Protection market update for
Macro news and drivers
ABI launches health insurance guide
The Association of British Insurers (ABI) has published a guide
that illustrates the value of private medical insurance (PMI) and
cash plans to consumers.
PMI Handbook 2017 published for
Private Medical Insurance (PMI) publisher, Craigdallie of West
Sussex, has published the 2017 PMI Handbook for professional
advisers seeking information on the different plans available in
the UK market.
Stress test shakes up insurance industry
This so-called 'dry run' project tested 28 London-based insurers
and brokers on their resilience to a series of different fictional
loss events, such as an unprecedented cyber-attack, a highly
destructive hurricane, and one of the largest falls in stock
Regulation and legislation
FSCS deposit protection level returns to
The amount the Financial Services Compensation Scheme (FSCS)
protects for deposits in banks, building societies and credit
unions today increases from £75,000 back up to £85,000. Joint
accounts will in turn benefit from the rise with a new limit of
Product developments and innovation
VitalityLife to discount premiums based on health
VitalityLife is offering customers an upfront discount and annual
premium discounts if they monitor and improve their health, as part
of two new developments for its protection customers.
LV introduces fracture cover to income
The changes include introducing fracture cover, with payments up
to £2,200 and a death benefit of £10,000. Both of these will now be
automatically included as part of the contract, at no additional
cost, and with no further underwriting or application forms.
Royal London partners with Post Office for life
The British insurance giant has partnered with Post Office Money
to give customers a wider choice of life insurance products and
simplify the application process.
VitalityLife has announced an innovative new development for the
protection market: Vitality Nurse - the company's own range of
medical screening and nurse services whose sole purpose is to
improve the underwriting process.
L&G pays out £180m through early warning
Legal & General paid out £44 million in 2016 as a direct
result of its Early Warning System and has now paid out a total of
£180.7 million from 2,411 claims as a direct result of the
introduction of the system in 2010.
Public still believes protection is 'too
The State of the Protection Nation study of 2,000 people found
that while a quarter of UK adults have a life insurance policy
(26%), just 6% have critical illness cover and 4% have income
Employers overestimate income protection
Employers overestimate the cost of group income protection (GIP)
schemes by almost 140 per cent, according to the latest research
from Legal & General (L&G).
SMEs overestimate group life insurance
Small and medium businesses (SMEs) are overestimating the cost of
group life insurance, according to a survey conducted by group risk
The reality cheque: living on SSP for a
Amanda Curwood, head of tactical projects at protection
intermediary LifeSearch, has been living on statutory sick pay for
a week to promote the values of income protection and better
understand the realities of life on a strict budget. This is the
story of her week.
The positive outlook for the year ahead
With 2017 now fully underway, there is a certain buzz in the world
of protection, with progressive new initiatives underway and much
to look forward to for the year ahead, write Swiss Re's Maxine