Table of Content
Introduction
Abbreviations
Definitions
Executive Summary
The market
Value of critical illness premiums
expected to grow
Figure 1: Forecast of total new
individual critical illness premiums, at current prices, 2007-17
The invaluable role of the
intermediary in CI distribution
Market factors
Standardisation in claims reporting
could help to increase consumer confidence
Income remains squeezed which is bad
news for critical illness cover providers
Figure 2: Percentage change in RPI
and average weekly earnings (regular pay only), January 2008-March 2013
Cancer is the main reason for a
critical illness claim
Encouraging signs in the mortgage
market should boost CI sales
Average CI sum insured rises with
average FTB advance
Welfare reforms will pique interest
in protection products
Impact of the RDR not yet clear
Impact of gender equalisation could
result in premium increases
Consumer Insurance Act aims to build
consumer confidence
Companies, products and innovations
Top five providers accounted for 78%
of the market in 2012
Figure 3: Market share of the top
five providers of new individual critical illness cover, based on volume sales,
2012
Bright Grey announced £200 million
critical illness cover giveaway
Skandia re-enters critical illness
market with an RDR world-ready product
L&G extends children’s CI cover
LV= extends its critical illness
cover
The consumer
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Insurers need to address issues of trust in the critical
illness market, but perhaps more importantly they need to convince people of
the value of the product. At the moment far too many see critical illness as a
nice-to-have product. This is despite dwindling state support and statistics
that suggest people are underestimating the chances of suffering from a
critical illness.
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