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Protection market review - July 2016

Protection market news update for July 2016

MACRO NEWS AND DRIVERS

Protection sales off to 'strong start' in 2016
Sales of protection products 'soared' in the first quarter of the year, reaching record highs not seen since the last quarter of 2012, according to research from Equifax Touchstone.
http://www.professionaladviser.com/professional-adviser/news/2461759/protection-sales-off-to-a-strong-start-in-2016      

Sesame bolsters protection panel with four new providers
Sesame is planning to expand its Zenith protection panel for network members with the addition of four new providers: Aegon, AIG, Scottish Widows and Vitality.
http://www.financialreporter.co.uk/protection/sesame-adds-four-providers-to-protection-panel.html        

REGULATION AND LEGISLATION

FCA issues statement on UK financial regulation
The Financial Conduct Authority has issued a statement saying that the UK regulatory framework, which mostly derives from EU legislation will remain until future negotiations between the EU and UK.
http://www.covermagazine.co.uk/cover/news/2462727/fca-issues-statement-on-uk-financial-regulation        

Insurers respond to EU Referendum result
Insurers are providing initial reactions to the news that the UK has voted to leave the EU.
http://www.covermagazine.co.uk/cover/news/2462680/insurers-respond-to-eu-referendum-result         

Aviva: Brexit will have no significant impact on business
Aviva has announced Brexit will have no significant operational impact on the company, having conducted extensive analysis of the possible implications of a vote to leave the European Union.
http://www.ftadviser.com/2016/06/27/ifa-industry/companies-and-people/aviva-brexit-will-have-no-significant-impact-on-business-Kde5PoKxc8N9akCiGrFpoL/article.html      

83% of UK employers were unprepared for leave vote
Employers are unprepared for the UK leaving the European Union, according to research from Jelf Employee Benefits conducted only seven days prior to the referendum.
http://www.jelfgroup.com/blog/2016/press-notes/uk-plc-unprepared-leave-vote-shows-research-jelf-employee-benefits-company-urges-employers-seek-advice-uk-overseas-employees/        

PRODUCT DEVELOPMENTS AND INNOVATION

L&G launches next generation quote and apply system
Legal & General has announced the launch of the next generation of OLP Connect, its online protection quote and apply system.
http://www.professionaladviser.com/professional-adviser/news/2462206/l-g-launches-next-generation-quote-and-apply-system      

Zurich overhauls critical illness offering
Insurer Zurich has enhanced its critical illness offering for new customers, with expanded coverage of a variety of heart diseases and other recognisable conditions.
https://www.zurich.co.uk/en/about-us/media-centre/life-news/2016/zurich-defines-new-standard-in-critical-illness-cover

Realm launches guaranteed acceptance protection
London-based insurer Realm Protection has launched a new simplified income protection product. The protection product pays a monthly benefit for up to five years if the policyholder is unable to work due to illness or disability.
http://www.ftadviser.com/2016/06/14/insurance/health-and-protection/realm-launches-guaranteed-acceptance-protection-JljQ1i9Soqd39IvHKxvNUO/article.html      

CIExpert: Aegon upgrades critical illness policy
CIExpert has revealed that Aegon has made some substantial improvements to its critical illness cover which elevates it higher within the CIExpert comparative tables.
http://www.professionaladviser.com/professional-adviser/news/2462107/ciexpert-aegon-upgrades-critical-illness-policy

Scottish Widows reduces CI and life minimum sum assured
Half of the UK's mortgage holders have no life cover in place and only a fifth have a critical illness policy, according to Scottish Widows research.
http://reference.scottishwidows.co.uk/docs/2016_06_SWP_mortgage_broker.pdf          

CONSUMER TRENDS

UK workers' savings would last 'just four months'
UK workers' savings would last just four months if they lost their income, according to research from Canada Life Group Insurance.
https://www.corporate-adviser.com/issues/june-2016/workers-massively-overestimating-state-disability-cover/      

Third of people view protection as expensive luxury
A third of people without life insurance, critical illness and income protection view this type of insurance as a luxury they cannot afford, according to a report from The Syndicate.
http://www.covermagazine.co.uk/cover/news/2461850/the-syndicate-consumers-still-view-protection-as-expensive-luxury#  

EXPERTS CORNER

Roger Edwards: critical illness cover is on life support
To much fanfare, product providers publish their annual new figures in the first quarter of each year. Have they built upon their previous successes? Have they increased their market share? Such declarations give us an insight as to the shape of the provider in question but also about financial services markets in general.
http://www.moneymarketing.co.uk/issues/9-june-2016/roger-edwards-critical-illness-cover-life-support/

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