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Sales of income protection insurance bounce back

Sales of individual income protection insurance policies are enjoying a renaissance according to reassurer ERC Frankona.

The re-assurer says sales of individual policies are nearly back to their 1991 level. Sales last year topped 158,000 close to the previous best of 160,000 in 1991.

By the end of 1998 1.1m policyholders had income protection, a figure which represents less than 4 per cent of the working population. But another 1.45m are covered by group schemes.

ERC Frankona is predicting another boost for the IP market this year, thanks to the Government&#39s welfare reform measures further reducing the level of state provision.


CII to create internet database

The Chartered Insurance Institute is to create an internet site providing a comprehensive database of insurance information.The site has received £75,000 sponsorship from the Worshipful Company of Insurers. It is designed to complement the CII&#39s existing library of catalogues and journals.The database is intended to provide insurance practitioners and academic researchers with a first port […]

Yorkshire Building Society cuts mortgage and investment rates

Yorkshire Building Society has announced it is cutting mortgage and investment rates from June 27.The desicion follows the recent 0.25 per cent base rate cut by the Bank of England.The society&#39s mortgage base rate is cut by 0.25 per cent to 6.35 per cent from 6.6 per cent.The average reduction on its investments is 0.35 […]

PIA terminates membership of Waverley Unit Trust Management&#39s

The Personal Investment Authority has terminated the membership of Waverley Unit Trust Management.The termination followed a resolution for the firm based in Mount Street London to be wound up.The firm will no longer be authorised to conduct investment business regulated by the PIA.

Investec Bank launches cash Isa

Investec Bank (UK) has launched two cash Isa accounts which pay IFAs 0.5 per cent commission.The Premier Tessa-Isa is available for investors transferring the balances of their matured Tessa&#39s, while the Premier Cash-Isa is for new savers.Both Isas pay a current variable rate of 6 per cent. Interest can be paid either on a monthly […]


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