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Protection market review May 2017

Protection market update for May 2017

MACRO NEWS AND DRIVERS

Group income protection effectiveness debated in parliament
MPs discussed the effectiveness of group income protection during a debate in parliament this week focussing on 'Long-term Health Problems and Work Outcomes'.
http://www.covermagazine.co.uk/cover/news/3008782/group-income-protection-effectiveness-debated-in-parliament

REGULATION AND LEGISLATION

Snap election postpones AMII's IPT petition
The Association of Medical Insurers and Intermediaries (AMII)'s petition to scrap Insurance Premium Tax (IPT) on health insurance has been postponed due to the forthcoming 'snap' General Election.
http://www.professionaladviser.com/professional-adviser/news/3009254/snap-election-postpones-amiis-ipt-petition

Govt u-turns on 'unpalatable' probate fee legislation in run-up to election
The government has U-turned on its controversial probate fee legislation, which industry commentators had labelled a 'stealth tax'.
http://www.mortgagefinancegazette.com/legal-news/government-u-turn-rise-probate-fees-24-04-2017/

PRODUCT DEVELOPMENTS AND INNOVATION

Royal London launches life cover for diabetics
Royal London has launched its long-awaited life cover for people with Type 1 or Type 2 diabetes. The policy has the flexibility to reduce premiums by up to 40% to reflect how well the customer is managing their diabetes by sharing their HbA1c test result on an annual basis.
http://www.professionaladviser.com/professional-adviser/news/3009012/royal-london-launches-life-cover-for-diabetics

Fintech start-up to launch robo-life insurance platform
Fintech start-up Certua is to launch a robo-life insurance platform this year, aiming to re-join the protection and investment sectors following their split post-Retail Distribution Review (RDR).
http://www.professionaladviser.com/professional-adviser/news/3009005/fintech-start-up-to-launch-robo-life-insurance-platform

LV= pays 94% of protection claims
LV= paid out 94% of all new individual protection claims during 2016. Totalling close to £77m over the period, this is more than the group has paid in any other year.
https://www.lv.com/about-us/press/article/lv-pays-almost-77million-in-protection-claims-2016

VitalityLife publishes protection claims statistics for 2016
VitalityLife paid 99% of life claims, 93% of serious illness claims and 94% of income protection claims in 2016. In total, 807 claims were paid across all products.
https://www.ftadviser.com/protection/2017/04/25/vitality-pays-out-on-99-of-life-insurance-claims/

LV= introduces early payment on death claims
LV= has introduced an early payment of up to £10,000 for death claims on all life products which can be paid to bereaved families within 24 hours. This will be automatically offered to all claimants who qualify to help ease the initial financial burden on families during a difficult and emotional time.
http://www.covermagazine.co.uk/cover/news/3008831/lv-introduces-early-payment-on-death-claims

The Exeter enters life market with policy for type 2 diabetes and BMI
The Exeter has entered the life insurance market with a policy for people with type 2 diabetes or a high body mass index (BMI). The policy, called Managed Life, offers reduced premiums for policyholders who positively manage their conditions by lowering their HbA1c level (for type 2 diabetics) or weight (for high BMI).
http://www.lifeinsuranceinternational.com/news/the-exeter-launches-life-insurance-for-type-2-diabetes-and-high-bmi-5795496

British Friendly launches 'mutual benefits' app
British Friendly has launched an app that gives members access to the free healthcare services available through the Mutual Benefits programme. It is available to all members and gives them 100 Health Support Points each year to use on the health services of their choice, provided by Square Health.
https://www.ftadviser.com/protection/2017/04/20/british-friendly-launches-healthcare-app/

CONSUMER TRENDS

Four out of five protection buyers unaware of claims stats
Research from Aegon's customer and consumer panel has revealed four out of five (83%) people who purchased protection policies were unaware that providers publish this information.
https://www.aegon.co.uk/news/consumers_underestimateprotectionclaimspaid.html

Protection gap poses threat to half of SMEs
More than half of UK small and medium-sized enterprises (SMEs) would close within a year should a key employee die or become critically ill, new research has revealed. Some 53 per cent said they would close after a critical event such as an employee's death - an increase of 13 per cent on 2015, according to Legal & General's state of the nation's SMEs report, which surveyed more than 800 small businesses.
http://www.bmmagazine.co.uk/news/half-uk-smes-close-within-year-key-employee-became-critically-ill/

EXPERTS CORNER

Paul Avis: group insurance provides so much more than a cheque
In the war to attract talent to businesses, group risk benefits serve their primary purpose well as retention and attraction tools, says Paul Avis - but only when these benefits are actually communicated.
http://www.professionaladviser.com/professional-adviser/opinion/3009096/paul-avis-group-insurance-provides-so-much-more-than-a-cheque

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