Life insurance sales falling

Thu, 04 Jun 2009

According to recent life insurance figures from the Association of British Insurers, 2008 saw total life insurance policy sales fall by 22 per cent. The provisional figures indicate a fall to total life insurance cover sales of £38.4bn.

Despite this, pension investment climbed considerably. Net premium income climbed some 18%, to a record level of £57.5bn. The figures were reported in health insurance magazine.

The ABI director of research and chief economist, Dr. Rebecca Driver, reportedly commented: "Against the background of a recession, it is encouraging that net pension income has gone up. The fall in life insurance investments was to some extent unavoidable. The government's ill-judged changes to capital gains tax have hit the insurance bond market, and we are seeing the effects of those changes here."
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