Q2 protection sales hit five year high
Analysis from Equifax Touchstone, a market leading intermediary database provider, shows protection product sales in Q2 2017 rose by 4.9% on the previous quarter, reaching £147.1 million, the highest level in five years.
The data, which is collated from 22 protection providers, with inputs from more than 11,000 advisers, reveals that mortgage term policies grew most during the quarter, up by 20.7% on Q1 to £26.2 million. This was followed by critical illness policies which experienced a 15.0% increase to £4.5 million.
In addition, income protection, decreasing term with critical illness, and relevant life policies all performed positively, with sales increasing by 11.1%, 10.0% and 8.7% respectively. Term and term with critical illness policies saw minor decreases in sales of 1.7% and 1.1% respectively.
John Driscoll, Director at Equifax Touchstone, said: “Our analysis shows that protection sales have continued to grow for each of the last three quarters, reaching their highest level in five years. This growth has been supported by a strong mortgage market, and the emergence of online intermediaries.”
Equifax Touchstone utilises intermediary and customer profiling tools to enable financial services providers obtain a detailed understanding of their marketplace and client base.