MIp27-28_0709.qxd 9/7/09 07:38 Page 3
Protection
27
Pricing
problems
Kevin Paterson, sales & marketing
director at Assurant Intermediary,
looks at underwriting at point of sale
rokers might be forgiven for
B
thinking that insurers are no
longer interested in selling
mortgage payment protection
policies. Since the beginning
of the year, we’ve seen a
number of insurers and
providers making changes to the availability
of MPPI with some withdrawing from
certain sectors of the market altogether.
Others have taken less drastic steps but are
constantly reviewing their prices,
distribution channels and terms and
conditions.
These moves have not gone unnoticed by
the national consumer press and have led to
banner headlines screaming ‘Insurers squeeze
job loss victims’ (The Independent 14.4.09)
and consumer bodies including Which?
accusing insurers of behaving unfairly. Such
statements are hardly likely to encourage a
homeowner to think about taking out MPPI.
So what is going on?
Claims up
It’s no secret that the levels of unemployment
not seen since the early 1990s have seen claims
go through the roof over the past year.
www.mortgageintroducer.com July/August 2009 Mortgage Introducer
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