General Insurance Article - ABI data shows promising growth in income protection market

ABI data published today on policies in force shows that the number of individual income protection policies has increased for the first time since 2007. This data shows that in 2015, there were 1.15m individual income protection policies in force, a 2% increase compared to 1.13m in 2014.

 This new data also shows the growth in the group income protection market with the number of people covered by their employer increasing by 3% on the previous year. Since reaching the important landmark of 2 million people covered in 2013, the group income protection market continues to grow.

 The market growth is likely to be down to the industry raising awareness and improving understanding ofincome protection, including the ABI’s work with the Money Advice Service and the 7 Families campaign.

 Raluca Boroianu-Omura, ABI Head of Protection and Health, said: “We’re very pleased that more people are benefitting from income protection, which provides vital support for people who are unable to work due to illness or injury. Every year, one million workers find that they are unable to work due to ill health, and income protection can act as an essential safety net by paying a replacement income, but also helping people back into the workplace earlier with rehabilitation services. This new data is encouraging, but there is work to be done to improve the take up of income protection so more people can benefit.”

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