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Non life insurance overtakes life cover in terms of deals

The non-life insurance sector is leading the way in terms of deals, having 26 recorded by May 2019, due to instant digital quotations and flexible policies, says GlobalData.
Posted on Monday Sep 2

We will save to pay for care in old age

New research from AIG Life shows nearly half of adults would be willing to save into a special fund to pay for any care they might need in later life as the debate over how to afford the UK’s social care system intensifies.
Posted on Thursday Jul 11

Life Insurance Snapshot

Commenting on the Life Insurance Snapshot, Kamran Altaf, Head of Life Insurance, said:
Posted on Friday Jul 5

Five million people playing inheritance roulette

Over 5 million UK adults aged under 55 have changed their financial plans as a result of what they expect to inherit, according to research by Canada Life. It warns that people are playing a type of inheritance roulette, with many saving less and others delaying house moves as they bank on a legacy windfall.
Posted on Monday Jun 17

Millions are living with illness denial

New research from AIG Life reveals 18.3 million people are living with what it has termed ‘illness denial’, as they are failing to accept they are at risk of disease or developing a serious medical condition in their lifetime. More than half (54 per cent) of people don’t believe they will suffer from cancer, stroke or heart disease – the three major causes of death in the UK.
Posted on Thursday Jun 13

Nationwide extends contract with Legal and General

Nationwide Building Society are delighted to announce a five-year extension to its long-standing life partnership with Legal & General.
Posted on Friday May 31

People declaring themselves fit to work until sixty eight

New research from AIG reveals workers expect to be physically capable of doing their jobs until past their 68th birthday, beyond the age they can start claiming the State Pension even when it is extended to 67 by 2028. Almost a third (31 per cent) believe they could work into their 70s and beyond with one in 14 confident they could keep going into their 80s.
Posted on Friday May 24

Harness tech and analytics to better engage with customers

There are big opportunities for life insurance providers to harness new technologies and data and analytic capabilities to improve the engagement with its customers and help engender trust, according to a new report by EY. The report, looking into what consumers currently think and how their needs would be best met, found that trust in the industry was currently low, with just over half (55%) of insured consumers – and 68% of uninsured people – having the perception that providers look for loopholes to avoid paying claims. This is despite the fact that more than 95% of all claims are paid by the industry.
Posted on Wednesday May 22

A dangerous job is not as harmful for life quotes as smoking

New research from MoneySuperMarket suggests that having a dangerous job with a higher risk of fatality or injury actually has less of an impact on life insurance than unhealthy habits such as smoking.
Posted on Tuesday May 21

The Sandwich Generation property rich but cash poor

The latest research from SunLife reveals that 51% of people in their 50s, 60s, 70s and 80s are financially supporting their children.
Posted on Monday May 13

Your colleagues are the biggest drivers of workplace stress

Workplace stress is on the rise and the biggest drivers of stress are colleagues, new research from MetLife UK has found. Its study found employees say the major causes of tension at work are ongoing understaffing with underperforming colleagues adding to the pressure.
Posted on Tuesday Apr 16

Swiss Re launch their latest Group Watch report

Swiss Re have launched its new Group Watch report for 2019. The report shows that the number of people covered in employer-sponsored group risk policies (life assurance, long-term disability income and critical illness cover) increased by 3.3% in 2018 to 408,519, with the total standing at almost 12.9 million members.

Posted on Monday Apr 15

No deal Brexit would hit life insurers capital and profits

According to a report from Moody’s Investors Service weak economic growth and business and consumer uncertainty would weigh on life insurers’ business in the short to medium term UK life insurers are likely to see their capital and profit damaged if there is a no-deal Brexit.
Posted on Monday Apr 1

Map of the UKs life expectancy is redrawn by new data

New insight by data expert CACI reveals vast differences in life expectancy for over-65s across many neighbouring UK postcodes. The new CACI ‘Longevity Acorn’ dataset shows that some people might only expect to live to 80, while people in close-by postcodes are predicted to lead lives that are around 20% longer (living up to the age of 95).

Posted on Thursday Mar 21

Time to revisit excepted life assurance schemes

The Finance (no.3) Bill currently making its way through Parliament contains a brief but significant change to the tax treatment of premiums paid in respect of excepted life assurance schemes from 6 April 2019. For employers without such a scheme, the proposed change may make excepted life schemes simpler and more attractive.
Posted on Monday Jan 14

Life and Pensions Outlook for 2019 from EY

James Tufts, UK Head of Life & Pensions at EY, comments: “The industry is set for a challenging year and will have to navigate its way through mergers, de-mergers, joint ventures, disruptive value chain plays and the macro-economic and political climate, as well as trying to engage customers, please shareholders and satisfy the Regulator. Not an easy task, particularly considering the Brexit headwinds and an unsustainable savings and protection gap, but one that it has to succeed at.
Posted on Tuesday Dec 18

Early diagnosis helps drive gains in future life expectancy

Life expectancy has steadily improved internationally for well over a century. In recent years, however, there are signs that the rate of mortality improvement has slowed in a number of advanced countries. Statistically, it is difficult to determine if the recent slowdown is simply a short-term blip or more permanent.
Posted on Wednesday Dec 5

Insurance firms to ramp up consultant spending

According to a new report by Barnett Waddingham, spending on consultants by insurance companies is expected to rise over the coming year. The ‘Perspectives on Value’ report, which researches the views of 100 leading figures across 45 UK life insurance companies, cites complexity and structural challenges as the primary drivers behind the forecasted increase.
Posted on Thursday Nov 22

Two thirds of parents make no provision for their children

Almost two thirds (65 per cent) of parents have made no legal provision for who would raise their children if they were to pass away
Posted on Wednesday Nov 14

UK life expectancy halts for first time since records began

The Office for National Statistics (ONS) has reported that life expectancy in the UK has ground to a halt and seen no increase for the first time since records began. Men are still expected to live to 79.2, while women's life expectancy remains at 82.9.
Posted on Friday Sep 28

Nine in ten workers went into work despite being ill in 2017

Presenteeism remains a pervasive problem in UK office culture, as nearly half (47%) of employees surveyed reveal they didn’t take a sick day in 2017 according to new research from Canada Life Group Insurance.
Posted on Wednesday Sep 26

Stable outlook for UK life insurers into 2019

The outlook for the UK life insurance sector for the next 12 to 18 months remains stable as continued performance resiliency underpins operating profit growth, says Moody's Investors Service in their report Life insurance -- UK: Expectation of continued resilient performance drives stable outlook ,"
Posted on Thursday Sep 13

The UKs sixty nine billion pound hidden debt

New research from Direct Line Life Insurance reveals Brits are hiding over £69bn of debt from their partners. People are completely in the dark over their loved ones’ finances, with 8.3 million (16 per cent) of Brits having debts their partner knows nothing about.
Posted on Wednesday Jul 4

GBP13m worth of policies reunited with their rightful owners

Phoenix Group have announced that it has undertaken a programme of extensive tracing work to reunite 2,380 unclaimed policies with their rightful owner or next of kin. The insurer’s tracing work started in September 2016 and has so far reunited policies with a total value of £12.7 million.
Posted on Wednesday Jun 27

Millions of men with dependent children have no life cover

As the nation celebrates Father’s Day this Sunday, peace of mind may not be the obvious gift choice, but it’s clear that financial protection is something which millions of fathers in the UK, and their families, could benefit from.
Posted on Wednesday Jun 13

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