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Income protection sales rise 50% in Q1: IRESS

Income protection between Q1 2018 and Q1 2019 rose 50 per cent, from 6,396 to 9,623, according to data collected by IRESS.

Mortgage protection grew by 17 per cent, from, 31,348 to 36,707 in the same frame, adds the firm.

Between the first quarter of 2018 and the first quarter of 2019, IRESS reported a 10 per cent increase in the number of new total protection business applications – rising from 62,644 to 68,941.

Further data shows an increase in the sale of protection products such as critical illness, life, income protection and multi-benefit year-on-year.

IRESS also saw a 3.5 per cent rise in the number of firms writing protection in the first three months of this year.

On a monthly basis, income protection and mortgage protection posted its highest ever numbers of new business applications in March 2019, at 3,358 and 12,685 respectively.

IRESS executive general manager Dave Miller comments: “The significant growth seen in income protection is fuelled by a wider range of products offered by providers as well as a greater number of advisers selling this line.

“For mortgage protection, market conditions together with further technology and product efficiencies have helped support advisers to increase volumes.

“Historically more new business has been placed between January and March, so we would normally expect to see lower volumes later in the year.”

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