View more on these topics

NU pays out £27m in CI claims

Norwich Union paid out £26.9m in critical-illness claims last year, with 63 per cent of all claims for cancer and 13 per cent for heart attacks, according to its second annual CI report.

The report has prompted intermediaries to call for other insurers to join NU and Scottish Provident in releasing detail figures because it helps them make the case for the need for clients to get cover.

The report, the second from NU, shows that the average claimant was aged 40 and received £62,085. A third of all policies claimed on last year had been in force for less than a year.

LifeSearch senior technical adviser Kevin Carr says Scottish Provident provides the most detailed statistics, also including claims it has not paid out on and why. He says the majority of insurers only make small portions of statistics available but he wants to see insurers all producing a clear and comprehensive report.

Carr says: “This report clearly demonstrates the need for insurance cover against serious illness. There have been changes in the market this year, with more to come, but the fundamental need for cover itself does not change.”

NU head of media relations James Evans says: “To us, it is all part of being more transparent. It is also potentially helpful for IFAs as they can illustrate to clients what sort of people are buying critical illness cover and show the payouts.”

Recommended

James Hay produces first in series of SSAS guides

James Hay Consultancy has published a guide for investors who want to buy commercial property through a small self-administered scheme.The guide is the first in a series of informative aids that the consultancy plans to produce to support advisers involved in the SSAS market.Director David Seaton says buying property through an SSAS is tax-efficient, can […]

Taxing time put in focus for pensions

Intermediaries will have the chance to discuss the impact of the Inland Revenue&#39s tax proposals on the financial services sector at Money Marketing Live in Manchester this month.Mike Brown, head of business development, Sipps division at Abbey National for Intermediaries, will look at the pension tax regime after April 2005 and warns that in the […]

NU adds health manager to group medical package

Norwich Union Healthcare has added its personal health manager package to its group personal medical insurance in a bid to redefine health insurance and help employers save money in absence costs.The personal health manager includes an online symptom assessment for employees to assess medical problems and get advice, a health planner to advise on long-term […]

Davies warns listed companies

Outgoing FSA chairman Howard Davies has used a speech in Glasgow at the Confederation of British Industry to remind listed companies of the need to prepare themselves for the advent of new accounting standards which will begin 1 January 2005. Due to the largely European-led changes, Davies urged companies to “get ahead with their preparations […]

Happy while you work

Well we’ve had scorching weather (yes even up here in Scotland!) and now the Euros 2016 are on – you can’t blame people for wishing life was just one big holiday.  With all these distractions it sometimes feels like work just gets in the way of having a good time! But sunny day skivers are […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment