Life Insurance Industry Spotlight December 2024

The FSC gathers industry data on Life Insurance and publishes quarterly spotlights for the sector.

This spotlight is a quarterly snapshot for Life Insurance as at 31 December 2024.

Key insights and trends include:

• Total growth remains consistent at 2-5% year on year since 2015, while impact of seasonality on New Business appears to have reduced since 2021.
• Total claims accepted is at its highest since 2020, showing a general increase and recovery from its dip in 2022.
• Accidental Death continues to be the largest product by covers, although Trauma and Group are showing significant increases.
  
• The split by gender remains consistent at 60% male and 30% female.
• More than 50% of premiums can be attributed to ages 46 to 65.
  

Click here for the downloadable version of the December 2024 industry spotlight.