The Financial Services Council (FSC) has released its latest quarterly spotlight on the life insurance sector, providing a snapshot of industry performance as of December 31, 2024. The data shows steady growth, evolving consumer trends, and a recovery in claims acceptance following past disruptions.
Steady growth and changing patterns
Since 2015, total growth in the life insurance sector has remained consistent at 2-5% year on year. The impact of seasonality on new business has decreased since 2021, indicating a more stable purchasing pattern throughout the year.
Claims recovery reaches new highs
A key takeaway from the latest data is the increase in total claims accepted, now at its highest level since 2020. After a dip in claims acceptance in 2022, recent figures show a recovery.
Accidental death, trauma and group insurance on the rise
Accidental Death insurance remains the dominant product in terms of total covers. Trauma and Group policies have also shown growth, reflecting continued consumer interest in broader coverage options.
Gender and age distribution remain steady
The gender distribution of life insurance policyholders remains largely unchanged, with 60% male and 30% female participation. Age-wise, more than 50% of premiums are paid by individuals aged 46 to 65.
The future
The latest FSC spotlight highlights a stable and resilient life insurance market, with evolving consumer preferences and a recovering claims landscape. As the industry moves into 2025, insurers may refine their offerings in response to the increasing demand for Trauma and Group policies. Future reports will continue to provide valuable insights into the health of the sector.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.
