Liverpool Victoria has withdrawn three of its income protection contracts from the market, leaving only two providers in the locum IP sector.
The firm has temporarily withdrawn its locum IP plan, executive protector and Flexi-Protector products from the market as part of a review of its offerings.
Head of intermediary marketing strategy Justin Harper says: “The locum market is a lucrative, albeit small, market and we were a major player in it. We are actively considering our options and are not ruling out staying in the market.”
Medical Sickness, owned by Wesleyan and Towergate, is the only provider left in the locum IP market but it does not normally deal with IFAs or pay commission.
Sesame protection research manager Dale Tranter says he has approached other firms about adapting their IP plans to meet the needs of a locum plan but so far has not had any positive responses.
Tranter says: “Liverpool Victoria was the only major ins-urer in this market and its withdrawal leaves something of a void.”