Overall contracts written of protection products where down 102,000 in 2023 when compared to the previous year, new data shows.
The latest Gen Re Protection Pulse reveals that despite this, the total market premiums grew 2%, up to £776m, the second highest figure since the report began. Income protection was the big winner of the report, with a growth in premiums of 23% and a growth in contracts written of 16%. This outpacing of contracts by premiums is indicative of high levels of earnings growth in the employment market, according to Gen Re. IPTF co-chair Vicky Churcher said: "This surge in premiums highlights the market's resilience and importance in providing financial security to individuals. "Despite ...
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