Latest Plan For Life data confirms individual risk new business sales are on the rise following an extended period of negative growth.
The research firm’s quarterly Market Overview for the year ended June 2021 reports year on year increases for both lump sum and income protection insurance individual new business.
For the year ended June 2021, individual risk lump sum new business grew by 6.2%, while individual income protection sales increased by 11.9% year on year.
Positive growth in these two sectors was also reported by Plan For Life in the previous quarter for the year ended March 2021 (up 1.7% lump sum and 8.9% IP), following an extended period of negative growth for individual risk new business.
The following table tracks PFL reporting of individual risk new business on a quarterly basis for a two-year period commencing from June 2019, with the rate of negative growth hitting its peak in the year ended December 2019.
Since December 2019, however, PFL reporting has revealed a lessening rate of negative growth for individual risk new business, finally breaking into the positive in the year to March 2021:
Individual Risk Lump Sum & Income Protection Insurance New Business Sales Trends June 2019 – June 2021
Riskinfo will continue to monitor these critical individual risk new business sales indicators and will shortly report industry opinion on the main reason(s) attributable to both the long downturn in risk new business sales and the emerging turnaround.