View more on these topics

ABI to develop industry-wide protection stats definitions

Portfolio-Bonds-Investment-Business-700x450.jpg

The Association of British Insurers plans to develop industry-wide protection claims definitions after concerns were raised about a lack of consistency in the way providers report the figures.

Following months of industry pressure, Scottish Widows became the final UK provider to publish its income protection claims statistics last week.

Prior to this, Friends Life called on the industry to work with the ABI to create consistent data reporting.

Friends Life individual protection head of underwriting, claims and operations Chris Pollard said: “Disclosure and transparency are positive things for the industry, but we strongly believe that the figures themselves need to be meaningful so as not to lead to incorrect conclusions.”

The ABI says it is now working with its members to “refine” the definitions providers use to report pay-out rates in an attempt to ensure greater consistency across the industry.

A set of common definitions will be developed through an ABI-led initiative and will be used to report the 2013 data.

ABI director of life, savings and protection Stephen Gay says: “The new protection claims definitions to be developed will ensure consistency in how protection insurance claims figures are reported.”

Zurich head of retail propositions Peter Hamilton says: “We support any initiative that will help provide consistency and clarity in the presentation of claims statistics and having a standard set of definitions in place will facilitate this.

“At the same time we believe it is crucial that the ABI works with members to come up with the right set of definitions that make sense for providers and more importantly, their customers.”

The ABI has also published protection claims stats for 2012.

Some 98 per cent of life insurance claims were paid last year, up from 97 per cent in 2011, with an average payout of £49,000.

In critical illness, 90 per cent of claims were paid in 2012, compared with 89 per cent in 2011. The average payout was £70,000.

Some 92 per cent of income protection claims were paid in 2012, up from 88 per cent in 2011, with insurers paying out around £9,000 per claimant on average.

Recommended

Henderson reopens UK Absolute Return fund

Henderson is reopening Ben Wallace and Luke Newman’s UK Absolute Return strategy following the decision to soft-close its funds 20 months ago. The asset manager soft-closed the strategy, which includes the Henderson UK Absolute Return Oeic and the Henderson Gartmore UK Absolute Return Sicav, on 30 November 2011 by imposing a 5 per cent initial […]

Aegon-Logo-Building-2012-700x450.jpg
22

Aegon to shut regional sales offices – 160 jobs at risk

Aegon plans to close all of its regional sales offices as part of a major restructure which could result in 160 job losses, Money Marketing can reveal. Aegon held a meeting with its UK staff at 10am today during which it announced plans to close its six regional sales offices in the UK. In addition, the provider […]

4

Tory MPs hit out at EU ‘power grab’ over Libor supervision

Conservative MPs have hit out at an EU “power grab” to transfer the supervision of Libor from the Financial Conduct Authority to the European Securities and Markets Authority following last year’s rate rigging scandal. A draft of the European Commission’s proposals, seen by the Financial Times, aims to move direct supervision of Libor to Esma, […]

Schroders appoints UK and European equities head to replace Buxton

Schroders has promoted head of European equities Rory Bateman to head of UK and European equities, following the departure of head of UK equities Richard Buxton. Following the creation of the combined role, Schroders’ UK and Europe value investing teams will be rolled into one ‘value’ team. Bateman, who runs four European equity funds, has been handed […]

Natixis video: Making smarter use of asset classes

Content supplied by Natixis Global Asset Management This video from Natixis Global Asset Management focuses on Active Share. One strategy for the smarter use of equity investments is ensuring you get what you pay for. According to the company, looking at Active Share can give you a better perspective on where performance comes from. Active […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com