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.

China tech and Global Alpha: a new great leap forward

By Robin Geffen, Fund Manager and CEO

Internet giant Alibaba is exactly the type of entrepreneurial company that the high-conviction, top-performing Neptune Global Alpha Fund seeks to invest in. Established just 14 years ago in an apartment in Hangzhou, today Alibaba is larger than Amazon and eBay put together and is challenging some of the most powerful internet companies in the world…

Read more 


Important information

Investment risks

The value of an investment and any income from it can fall as well as rise and you may not get back the amount originally invested. Forecasts and past performance are not a guide to future performance. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this document is deemed to be impartial research. We do not undertake to advise you of any change to our views.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment