Gross sales of latest particular person revenue safety insurance policies rose 16% year-on-year to hit 247,000 in 2023, in accordance with new figures from insurance coverage and funding supplier commerce physique the ABI.
Virtually all (97%) of particular person revenue safety merchandise have been bought with recommendation.
Gross sales of standalone vital sickness insurance policies totalled 75,700 in 2023, virtually 4 instances greater than 10 years in the past and a report excessive.
Yvonne Braun, director of coverage, long run financial savings, well being and safety on the ABI, stated: “Monetary resilience – the flexibility to resist a monetary shock – is a vastly essential concern.
“It’s encouraging to see that so many individuals recognise that revenue safety and significant sickness insurance coverage are an essential a part of Monetary Planning and play an important position in offering a monetary security internet.”
Nevertheless, gross sales of mortgage-related time period assurance fell as exercise within the UK housing market slowed.
Gross sales of time period assurance merchandise have been on the lowest ranges since 2017 with 1.5m insurance policies bought final 12 months.
Non-mortgage associated time period assurance gross sales fell 8% in 2023 following stronger gross sales over the earlier 4 years. Mortgage-related time period gross sales fell 10% year-on-year with 449,000 insurance policies bought.
General gross sales of particular person contracts (together with time period assurance, vital sickness, revenue safety, entire of life, related life plans and enterprise safety) in 2023 fell to the bottom volumes seen since 2018. Some 2.1m particular person contracts have been bought in 2023 in comparison with 2.2m in 2022.
