Legal & General, the UK’s third-largest insurer, said it expects sales of individual protection products to fall by up to 10% as the housing market continues to slow. Daily Telegraph
Sales of protection policies, which pay out if an individual loses their job or becomes ill and cannot afford their mortgage, tumbled 14% to £36m in the first quarter on an Annual Premium Equivalent basis. However, Legal added that an exclusive distribution deal with Nationwide should help it increase market share.
The individual protection market accounts for around 10% of Legal’s new business worldwide.