Protection market news update for July 2016
MACRO NEWS AND DRIVERS
Protection sales off to 'strong start' in
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.
Sesame bolsters protection panel with four new
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.
REGULATION AND LEGISLATION
FCA issues statement on UK financial
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
Insurers respond to EU Referendum result
Insurers are providing initial reactions to the news that the UK
has voted to leave the EU.
Aviva: Brexit will have no significant impact on
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.
83% of UK employers were unprepared for leave
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.
PRODUCT DEVELOPMENTS AND INNOVATION
L&G launches next generation quote and apply
Legal & General has announced the launch of the next
generation of OLP Connect, its online protection quote and apply
Zurich overhauls critical illness
Insurer Zurich has enhanced its critical illness offering for new
customers, with expanded coverage of a variety of heart diseases
and other recognisable conditions.
Realm launches guaranteed acceptance
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.
CIExpert: Aegon upgrades critical illness
CIExpert has revealed that Aegon has made some substantial
improvements to its critical illness cover which elevates it higher
within the CIExpert comparative tables.
Scottish Widows reduces CI and life minimum sum
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
UK workers' savings would last 'just four
UK workers' savings would last just four months if they lost their
income, according to research from Canada Life Group
Third of people view protection as expensive
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.
Roger Edwards: critical illness cover is on life
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