Life Insurance News
Life insurance projection made by Fitch's
A turnaround in the life insurance sector is in sight, according to research from Fitch's Insurance Group in London.
Sales have been in decline during the harsh economic climate but, if comparisons of figures for the second quarter against those from the first three months of the year are anything to go by, the sales slump is bottoming out.
"Sales have fallen across the market as consumers have cut back on purchasing insurance and savings, in order to channel more of their disposable income into reducing their mortgage burden," explained David Prowse, senior director in Fitch's Insurance Group in London.
"With-profit bond sales are notably higher as the investment guarantees and smoothing they provide seem to be proving highly marketable in a time of volatile investment returns."
According to the firm, the collective value of new business for Aviva, Friends Provident, Legal and General, Lloyds Banking Group, Prudential and Standard Life fell by 24 per cent in the first half of 2009.
Meanwhile, consumers are increasingly switching products as others either lapse their insurance or reduce it due to the recession, research from Aviva showed.
Some 85 per cent of brokers polled by the organisation said they had seen a rise in the number of customers reducing their protection.
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