Friday, June 21, 2013

Now Available - Critical Illness Cover Industry - UK - June 2013 :

Table of Content


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

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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