Slightly fewer life insurance policies sold

06/05/2002 10:00

In 2001 the sale of life insurance policies did not grow for the first time in years. Total sales even fell slightly from 7.1 billion euro in 2000 to 6.9 billion euro in 2001.

Sales of life insurance

The slight fall was mainly observed for life insurance paid for in periodic premiums. The single premium insurance policies remained at the same level; the number of these policies sold even rose, a trend that has been observed for quite a time now. Consumers seem less willing to commit themselves to long–term insurance but prefer to see what’s on offer from year to year.

Premiums of sold policies

Intermediary insurers dominate market

The sales and premium collection of life insurance is usually dealt with by so-called intermediary insurers. The turnover share of this group rose from 62 percent in 1999 to 65 percent in 2001.
The share of premiums paid to banks has also risen slightly in the last two years: 21 percent in 1999 compared with 23 percent in 2001.
The so-called direct writers are losing ground: in 1999 they received twelve percent of life insurance premiums, in 2001 only ten percent.

Carlo Schmitz