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|Equifax Touchstone: 2016 protection sales up 14%|
|Thursday, 23 March 2017|
Analysis from Equifax Touchstone, a market leading intermediary database provider, reveals resilient performance of the protection market in 2016 with sales of £521.0 million, up from the 2015 total of £457.3 million (+13.9%).
While overall sales improved in 2016, the last quarter of 2016 saw lower sales compared to the previous three months. For October to December £131.5 million of cover was sold, down from £139.3 million in the third quarter (-5.6%).
The data, which is collated from over 90 major product providers, with inputs from more than 11,000 advisers, shows that term assurance accounted for 38.7% of protection sales in 2016, while mortgage term assurance accounted for 16.5%.
Term policy sales grew by 102.4% compared to 2015, critical illness sales were up by 50.8%, and sales of term assurance policies with critical illness incorporated by 145.6%.
John Driscoll, Director at Equifax Touchstone, says: “Protection volumes fell in the later part of 2016 due to mortgage market declines in the third and fourth quarters. However, in a year of political upheaval, with Brexit and the US elections, the protection market as a whole remained strong and saw continued growth for the year.”
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