News analysis
...but many income protection statistics are yet to see the light of day “The nature of the product means that careful thought needs to be given
to the various scenarios that may occur, for example return to work within the deferred period and no loss of earnings at time of claim,” he said. “The individual office’s book of IP business will also have an effect on the data, for example age of book and mix of blue collar/white collar workers. Such factors mean that a simple comparison to CI or life policies would be unhelpful.” Mark Myers, chief executive of British Friendly, an IP provider now
PROVIDER AEGON
Ageas Protect
Aviva AXA
Bright Grey
British Friendly Bupa
Cirencester Friendly dg mutual
Exeter Family Friendly
Friends Provident (to be rebranded Friends Life) Holloway
Legal & General LV= PruProtect Scottish Provident
Unum Zurich
HI
15
operating in the IFA market, believes that the failure of larger companies to publish claims data reflects poorly on the product at large. “It does not help the industry as a whole in convincing customers and
members that we deserve their trust and will be there for them when they need us most,” he said. Turn to page 47 to read what our columnist Peter Le Beau MBE has to say on the issue.
INCOME PROTECTION CLAIMS PAID DATA Will they publish?
Not until more claims received
Not until more claims received (estimated to be in 2013)
No
Not until more claims received Not until more claims received Yes
Not until more claims received Yes Yes Yes No
Yes Yes
Yes Not until more claims received
Yes, “when comfortable with ABI position”
No Yes – when ABI position agreed
Last published stats 93% (2008) n/a
n/a n/a n/a
97% (2009) n/a
94% (2009) 99% (2009) 94% (2009) n/a
96.9% (2009) 90.4% (2008)
90% (2009) n/a n/a
n/a n/a
2010 n/a n/a
n/a n/a n/a
96% n/a
94% 99% 95% n/a
95.5%
Not available as Health Insurance went to press
91.6% n/a n/a
n/a n/a
Source: Health Insurance survey of providers, March 2011. Please note this is not an exhaustive list and there are other providers operating in the market. (n/a: not applicable)
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48