Munich Re reports rising annual profits
by Richard Kilner
Story link: Munich Re reports rising annual profits
Munich Re has reported that it made a net income for 2009 of €2.56bn, an improvement of two-thirds on 2008 when €1.58bn was made.
However, the firm has yet to match the record €3.9bn profit made during 2007, before the full impact of the financial crisis struck.
The firm has also expressed its confidence regarding 2010, and [...]
Critical illness sales holding up
by Richard Kilner
Story link: Critical illness sales holding up
Critical illness sales are holding up well, despite falling mortgages sales, according to a new guide by Defaqto.
The two have tended to be closely linked, but from 2007 gross mortgage lending declined from £362,632m to £143,506m, whereas total critical illness sales fell only 4.7% compared to a 19.5% fall in mortgage-related critical illness sales.
Ben Heffer, [...]
FSA consults again on PPI reforms
by Gill Montia
Story link: FSA consults again on PPI reforms
The Financial Services Authority (FSA) has published feedback on its plans to reform the Payment Protection Insurance (PPI) market and at the same time announced a further consultation on a revised package of measures aimed at ensure customers are treated consistently and fairly, either when buying new PPI policies or making a complaint about an [...]
Half of Britons unfulfilled at work
by Gill Montia
Story link: Half of Britons unfulfilled at work
Bupa’s “How Are You Britain” report indicates that almost half of the country’s workforce is less than happy.
In a poll of over 2,000 people, 49% said they were feeling “unfulfilled” in their jobs, and 21% were annoyed by a lack of career progression.
The health insurer is therefore recommending some simple changes that can make a [...]
Bupa revamps intermediary platform
by Gill Montia
Story link: Bupa revamps intermediary platform
Bupa has revamped its online trading system for the intermediaries who sell its individual protection products.
The new system should make transactions smoother by allowing users to tailor products to suit their clients’ needs and upload multiple product applications in a single action.
Intermediaries can now also make alterations up to the point when a policy [...]
Family income benefit sales soar at Scottish Provident
by Gill Montia
Story link: Family income benefit sales soar at Scottish Provident
Scottish Provident has reported a four-fold increase in sales of its family income benefit plan, which pays out a regular income to claimants.
The life and pensions provider observes: “As the economic instability remains in the UK the security offered by this kind of product is becoming ever more popular as consumers seek products that are [...]
AEGON increases multi-benefit discounts
by Gill Montia
Story link: AEGON increases multi-benefit discounts
From tomorrow, AEGON is increasing the multi-benefit discounts available when a customer takes out two or more benefits on the same plan.
The move should reduce costs because customers can consolidate all their protection needs into one plan, rather than using separate providers for different types of cover.
It also makes the application and underwriting process [...]
Zurich promotes critical illness cover for children
by Richard Kilner
Story link: Zurich promotes critical illness cover for children
Zurich UK Life is highlighting the advantages of critical illness cover for children today, which is also International Child Cancer day.
The insurance industry has paid out millions to adults suffering from cancer, yet there is relatively little attention paid to the impact on families with children who suffer the illness.
According to the ONS 2007 saw [...]
Zurich UK Life launches protection plan guide
by Gill Montia
Story link: Zurich UK Life launches protection plan guide
Zurich UK Life has launched a new guide to help advisers explain its protection plans to their customers.
“Here to help at every step” aims to ensure the correct level of cover is provided and that claims are paid out swiftly.
The guide covers application and underwriting processes, emphasising the importance of disclosing accurate personal information [...]
Cardif Pinnacle MPPI provider for Yorkshire BS
by Gill Montia
Story link: Cardif Pinnacle MPPI provider for Yorkshire BS
Cardif Pinnacle, the UK insurance arm of banking group BNP Paribas, has been named mortgage payment protection insurance provider to Yorkshire Building Society.
According to the lender, the five-year agreement has been awarded because the parties share a similar approach to business, including a partnership approach to fulfil mutual ambitions and a strong desire and commitment [...]
Bupa named as Best International Healthcare Provider
by Richard Kilner
Story link: Bupa named as Best International Healthcare Provider
The readers of Investment International have named Bupa International as Best International Healthcare Provider.
This marks the first time the firm has been singled out by the publication’s readership, who considered Bupa International to have stood out from the crowd.
For more than two decades Investment International’s readership has recognised firms with particular professionalism and experience.
Bupa International’s [...]
Bupa backs PM’s home care pledge
by Richard Kilner
Story link: Bupa backs PM’s home care pledge
International healthcare company Bupa has supported Prime Minister Gordon Brown’s recent speech in which he called for more patients to be treated in their own homes by the NHS.
Bupa collaborates with the NHS to help provide more than 14,000 patients with in-home care.
Managing Director Steve Flanagan expressed his view that it is better for many [...]
ALC Health taking claims by e-mail
by Richard Kilner
Story link: ALC Health taking claims by e-mail
ALC Health has announced that it has taken steps to help speed up the claims process by accepting claims from corporate clients submitted as scanned email attachments.
This will cut out the necessity of requesting original documentation by post and thereby greatly reduce the time needed for a claim to be fully processed.
It also has the [...]
Higos launches PPI for tenants
by Gill Montia
Story link: Higos launches PPI for tenants
Somerset-based Higos Insurance Services has launched a payment protection plan aimed at tenants.
The new policy covers rental payments in the event of unemployment or sickness and is available to private and social tenants, plus those still living at home and paying rent to parents.
Cover can be extended to embrace a range of monthly outgoings [...]
Six year old to be the Face of Childsure
by Richard Kilner
Story link: Six year old to be the Face of Childsure
The winner of the competition to star in 2010 Childsure’s Children’s Health Insurance, in association with Aviva, has been won by Isabel Tate, a six year old girl from Cornwall.
Globally renowned shoe designer Jimmy Choo and model agency Elliott Brown selected Isabel after four rounds of competition.
Anyone aged 18 or under was able to enter [...]
Zurich UK Life sees rise in critical illness pay-outs
by Richard Kilner
Story link: Zurich UK Life sees rise in critical illness pay-outs
Zurich UK Life has released figures revealing that the number of critical illness claims paid out has risen by more than a quarter from 2005 to 2009.
The total sum paid out is also up, rising from £58.5m in 2008 to £62.3m for 2009, with cancer, heart attacks and strokes the most common causes for claiming.
The [...]
ALC Health centralises European operations
by Gill Montia
Story link: ALC Health centralises European operations
Ex-pat medical insurer, ALC Health, has announced that it has expanded the remit of its Spanish office to manage its business across Southern Europe.
The new European centre, which is based in Marbella, will support the firm’s ambitious growth plans by dealing with all client sales, enquiries and broker support across the region.
It is headed by [...]
Bupa tele-interview lauded by industry
by Richard Kilner
Story link: Bupa tele-interview lauded by industry
The tele-interview service Bupa operates for critical illness, income protection and life insurance applicants has been lauded by a survey of more than 800 independent financial advisers.
The service, part of Bupa Individual Protection, is confidential and allows customers to ask personal or sensitive questions to the firm’s trained staff.
Of those surveyed, nine out of ten [...]
Health exclusions should equal premium cuts
by Gill Montia
Story link: Health exclusions should equal premium cuts
LifeSearch is advising consumers to seek premium reductions when health conditions are excluded from their protection insurance.
The price comparison website estimates that one or more illnesses are excluded in around 15% of critical illness and income protection applications.
In such cases, the extent of the policy is reduced but not necessarily the premium.
According to the [...]
ALC Health and Ibex form partnership
by Richard Kilner
Story link: ALC Health and Ibex form partnership
ALC Health, the international medical insurance firm, has announced it has entered into a partnership with Ibex Insurance Services, the leading provider of insurance to expatriates on the Iberian peninsula.
British expats in Spain, Portugal and Gibraltar can now directly access ALC Health’s Prima product range, availing them of highly flexible insurance products.
As a result of [...]
