Uptick in Covid-19, Downtick in Life and Annuity Industry
July 22, 2020 by Emily Holbrook
Life insurance sales are slowing as COVID-19 has led to a worldwide disruption of all industries. But most important for the life insurance industry, it has caused fewer house purchases, a key trigger for life insurance purchases. This is according to recent research by GlobalData. In many instances, the purchase of a life policy is triggered by a key life event. By far, the most common type of life cover is term assurance, which is often linked to a mortgage.
Beatriz Benito, Senior Insurance Analyst at GlobalData, comments: “The lockdown has interrupted the real estate business.