Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 18th of March 2010
February 26, 2010

ELSA promises Code of Practice for life policy securitisation

by Gill Montia

Story link: ELSA promises Code of Practice for life policy securitisation

The European Life Settlement Association (ELSA) has announced that it is developing a Code of Practice for sellers of traded life policy investments.
The body has also welcomed an address given by the Financial Services Authority (FSA) earlier this week at the ELSA/LISA European Life Settlement Trade Mission in London.
The regulator raised concerns over the [...]



February 24, 2010

Aviva promotes life and critical illness coverage

by Richard Kilner

Story link: Aviva promotes life and critical illness coverage

New research commissioned by Aviva has revealed that the British household would only have enough money to cover bills for a fortnight should they or a partner suffer critical illness or death.
According to the research 24% would be able to access only £100 without borrowing, and that without borrowing the average household would have access [...]



February 19, 2010

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 [...]



February 18, 2010

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 [...]



February 12, 2010

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 [...]



February 11, 2010

ACLI calls for ban on securitisation of life settlements

by Gill Montia

Story link: ACLI calls for ban on securitisation of life settlements

The European Life Settlement Association (ELSA) is opposing calls from the American Council of Life Insurers (ACLI) for policymakers to ban the securitisation of life settlements.
ELSA was set up in 2009 with the aim of promoting the development and reputation of the life settlement industry and now represents over 11 members across the sector.
According [...]



January 20, 2010

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 [...]



January 5, 2010

Equitable Life awards surprise interim bonuses

by Gill Montia

Story link: Equitable Life awards surprise interim bonuses

Long-suffering policyholders at Equitable Life have been awarded increases of up to 5.5% in policy values.
The failed mutual said it was pleased to announce that, with immediate effect, it has reintroduced interim bonuses and reversed the reduction in policy values made in March 2009 as follows:-
An interim bonus of 3.5% has been awarded to UK [...]



December 21, 2009

90% of critical illness claims paid out

by Gill Montia

Story link: 90% of critical illness claims paid out

New figures from the Association of British Insurers (ABI) show over 100 families and individuals a day claiming on their life or critical illness insurance, during 2008.
According to the ABI, the average claim stood at £52,000 or double the average UK annual salary.
In addition, the number of critical illness claims paid out rose to 90% [...]



December 14, 2009

Heath Lambert provides new offering for people with autism

by Gill Montia

Story link: Heath Lambert provides new offering for people with autism

Heath Lambert has teamed up with The National Autistic Society (NAS) to provide travel and life insurance for those living with autism.
The broker is extending its “Unique” offering, which specialises in cover for people with pre-existing medical conditions, their families, carers and supporters.
In what the firm claims to be an industry first, Unique has arranged [...]



November 13, 2009

PruProtect launches Essentials life products

by Gill Montia

Story link: PruProtect launches Essentials life products

PruProtect is launching a new “Essentials” range comprising life only and life with serious illness cover.
The plans are being made available online only to all UK intermediaries and includes the option to upgrade to the provider’s existing PruProtect plan.
With the new products, some features (including automatic children’s cover, guaranteed insurability options and immediate cover) have [...]



September 29, 2009

China sets new standards for personal accident market

by Gill Montia

Story link: China sets new standards for personal accident market

The China Insurance Regulatory Commission (CIRC) has set new standards for the country’s personal accident insurance sector.
Firms are being told to restrain their branches and agents from illegal activities and introduce uniform coding mechanisms on personal accident policies.
Insurers will also have to establish connections among policy providing systems, policy management systems and core business systems.
At [...]



September 24, 2009

Pearl appoints new chairman

by Gill Montia

Story link: Pearl appoints new chairman

Pearl Group has appointed Ron Sandler as its new chairman.
The post is part time and Mr Sandler will continue as chairman of Northern Rock, his role with the state-owned bank having commenced only last year.
Previously he has served as chief operating officer at NatWest and chief executive of Lloyd’s of London, where he is credited [...]



September 11, 2009

Consumers unprepared for the cost of dying

by Richard Kilner

Story link: Consumers unprepared for the cost of dying

Sun Life Direct’s annual total cost of dying survey has discovered that the average cost of a funeral has increased to £2,733, with additional extras meaning the total average bill can be as high as £7,098.
However, almost half of people are not preparing themselves financially for the cost of death, which stands in excess of [...]



September 4, 2009

Life and pension complaints plummet

by Gill Montia

Story link: Life and pension complaints plummet

The Financial Services Authority (FSA) has published aggregate figures showing the volume of complaints regulated firms have received from their customers.
The data, which is the first of its kind to be published by the regulator, covers the period 2006 to 2008, during which time the overall number of complaints increased by 5.7%, from 1.4 million [...]



September 2, 2009

Asda partners LV= with over 50s life insurance offering

by Gill Montia

Story link: Asda partners LV= with over 50s life insurance offering

Asda has expanded its insurance offering with a new life policy for the over 50s, developed with mutual insurer, LV=.
The move forms part of a strategy to triple the number of life insurance customers targeted by the supermarket chain.
According to independent research, the over 50s place “family wellbeing” high in their list of priorities, however, [...]



August 20, 2009

Aviva trials postcode pricing for life insurance

by Gill Montia

Story link: Aviva trials postcode pricing for life insurance

Aviva may be adding a postcode element to its life insurance premiums.
The group is currently trialling the use of postcodes to illuminate the personal circumstances of its protection customers, having already introduced postcode weightings on its annuity products, along with several of its competitors.
Aviva’s protection director, Richard Verdin, says research by the group indicates that [...]



July 15, 2009

Aviva offers new parents free life insurance

by Gill Montia

Story link: Aviva offers new parents free life insurance

Aviva is offering free life insurance to new parents.
Cover of up to £10,000 is available to those with first offspring aged less than six months, and lasts until the child’s first birthday.
The promotion is in response to recent research from the insurer indicating that 40% of parents have no life insurance in place.
Furthermore, 17% of [...]



June 29, 2009

CBI survey detects optimism among insurers

by Gill Montia

Story link: CBI survey detects optimism among insurers

The Confederation of British Industry (CBI) has today published a quarterly report, prepared in partnership with PricewaterhouseCoopers (PwC), which suggests that the UK’s financial services sector could be emerging from the worst the downturn.
While the industry experienced falls in both income and profitability in the three months to June, the rate of decline showed [...]



June 7, 2009

Pensions net premium income up 18%

by Gill Montia

Story link: Pensions net premium income up 18%

The Association of British Insurers (ABI) has published provisional long-term “business in force” figures for 2008, showing how the recession and changes in Capital Gains Tax continue to impact on the UK insurance sector.
Last year, total net premium income for life insurance and pensions stood at £97.7 billion, down 2% from £100.2 billion in [...]