View more on these topics

Kirwan calls for action on declined claims

Association of British Insurers protection committee chairman Nick Kirwan says declined claims are the biggest issue facing the industry and must be resolved quickly.

Speaking at MM Live last week, Kirwan said consumers watching TV programmes like Watchdog will think the industry is “bonkers” because some policyholders are getting payouts but others are not, despite having the same or similar conditions.

He said the ABI’s statement of best practice on critical-illness definitions is going some way to solving the problem of non-disclosure and tackling consumer understanding of what they are covered for.

Kirwan set out the ABI’s main focus areas for 2007, including income protection policies and claims for total permanent disability.

He said more than 50 per cent of TPD claims are turned down, despite TPD accounting for only 3 per cent of CI claims.

Kirwan said: “TPD is a small part of the claims that insurers get at present but it will be a growing part of the claims’ experience on critical illness in the future.”

Recommended

Direct Life and Fool link for online deal

Direct Life & Pensions Services has joined forces with Fool.co.uk. Fool will become an appointed representative of Direct Life offering an online and call centre life insurance service to its members and users, administered by Direct Life’s systems.

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