iPipeline experienced its highest week for new income protection applications in a decade for the week beginning 11 March.

The financial services technology provider said that with 3,280 applications submitted through iPipeline portals, activity was 8% higher than the previous highest total, recorded in 2023, and includes applications that cover any policy with income protection, be it standalone or part of a multi-benefit plan.

iPipeline said these figures reflect rising income protection sales in general, with the ABI announcing a 16% increase in sales for 2023, compared to 2022. In 2023, the ABI recorded 247,000 new policies, which was the highest recorded by the ABI since they began collecting data in 2000.

Paul Yates, product strategy director of iPipeline, said: “The activity we’ve seen on iPipeline portals this month further indicates the growing demand for income protection. The weekly high achieved in 2023 was the highest since 2014, which indicates an upward trend is likely to continue this year.

“In a climate of high interest rates and many still feeling the squeeze caused by double digit inflation last year, there seems to be a growing interest in a safety net to help address such financial shocks. I’m encouraged by this activity, and we’ll be relaying this to our partners, together with underlying trends from our data which will help inform their growth strategies for 2024 and beyond.”

Angela Davidson, head of protection at Mortgage Intelligence, added: “Income protection is the cornerstone of financial resilience, so this significant uptick in applications of late is something to celebrate. We can’t rest on our laurels, however; we must keep beating the drum to maintain this upward trajectory and ensure the importance of income protection is raised on every occasion.

“My hopes are that we continue to see advisers, and the industry alike, working together to protect more families to keep the roofs over their heads and food on the table.”