Protection market news update for March 2016
Macro news and drivers
ABI: further IPT increase
would be 'double blow' for UK businesses
Another increase in Insurance Premium Tax (IPT) will be a double
blow for business at a time when the UK economy faces a 'cocktail
of threats' the ABI warned today.
AXA PPP Health Tech Awards reveals 2016
The shortlist for the second AXA PPP Health Tech & You Awards
has been revealed today to find the most innovative developments in
FCA refers six firms to enforcement in closed-book life
The Financial Conduct Authority (FCA) has referred six firms to
its enforcement division for investigation after it found problems
with the way they treated their closed-book life insurance
Regulator to publish protection claims
Advisers are split in their support for a Financial Conduct
Authority initiative to help consumers compare protection providers
and products, with some questioning the motives of the move.
Product developments and
Aviva launches group life master trust
Aviva has launched a group life master trust aimed at offering
protection solutions to SMEs (Small and Medium-sized Enterprises).
The master trust will allow Aviva to write multiple group life
business under a single trust.
Scottish Widows transfers life business to
Scottish Widows has transferred the registration of its life
insurance business to London from Edinburgh.
Aviva launches cancer care top-up plan
Aviva has launched a top-up health insurance product focused on
supporting people with cancer. The products are designed to
complement treatment customers receive through NHS health
Vitalitylife introduces WOL to bridge 'term assurance
VitalityLife has launched two whole of life (WOL) plans with
upfront premium discounts of up to 67% and made changes to term
cover as the insurer described WOL as an "undervalued
Several VitalityLife upgrades
VitalityLife has enhanced its Serious Illness Cover, Business
Protection and adviser services as part of a wider product revamp.
The Serious Illness Cover policy now features Family Benefit which
will cover complications in pregnancy, congenital conditions such
as Cerebral Palsy and a Child Funeral Benefit.
LifeQuote launches 'upload alternative
LifeQuote is now enabling advisers to submit an application based
on any quote from either an insurer's site directly or another
L&G introduces business protection trusts hub for
Legal & General has launched a business protection trusts hub
to help advisers set up their business clients' protection policy
British Friendly launches death benefit for
British Friendly is the first provider to include a death benefit
for both its new and existing income protection (IP) policies,
which is paid following the death of an insured policyholder.
Income Protection: do your clients know how much it
costs to raise a child?
Parents run up costs of more than £231,843 raising a child from
birth to age 21, making it more expensive than the average
The value of real claims stories
One of the prevailing attitudes in the protection world towards
the consumer media is that they are always looking for a way to
bash insurers. Something that has become clear - and proven by the
Seven Families campaign - is that case studies provide an excellent
way for advisers and providers to communicate the message that the
policies we sell and the advice given really is incredibly