Swiss Re's Term and Health Watch 2009 saw that income protection (IP) sales have risen in the last year. That upturn, however, has been directly attributed to the actions of HSBC. With sales of other protection products falling, what do these results mean for the protection industry?
Peter Chadborn, CBK It is pleasing to see IP sales increasing regardless of where those sales are coming from. Much as it pains me to say it, credit must be given to a bank for focusing on such an important product area. Hopefully, more ex-PPI writers will follow suit. There are many reasons why overall sales have fallen, not least the continued difficulties in the mortgage market and the trend for consumer wariness of any potential financial commitment. It has always been argued that a broad choice of distribution channels is a good thing for the protection-buying consumer but, I think...
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