AM Best is maintaining its market segment outlook on the United Kingdom non-life insurance market at negative. Key factors underpinning the outlook include an expectation of lower premium volumes due to the economic slowdown driven by the coronavirus (COVID-19) pandemic, as well as persistent pressure on underwriting performance from strong competition and claims inflation. The outlook also considers the ongoing political and economic uncertainty associated with Brexit and regulatory scrutiny of retail pricing practices. A new Best’s Market Segment Report, titled, "Market Segment Outlook: United Kingdom Non-Life," notes that insurers have welcomed changes to the personal injury compensation...
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A new insurance provider, backed by BHIB Insurance Brokers, has launched for freelancers working within the creative industries, allowing professionals to access general insurance, life insurance and income protection through a broker. Create Insurance, underwritten by Hiscox for general insurance and Vitality for life insurance and income protection, is aimed at those working within creative fields, such as photographers, script writers, makeup artists and camera assistants. Customers can choose from a suite of appropriate levels of cover for their equipment, work or themselves. Distinctive proposition Create Insurance is part of BHIB Insurance Brokers; the proposition was designed by...
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Life insurance for non UK residents protecting a UK asset If, once you’ve read this case study, you’d like to talk through your situation, please call 0800 644 4468 Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00. Our process The first thing we do is pick up the phone. We speak to Underwriters at many of the UK’s leading Insurance companies. Discussing all of our client’s medical history helps us to identify the best company to apply to. This also means we avoid applying to companies who will end up being too expensive or worse, decline an application. By completing our research thoroughly, we are able to avoid wasting time and...
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A Facebook ad from life-insurance provider DeadHappy has been banned by the Advertising Standards Authority, following a complaint that it was "irresponsible and offensive". The sponsored post showed a man leaning his head against a wall alongside the tagline: "Life insurance to die for." It promoted DeadHappy's offer of two months' free life insurance – accessed via the code "SKULLMAN" – and this led the complainant to believe the post was alluding to depression and male youth suicide. DeadHappy claimed the ad was part of a larger "bizarre and absurd" campaign, including other ads showing a man wearing a panda head and a man planking against a wall, that were intended to stop...
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National Association of Insurance Commissioners will investigate the increased use of data models in life insurance underwriting and provide recommendations on the issue. At the recommendation of the Big Data (EX) Working Group during the National Association of Insurance Commissioners (NAIC) Summer National Meeting, the NAIC's Life Insurance and Annuities (A) Committee formed a separate Accelerated Underwriting (A) Working Group with the charge "to consider the use of external data and data analytics in accelerated life underwriting, including consideration of the ongoing work of the Life Actuarial (A) Task Force on the issue and, if appropriate, drafting guidance for the states." The...
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The Financial Regulatory Department has granted licences to five foreign insurers and half a dozen joint ventures to operate in the Myanmar market. British Prudential, Japanese Dai-ichi Life, Hong Kong AIA, US Chubb, and Canadian Manulife have been permitted to issue life insurance policies in Myanmar with their fully-owned subsidiary, more than six months after the five insurers were granted provisional licences. According to Prudential, Myanmar has a fast-growing middle class, as well as an increasingly urbanised and tech-savvy population. The country has around 57 million mobile subscriptions, with a mobile penetration of around 105%. The insurer will attempt to harness its wide-ranging...
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One surprising survey and two discount opportunities reveal that life insurance may be more affordable than many realize. This is the important rule to follow to make sure your family is covered in an accident or tragedy. When one doesn't have life insurance, many children find they are forced to pay at least the "cost of dying," which is £9,204. With historically low life insurance rates – provide for your family, ensure your children get the best education, and pay off debts... with up to £200,000 in coverage. This is key if you want to provide a lot but pay a little. In one year, the Association of British Insurers found that over 25,000 people claimed an average of £51,500 on the...
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The three towns in Cornwall ranked fourth, fifth and sixth in a list of the top ten most expensive places to die in the UK A gravestone rests back against a tree in the churchyard at Merther (Image: Greg Martin) The death of a loved one is one of the most difficult things any of us will face. Not only are you dealing with the emotional trauma of losing someone special, but there is also the inevitable responsibility and costs of arranging a funeral. And it seems finances could be particularly tight in Cornwall, as three towns have made the top ten list of the most expensive places to die. Life insurance comparison site, Reassured, analysed the latest data available on UK funeral costs and...
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The global term life insurance market was valued at about $172.86 billion in 2018 and is expected to grow to $218.23 billion at a CAGR of 6.0% through 2022. The rise in disposable income in emerging countries such as India and China is driving the term life insurance market. Rise in the middle income group supported by increasing employment opportunities is translating to higher disposable income which allows them to invest in term life insurance. Between the years 2001 to 2011, there has been an increase of 15% and 2% in middle income group in China and India respectively, which is expected to grow further during the forecast period. China's per capita income was $4,033 in 2017, an...
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Aviva Life & Pensions UK Ltd announces the completion of a £1.7 billion bulk annuity buy-in transaction with the Aviva Staff Pension Scheme. Through the transaction Aviva will insure the defined benefit pension liabilities of approximately 4,300 deferred and 1,500 current pensioner Scheme members and remove the investment and longevity risk of these members from the Scheme. Members will experience no change in the amount of benefits they receive or the way in which they are paid as a result of the deal. The strong financial position of the Scheme has led the Trustee to complete their first buy-in as part of a long-term plan to de-risk the scheme. The Scheme Trustee was independently...
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