and, in particular, protection sales have been earmarked as potential saviours for advisers in light of dramatic downturns in mortgage and investment business. According to the ABI, total single premium investment and savings new business in Q3 2008 was £5.77...
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