Healthy UK life insurance market

Wed, 30 May 2007

The Association of British Insurers (ABI) have released a new collection of figures that indicate life insurance and pensions markets were healthy over the first quarter of 2007. Sales of life insurance and pensions products increased significantly on 2006 figures.

The director general of the ABI, Stephen Haddrill, reportedly commented: "Steady increases in sales of pensions, protection, savings and investment products by insurance companies over the last few years shows that consumer confidence in our sector is recovering. These figures show that the long-term life and savings market in the UK remains in good health. The ‘A-Day’ reforms of April 2006, when the pensions tax regime was simplified, led to a significant increase in sales in the second and third quarters of 2006, as expected. It is good news that since that surge, year-on-year sales have remained at higher levels than before A-Day."

Life insurance in the UK has become progressively cheaper in the last few years, leaving many people with older policies paying over the odds. The future, many life assurance experts claim, is in cheaper prices.
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