The reinsurer has reported an increase in sales of new term assurance, critical illness and whole life insurance in 2009, while income protection sales fell. However, the ‘Protection Gap' has widened further.
In the latest edition of its annual Term & Health Watch report, a snapshot of the level of new individual protection business written in 2009, Swiss Re strengthened calls on the industry to increase income protection sales. Ron Wheatcroft, co-author of the report, says: "The environment for the sale of protection products in 2009 continued to be difficult, especially for those in the mortgage sector. Despite some evidence of market recovery, mortgage lending in 2009 is down 43% compared with 2008, and is at the lowest annual level since 2000. "Against this background, it is good news ...
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