Life insurance sales plunged in Q2 after the COVID-19 pandemic sent economic shockwaves through the industry.
Sales slumped in most insurers’ business segments, ranging from individual life insurance to critical illness insurance to annuities.
Research firm LIMRA confirmed this trend in three reports on Q2 2020 sales summarized by the Insurance Portal.
Q3 projections
Matthew Rubino, research analyst at LIMRA, forecasts that Q3 2020 should mirror the previous quarter in both individual life insurance and CI insurance. “It’s likely that the third quarter will see some further declines despite the relaxation of quarantine restrictions, since applications take some time to make their way through underwriting,” he says.
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