The FSC publishes Life Insurance Data quarterly, with the September 2023 snapshot now available.
Insights from this quarter are:
- Since 2011, there has been a significant growth on Trauma becoming the second largest product by covers. Accidental Death is still the biggest product but has had limited fluctuation over time. On the other hand, Traditional and Credit Insurance have been decreasing.
- In terms of Channel split, since collecting data in 2020 it has had little variation. With 60% coming from advisers, over 20% from banks and the rest between direct and group. The number of Covers from group share of the total has increased, taking over from those coming from banks.
- By gender, we have about 60% males compared to 30% females (10% missing is unknown).
The downloadable version of the September 2023 industry spotlight is available here.