Insurers are generally optimistic about protection sales levels in the coming years but are split on the scale of premium increases, the Health & Protection Individual and Business Protection Report has found.
The figures cover 10 major providers in the UK individual protection market and apply to the life insurance, critical illness, income protection or business protection sectors.
Providers responding for the research were slightly more optimistic for their own businesses than the market as a whole, but none expected a regression in sales.
Claims were also expected to rise over the next three years, but not as much as sales
The results are almost identical to those questions from 12 months ago and recognise that the industry is seeing claims remain at or just below the record amounts seen through the Covid pandemic.
However insurers were divided between premium expectations for respondents’ own organisations and across the market as a whole.
Here the continued competition and pressure on prices from customers and regulators shows through as five providers said they expected their own premiums to remain largely unchanged over the next three years.
In contrast, when considering the whole market, steeper increases are predicted.
The full results and market analysis can be found in the Health & Protection Individual and Business Protection Report which is available for all advisers, intermediaries and brokers to download for free from this link or by clicking on the front cover below.
