The deadline for firms to decide on funding the £5m Consumer Protection and Insurance Engagement Campaign has been extended.
The 28 insurers and reinsurers supporting the initiative had until the end of October to decide if they would put up their share of the budget, with an initial £150,000 due on October 30 to fund its next phase.
The budget is intended to cover TV, online and press ad campaigns due to start in March next year.
Lifesearch managing director and CPIEC chairman Tom Baigrie says: “There are credible reasons for a delay so I am happy to move the deadline back. The point was to get everybody working towards the campaign, not for the deadline to be set in stone.”
Firms which missed the deadline include Munich Re, Bupa and Royal London. Munich Re head of marketing Andy Milburn says: “The business case for reinsurers needs further work.”
Bupa individual protection head of product development Steve Casey says: “We are waiting on additional information about how the campaign would fulfil the call to action. If someone sees some TV advertising, where is the access point? That has not been worked out yet.”
A new deadline has not yet been set.