Protection market update for December 2016
Macro news and
MPs ready to vote against triggering
Several MPs say they will vote against triggering Article 50 as
they call for a referendum on the UK's Brexit deal with EU
Income protection sales surge 18%
Reinsurer Gen Re reported a significant increase in protection
sales in the first half of the year. According to the reinsurer's
latest Protection Pulse report, total protection premiums are up by
5% this year compared to the first half of 2015, with income
protection sales up by more than 18%.
Employee benefit schemes at risk
Employee benefits programmes could be reduced as UK companies come
under increasing cost pressure following the vote to leave the
European Union, research has found.
DWP demands new group income protection
Insurance providers must work harder to develop better and more
affordable group income protection products for smaller employers,
the Department for Work and Pensions has said.
CII launches strategic manifesto to help build public
The Chartered Insurance Institute (CII) has launched its strategic
manifesto, setting out a roadmap for the next five years to show
how it will modernise and work with the insurance sector to build
Green paper explores greater role for income
The Department of Health has launched its green paper, 'Improving
Lives: The Work, Health and Disability Green Paper' and is
discussing how to improve access to income protection through the
HMRC challenges tax status of relevant life
The tax status of relevant life plans with critical illness cover
has been thrown into question after HM Revenue and Customs told one
provider its product could not qualify for favourable tax
Product developments and
L&G forms trans-Atlantic insurance
Legal & General has formed a new trans-Atlantic insurance
division to bridge its UK and US offerings.
Zurich raises the bar on claims history
As part of its bid to raise transparency in insurance Zurich UK
has revealed its claims history for life and general insurance
claims in the first half of the year.
Canada Life renews contract with RedArc
Canada Life Group Insurance has renewed its contract with RedArc
to provide long-term support for group critical illness claimants
for another three years.
Scottish Widows protect introduces annual protection
The summaries will be sent to advisers and their clients to remind
customers how valuable their cover is and prompt them to have
annual review meetings with their adviser.
OMW launches online application for protection
Old Mutual Wealth said it's new Protect Quote and Apply system
will make it easier for advisers to bring flexible protection
options and a wide-range of cover options to their clients using
the online system.
Zurich flags up high untapped demand
More than half of respondents to the firm's global survey (52%)
reported they would consider buying this form of insurance, yet
just over one in 10 (11%) of the UK working population have cover
Advice demand for long-term care on the
Advisers are set to pick up more work planning for long term care
needs, a new survey by Just Retirement Partnership suggests.
Cancer claims on rise among men
Cancer accounted for 50 per cent of all male critical illness
claims in 2015, statistics from Aegon have shown. As the Movember
men's health campaign gets underway this month, figures from the
insurer have revealed that prostate cancer was by far the most
common health cause for men claiming on their critical illness
IFAS ditch insurance to focus on investment
Advisers in the UK are stopping selling life insurance, critical
illness and income protection in favour of more lucrative
investment planning, research has claimed.
Having a critical illness cover
Advisers need to focus on the need for the insurance, and the
consequences of not having it, before any discussion of the
products can be brought into the conversation. This is the view of
Chris McNab, protection product manager for LV…