Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 15th of November 2018
January 24, 2012

Old Mutual merges European operations

by Gill Montia

Story link: Old Mutual merges European operations

Old Mutual is combining its Wealth Management Continental Europe (France and Italy) operations with its Skandia Retail Europe business (Germany, Austria, Poland and Switzerland) to create Wealth Management Europe. The merger follows a strategic review of the businesses prompted by economic and regulatory developments in the European long-term savings markets, and changes in customer preferences. […]



January 15, 2012

MetLife launches London sales team

by Gill Montia

Story link: MetLife launches London sales team

MetLife has announced that it is creating a regional sales team specifically for the Greater London area. Ralitsa Nenkova is heading up the new team, having taken on the role of regional sales director, and further key appointments are expected. Ms Nenkova joined the group in June 2008, initially covering sales and business relationships across […]



December 7, 2011

ABI opposes life assurance tax change

by Gill Montia

Story link: ABI opposes life assurance tax change

The Association of British Insurers (ABI) has come out against government plans to end life assurance premium tax relief on policies taken out before 1984. The concession was removed for new policies in 1984 but according to the ABI, there are still around 1.5 million policies in existence that benefit from the 12.5% tax relief. […]



November 29, 2011

FSA: strict new rules on traded life policy investments

by Gill Montia

Story link: FSA: strict new rules on traded life policy investments

The Financial Services Authority (FSA) has published strict new rules on the sale of traded life policy investments (TLPIs) to UK retail investors. The regulator reckons TLPIs are “high risk, toxic products” because investors are effectively betting on when a particular set of US citizens will die. They are also known as “death bonds” because […]



November 16, 2011

Aon updates UK terrorism cat model

by Gill Montia

Story link: Aon updates UK terrorism cat model

Aon Benfield has updated its UK terrorism catastrophe model, including estimates of the financial loss to life insurers, in a move aimed at helping to satisfy the requirements of Solvency II. The new model simulates attacks on more than 2,000 potential UK targets, including places of worship, financial centres, infrastructure, government and military locations. For […]



October 24, 2011

Friends Life launches Protect+

by Gill Montia

Story link: Friends Life launches Protect+

Friends Life has today launched Protect+, an individual protection package aimed at the IFA market. The group says it has forged together the best of what was once provided by Friends Provident and its UK life acquisition from AXA, with the new offering spanning income protection, critical illness, life and business protection. In addition, IFAs […]



“Simple” financial products get steering group

by Gill Montia

Story link: “Simple” financial products get steering group

The Government’s vision of a range of “simple” financial products that can be easily understood by consumers has taken a step forward, with the formation of a new steering group. According to research undertaken for the Financial Services Authority, 52% of people find it “too complicated” to compare one product against another and 46% “don’t […]



October 11, 2011

LV= speeds up protection business

by Gill Montia

Story link: LV= speeds up protection business

LV= has reduced the amount of time it takes to complete protection business sold through IFAs by over 20%. According to the mutual, critical illness, income protection and life cover can now be in place within 13 days from receipt of application, with over half of all protection applications from IFAs actually completed in five […]



October 3, 2011

Life and general job losses expected

by Gill Montia

Story link: Life and general job losses expected

With the pace of growth in UK financial services continuing to slow in the three months to September, the latest survey from the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) has the following to say about the insurance industry: Life insurance volumes increased for the seventh consecutive quarter, although the level of business was […]



September 5, 2011

ITEM Club: premium growth to slow

by Gill Montia

Story link: ITEM Club: premium growth to slow

With household incomes under pressure, the near-term outlook for UK life insurance premiums is “difficult”, according to a new report from Ernst & Young’s ITEM Club. The market remained flat during 2010 and the economic forecaster expects life premiums to grow by just 0.5% in 2011 and by 1.7% in 2012, commenting: “High insurance penetration […]



September 2, 2011

LV= launches life insurance ad campaign

by Richard Kilner

Story link: LV= launches life insurance ad campaign

LV= has announced the launch of a new multi-channel life insurance advertising campaign, featuring adverts in the form of television, door drops and posters. The campaign, which will run throughout September, aims to enhance the public profile of LV= as a life insurance provider. The 10 second TV advert will be aired jointly in ad […]



September 1, 2011

Swiss Re calls for better longevity forecasting

by Richard Kilner

Story link: Swiss Re calls for better longevity forecasting

New research from Swiss Re has revealed that the continual rise of life expectancy has consistently been underestimated. Whilst greater longevity is good news it also means that a pensions shortfall has developed, a problem worsened by the fact that forecasting rises in life expectancy is more difficult than in the past. Daniel Ryan, Swiss […]



August 30, 2011

Critical illness and life payouts continue to rise

by Richard Kilner

Story link: Critical illness and life payouts continue to rise

New data released by the Association of British Insurers (ABI) has revealed that an increasing amount is being paid out to those who hold critical illness and life insurance policies. Last year 40,000 families and individuals received a total of £1.9bn, with an average payout of £47,166, roughly twice the average salary in the United […]



August 2, 2011

LV= first-half life sales up 9%

by Gill Montia

Story link: LV= first-half life sales up 9%

LV=’s life sales increased 9% during the six months to the end of June, to £69.3 million. The mutual reported an 11% increase in retirement business, with annuity sales rising 14% and pension sales up 10%, while protection sales leapt 16%. The firm’s life managing director, Richard Rowney, says: “LV=’s life business has had a […]



July 17, 2011

Royal London to acquire CFS life business

by Gill Montia

Story link: Royal London to acquire CFS life business

Co-operative Financial Services (CFS) is in exclusive talks with Royal London regarding the possible sale of its life insurance subsidiary, including £15 billion of assets in its Long Term Business Fund. The announcement follows a strategic review of the mutual’s life and savings business, which will also result in the extension of its partnership with […]



July 4, 2011

CBI: Life and general insurers report income growth

by Gill Montia

Story link: CBI: Life and general insurers report income growth

Volumes of business across the UK financial services sector grew in the three months to June, but at a slower pace than in the last three quarters, a new survey from the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) shows. Overall, growth was at a slower pace than in the last three quarters, but […]



June 15, 2011

Legal & General responds to unemployment figures

by Richard Kilner

Story link: Legal & General responds to unemployment figures

Group Board Director for Legal & General’s Risk businesses John Pollock has responded to the latest ONS statistics regarding unemployment, which has recently fallen. Pollock warned that the persistently high inflation continues to make life difficult for people struggling to make ends meet. However, he warned against the temptation to cut corners when it comes […]



June 14, 2011

Dads: worth £21,000 a year

by Richard Kilner

Story link: Dads: worth £21,000 a year

The new Value of a Dad survey from Legal & General has revealed that the value of the work a father does around the home is worth a total of £21,306. On average, men spend 50 hours a week on household chores and childcare, of which 20 hours is dedicated to childcare. Each week a […]



June 3, 2011

L&G raises medical evidence limits

by Gill Montia

Story link: L&G raises medical evidence limits

Legal & General has raised medical evidence limits in efforts to reduce processing times. The changes mean that more underwriting decisions will be made at the point of sale, allowing more customers get confirmation of cover quickly. For life cover up to age 35 next birthday L&G has increased the automatic medical evidence limit to […]



May 23, 2011

Aviva makes senior UK Life appointments

by Gill Montia

Story link: Aviva makes senior UK Life appointments

Aviva has announced changes to its UK leadership team in response to the departure of Toby Strauss, chief executive officer, UK Life, who is leaving to take up a new role with Lloyds Banking Group. David Barral has been appointed as his replacement, reporting to Aviva’s UK chief executive officer, Mark Hodges. He will also […]