Life - Articles

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Life industry unprepared for wealth transfer in 2040

60% of individuals aged 65 or older have not sought professional financial advice to prepare for retirement or to transfer their wealth. Three-in-four consumers are interested in innovative life insurance offerings to help them age well, but insurers lack the product development capabilities
Posted on Thursday Oct 19

Mutual sector protection gives GBP1bn of health cost savings

New report highlights the cost-savings generated by mutuals and not-for-profits in the UK. Cost savings for the NHS, welfare state, employers and individuals amount to nearly £1 billion in direct and indirect savings.
Posted on Monday Oct 16

Taking out Life Insurance via social media influencer

• A study by Forbes Advisor shows that nearly one in 10 (9%) people with private life insurance chose their policy after hearing about it on social media
Posted on Wednesday Jul 12

CMI says recent mortality remains above pre pandemic levels

In light of the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor.
Posted on Wednesday Jul 12

Access to health insurance from work important to employees

Research reveals health insurance is a key driver for over half (57%) of people when choosing a job. ABI calls on employers to inform staff about the health and wellbeing support available to them on day one of a new job and annually.
Posted on Tuesday Jun 27

Next wave of life expectancy gains is on the horizon

Improvements in life expectancy have slowed over the last decade after a steep increase in the late twentieth century. Longevity gains over the next 20 years likely to come from further medical breakthroughs, especially for cancer and ageing-related conditions such as Alzheimer's disease. Life expectancy growth in advanced markets under threat from obesity and unequal access to health services, with violent crime and the opioid crisis in the US weighing on longevity. Longevity champions Japan and Switzerland characterised by excellent access to healthcare systems and low obesity rates.
Posted on Monday May 22

The nations Mortgage Cover Gap

Beagle Street research assesses level of mortgage debt not covered by life insurance, the major potential threat to surviving householders’ hearth and home
Posted on Friday May 5

Q1 2023 worst mortality rate since pandemics second wave

In light of the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. Today’s updates cover week 13 of 2023 (to 31 March) and the first quarter of 2023, based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 13 April 2023.
Posted on Friday Apr 14

3 key changes for UK Life and Health insurance market

Ron Wheatcroft, Technical Manager at Swiss Re, advocates for the UK Government to push through changes in three key areas – fewer tax charges on life assurance policies, occupational health initiatives to help people stay in the workplace and P11D charges on Employee Assistance Programmes (EAPs).
Posted on Tuesday Mar 14

Life expectancy assumptions to fall if CMI proposals adopted

The CMI has issued its consultation to help shape the next version of its mortality projection model, which is used by the majority of pension scheme trustees and sponsors in setting their funding and accounting assumptions.
Posted on Wednesday Feb 1

The Digital Underwriter and whats next for insurers

As the life insurance sector races to catch up with the wider industry on the path to technological integration, the digital underwriter will have a crucial role to play. And in the coming months, embracing a digital-first mindset should come to mean simultaneously embracing the potential of the digital underwriter.
Posted on Thursday Jan 12

High mortality a year after lockdown affects pension plans

The Office for National Statistics has published death registration data for England and Wales for Week 52 of 2022(1). This takes the number of deaths registered in the year to 576,896; this is lower than in 2020 or 2021 but is otherwise the highest since 1993 (subject to the publication of data for 31 December 2022).
Posted on Tuesday Jan 10

Life and Pensions outlook for 2023

Life insurers expect to see a significant uptick in market activity next year. Tech driven transformation a key focus for actuarial science. New legislation and a new funding code likely to take effect for triennial valuations starting later in 2023
Posted on Monday Dec 19

Insurers set for low premium income growth in 2023

Non-life premium income forecast to grow 4.1% this year, but slow significantly to 1.5% in 2023. Life premiums forecast to rise to 5% this year, but contract 1% in 2023 due to inflation and economic uncertainty, before growth rebounds to 8.8% in 2024
Posted on Thursday Oct 27

Nearly three quarters of millennials anxious over finances

The fourth Age of Ambiguity report from Aviva, delves into ideas on the changing relationships between work and home life and the implications for how we relate to our jobs, communities and ourselves. Set against the backdrop of a deepening economic and cost-of-living crisis, the research examines shifting thoughts towards employment, money, wellbeing, mental and physical health and the impact these have on our lives.
Posted on Wednesday Oct 19

Highest third quarter mortality since 2010

During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor.
Posted on Wednesday Oct 12

CMI considers mortality on equity release mortgage holders

The Continuous Mortality Investigation (CMI) has found that mortality experience for equity release mortgage (ERM) holders is at a similar level to annuitants but considerably lower than the general population for both males and females. It is likely that ERM holders have a similar socio-economic profile to annuitants leading to lower average mortality but the data was not available for this research to confirm this.
Posted on Monday Oct 10

Ageism in the workplace

78% of 18-34 year-olds feel supported compared to 61% for those aged 55 and over. A third (35%) say they have either left a previous role or are considering doing so because of how they were treated by their employer. Most wanted benefits include, above industry average salaries / bonuses, private medical cover and discretionary bonuses
Posted on Thursday Jul 21

Pandemic to have low impact on future mortality improvements

Insurers and reinsurers currently believe that, on average, the impact of Covid on future mortality improvements will affect life expectancy by less than 1%. That’s according to the latest survey from the Continuous Mortality Investigation (CMI). The CMI’s annual benchmarking survey looks at how insurers and reinsurers use the CMI Mortality Projections Model to make projections of future mortality.
Posted on Thursday Jun 30

Expectation not met as a Life Cover Protection Gap opens up

More than two in five (42%) funeral plans and life policies don’t offer enough to cover a basic cremation (£3,290). Among all adults aged 50+, 68% remain without any life cover, instead opting to leverage the value of their estate (33%) or dig into savings (29%) to cover funeral costs. There will be significant amount of change within funeral funding sector when the FCA regulation comes into place in July 2022
Posted on Friday Jun 17

Couples prioritize Netflix and Gym over Life Insurance

New research reveals discontent over the divide of household bills as just over three-fifths of couples (62%) don’t share costs out evenly.
Posted on Wednesday Jun 1

Term Life and Health sales rebound from reduced 2021 volumes

Individual protection insurance sales in the UK rose by 6.3% in 2021 as the market rebounded from a tough 2020, according to Swiss Re’s latest Term & Health Watch report.
Posted on Monday May 30

The Queen has reigned for 70 years of rising life expectancy

Official figures reveal scale of life expectancy gains for retirees since 1952. Every eight days of Her Majesty The Queen’s reign, male life expectancy at age 65 has risen by one day. And female life expectancy has risen by a day for every nine days The Queen has ruled
Posted on Monday May 30

First quarter mortality in 2022 below pre pandemic levels

During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor.
Posted on Wednesday Apr 13

When the cap does not fit

Three in five adults think it is unfair that cash spent on ‘daily living’ won’t count towards the planned £86,000 cap on the costs individuals will need to pay before starting to receive taxpayer support, new research from retirement specialist Just Group reveals.
Posted on Thursday Mar 31