View more on these topics

Bright Grey targets business protection

Bright Grey is set to enter the business protection market this autumn.

It will initially concentrate on individual business protection, offering key person and executive cover, partnership insurance and shared protection, before moving into the group market at a later date.

The UK has a business protection gap of £275bn, according to Swiss Re, as well as a £2.3tn personal protection gap.

Corporate protection sales manager Jerry Bayman says: “It is a natural development for us. There is a lot of opportunity there because there are not a lot of providers taking that market seriously.”

Aegon Scottish Equitable is the biggest player in the business protection market and recently ran a number of seminars educating advisers on the area. Bright Grey is also planning training and seminars.

Bayman says the fact that advisers are shying away from business protection is contributing to the huge insurance gap and risks storing up future accusations of negligence.

He says: “If a company’s key person falls dead and the business suffers, I can see the company suing the adviser for not plugging that gap.”

Recommended

Kensington waves its troubles goodbye

So troubled lender Kensington Group has finally been sold. After months of speculation – heightened last week after it confirmed it was in advanced takeover talks – the group announced on Wednesday that its surprise suitor is South African investment bank Investec.

Review set to split advisers in segments

The retail distribution review is likely to call for a clear graded segmentation of advice from financial planner through to transactional-based advisers and down to a simplified advice service, according to the FSA.Speaking last week at a conference on the future of UK regulation conference, FSA director of retail policy Dan Waters said the RDR […]

Standard under fire at AGM

Standard Life chairman Sir Brian Stewart came under fire from shareholders over the performance of endowment policies at its first annual meeting since demutualisation.Stewart, who retired from his position as chairman following the meeting, described Standard’s results since flotation in July 2006 as “remarkable”, prompting questions from shareholders about why it ditched its much vaunted […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment