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Life savings market sea change can reduce pensions gap

US annuity sales are at their highest level since records began, with UK life-savings product sales following a similar trajectory. The favourable convergence we're experiencing now – a growing retiree population just as annuities regain their lustre – has potential to make a significant dent in the pension savings gap,
Posted on Thursday Sep 5

Record private health admissions driven by PMI

The latest PHIN data finds that in Quarter 1 (January to March) 2024 there were more private hospital admissions (238,000) than in any previous quarter on record.
Posted on Tuesday Sep 3

FCA announces work into pure protection market

The FCA intends to launch a market study into how pure protection insurance products are sold following concerns that competition is not working well in the market. The study will be launched later in 2024/25.
Posted on Wednesday Aug 28

Families overpaying IHT on life insurance policies

6,810 estates paying inheritance tax included life insurance policies which can be excluded from IHT if put into trust. The life insurance policies were worth £819m which means up to £327m of inheritance tax may have been paid unnecessarily. Putting life insurance policies into trust is straightforward and can reduce future bills. Nearly 7,000 families paid inheritance tax on life insurance policies according to HMRC figures released this week, but many would have escaped a bill if their policy was written into trust.
Posted on Tuesday Aug 13

Employees demand support in ever wider array of areas

More than 20% of employers expect increased demand for caring, fertility, neurodiversity, addiction, and gender identity. Employers are facing great challenges in the areas where employees need support and there is now a huge variety of issues to be managed, according to new research from Towergate Health & Protection.
Posted on Tuesday Aug 13

Clearing the air the plan for a smoke free generation

The Institute and Faculty of Actuaries (IFoA) has published its latest thought leadership ‘Think’ piece, authored by leading Public Health expert Nicola Draper, titled ‘Clearing the air: the UK’s plan for a smoke free generation’.
Posted on Tuesday Aug 6

What the rise in life assurance claims means for employers

There has been an increase in the number of group life assurance claims since the end of the Covid-19 pandemic. Several factors are contributing to this trend, including: the ageing workforce; late detection of health conditions; lack of access to NHS; changes to work life balance; and mental health problems. These go hand-in-hand with an increase in awareness by employers of the risks associated with these factors, naturally leading to new group life schemes coming to market to cope with demand. This all translates into an increase in claims.
Posted on Thursday Jun 20

3 in 10 young adults with mortgages have no life insurance

Almost three in ten (28%) adults aged 18-40 with a mortgage do not have life cover, according to insurance provider Beagle Street. This is equal to nearly 1.7 million young UK homeowners who have mortgages without the safety net of life insurance. In Britain, more than £433billion of mortgage debt is not covered by life insurance.
Posted on Monday Jun 10

Health sector most at risk from AI related threats

The health and pharmaceuticals sector is set to be hardest hit by the adverse effects of artificial intelligence (AI) over the next decade, according to a new report by Swiss Re Institute.
Posted on Thursday May 23

Insurance Premium Tax receipts in April hit GBP615 million

After a record £8.1 billion IPT collections last year, 2024/25 began quickly with total IPT receipts reaching £615 million in April 2024, 12% higher than April 2023 (£548 million), and marking the highest total receipts recorded for this period.
Posted on Wednesday May 22

More than 10 million young adults without life insurance

More than 10 million people aged 18-40 in the UK do not have life insurance. Of those without cover, almost three in ten (28%) say they’ve never thought about it and a similar amount (27%) say they can’t afford it. One in five (20%) without cover say the cost-of-living crisis means they have no spare money. Of those who do have life insurance, more than a third (34%) say they spoke to a financial adviser and over a quarter (27%) used a price comparison website. The average baseline financial impact of the death of a family breadwinner is £195,000 across England, Scotland and Wales
Posted on Monday May 20

Shifting longevity one of biggest risks to pension schemes

ONS data released today on death registrations showed that there were 581,363 deaths registered in England and Wales in 2023; this was 4,203 (0.7%) more deaths than in 2022, and 27,528 (4.7%) more deaths than the five-year average (2017 to 2022 excluding 2020).
Posted on Thursday May 16

Mental Health Awareness Week

Standard Life and Canada Life comment on Mental Health Awareness Week (13-19th May)
Posted on Wednesday May 15

Value added benefits supporting mental health conversations

Value Added Benefits (VABs) as part of critical illness and life insurance cover are helping to ease conversations about mental health and provide vital support, new research from HSBC Life (UK) Limited (“HSBC Life (UK)”) shows.
Posted on Monday May 13

Premium income forecast to slow over next three years

UK non-life insurance premium income growth forecast to slow to 7% in 2024 (from 8.7% in 2023), 5.1% in 2025 and 3.8% in 2026. UK life insurance premium income growth forecast to slow to 5.9% in 2024 (from 6.9% in 2023), 4.7% in 2025 and 4% in 2026.
Posted on Thursday May 9

Vital role of employer in supporting workforce health

The majority of people who used insurance to access vital healthcare services in 2022 did so through workplace schemes, according to new research from the Association of British Insurers (ABI).
Posted on Wednesday May 8

Mortality models creaking from strain of pandemic disruption

LCP’s latest report illustrates significant disruption to mortality trends in the wake of the pandemic and the ongoing pressures on the healthcare system.
Posted on Tuesday Apr 23

Almost 10m have performed a dental procedure on themselves

12% have been removed from their NHS list in the last year. One in ten (10%) say they cannot get registered at an NHS dentist and this puts them off going.
Posted on Friday Apr 19

CMI Model shows small drop in cohort life expectancy

The Continuous Mortality Investigation (CMI) has released the latest annual update to the CMI Mortality Projections Model, CMI_2023. CMI_2023 produces cohort life expectancies at age 65 that are about 5 weeks lower for males and about 2 weeks lower for females than in the previous version of the CMI model, CMI_2022. These changes are much smaller than between CMI_2021 and CMI_2022.
Posted on Thursday Apr 18

2023 another record year for group risk market

The UK group risk market saw another record year of growth in 2023, according to Swiss Re’s annual Group Watch report published today.
Posted on Tuesday Apr 16

CMI says recent mortality similar to pre pandemic lows

The Continuous Mortality Investigation (CMI) publishes frequent mortality analysis for England & Wales through its mortality monitors.
Posted on Wednesday Apr 10

Average home value enough to pay for 7 years later life care

Just Group finds care cost increases are outstripping property price increases, reducing the number of years of care that selling a home can pay for
Posted on Wednesday Apr 10

The squeezed middle fall into the protection gap

43% of people have enough life cover to protect their family. This falls to just 26% of couples with children. In our 20s and 30s, we’re most likely to fall short on life cover – with just 30% of those aged 30-34 having enough and 35% of those aged 35-39 having enough.
Posted on Wednesday Apr 3

New guide to improve support for autistic customers

Working with members and autism support organisations, we've published a good practice guide for the insurance and long-term savings industry on supporting autistic customers.
Posted on Tuesday Apr 2

Insured private health admissions surge

Surging corporate demand for private health services could drive over 900,000 private admissions in 2024. Rise in economic inactivity and record NHS waiting lists forcing employers to take matters into their own hands.
Posted on Monday Mar 25