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ABI to develop industrywide protection stats definitions

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

Until recently, many insurers published claims data for life cover and CI products but not IP. They argued without consistent reporting standards, the data cannot be meaningfully compared.

In March, the FSA said the FCA may require insurers to publish claims data as part of efforts to boost transparency. 

The same month, Zurich disclosed its IP claims stats for the first time, followed by Aegon, Scottish Provident/Bright Grey and Friends Life and Scottish Widows.

The ABI 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.T

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

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Roy McLoughlin: “I back this initiative from the ABI

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, customers.”

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Master Adviser senior partner and Income Protection Task Force executive committee member Roy McLoughlin says: “I back this initiative from the ABI. It should engage with consumers and distributors in the process of coming up with these definitions. It must be clear and coherent and easy to compare providers.”

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