Protection market news update for September 2016
MACRO NEWS AND DRIVERS
Brexit delivers milder than expected blow to City
Fallout from the vote for Britain to leave the European Union has
been reflected across the board in July's employment data, with
month-on-month available jobs dropping by 12 per cent.
Hopkins and Heeney join the IPTF executive
The executive team which supports Peter Le Beau , the chairman of
IPTF in drawing up the strategy and objectives for the
organisation, comprises Richard Walsh, John Gillman, Roy Mcloughlin
and Teresa Fritz following the retirement of Karin Lloyd.
REGULATION AND LEGISLATION
Fresh call for protection to be part of mortgage
As the link between mortgage brokers and protection sales
shows signs of weakening, calls for cover to be a mandatory part of
the conversation have come to the fore again.
ABI committee appoints Royal London director as
Royal London's finance director Tim Harris has become chairman of
the Association of British Insurers' prudential, financial and
PRODUCT DEVELOPMENTS AND INNOVATION
L&G's protection training sees record adviser
A record 5,315 advisers attended Legal & General protection
training seminars during the first half of 2016, an 86 per cent
increase on the first half of last year and more than the whole of
AIG launches three condition CI cover
AIG Life has launched Key3, a simpler form of critical illness
insurance which pays a lump sum upon diagnosis of one of three key
medical conditions - cancer, heart attack or stroke.
Royal London will not add CIC to its relevant life
Royal London has will not be adding critical illness cover (CIC)
to its relevant life plan (RLP), reviving a debate started up at
the start of this year.
The Exeter offers free cash plan cover with new PMI
The Exeter has come up with a new offer to help advisers boost
their sales during the slower summer months.
BHSF launches product to bridge statutory sick pay
BHSF has launched a sickness and injury benefit for employers to
bridge the statutory sick pay gap and ease employees' financial
worries during illness or injury.
Zurich adds protection to 'FutureYou'
Zurich is adding protection solutions to FutureYou, its digital
proposition for workplace retirement scheme customers that was
launched in May.
Grid rebrands with website launch
To launch the fresh, modern look the group risk organisation has
completely redeveloped its website. The new website offers
additional support with a dedicated members' area.
Nine in ten employees underestimate income protection
The majority of workers underestimate their chances of becoming
unable to work due to illness or serious injury and so discount the
need for income protection, according to research from Canada Life
Mental illness affecting more employees than
Mental illness has become the number one threat to the health of
the UK workforce, bosses at large and medium-sized British firms
One in three families 'a paycheck' away from
One in three families in England could not pay their rent or
mortgage for more than a month if they lost their job or were
unable to work, a study for the charity Shelter suggests.
Why we need annual protection statements
To be the cornerstone of all financial advice the protection
industry should provide annual statements to clients, writes Roy