1 Age and Insurance: Helping older customers find the cover they need February 2009
3 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED 1 Executive Summary The insurance industry is committed to treating people fairly and providing cover at a fair price and on reasonable terms. Insurers are opposed to discrimination in society, and do not restrict the availability of insurance on the basis of gender, race or sexual orientation. Insurance is priced according to the level of risk posed. The age of an individual is a key factor in assessing risk in many types of insurance. Using age as a risk factor benefits all consumers because: It helps ensure that the customer pays a fair price for the risk they pose. It can act as a proxy for other risks such as health. This keeps the underwriting process relatively simple and, therefore, keeps the cost of insurance low. This can also make the purchasing process less intrusive for consumers than other approaches, such as full medical assessments. It encourages insurers to develop innovative products which meet the needs of particular age groups. It encourages competition by allowing insurers to focus on markets where they have expertise. While cover is widely available for older customers, the Association of British Insurers recognises that some customers do not always know how to find it. We are keen to work with the Government, age charities and other stakeholders to improve this situation. However, a lack of understanding about how insurance works has led some people to call for the Government to introduce legislation to restrict insurers use of age. Such legislation could have detrimental consequences for our customers, including: Pushing premiums up for everyone, including older customers. Reducing the variety of products and product features available. Creating barriers to entry, thereby reducing competition. Reducing innovation. A strong and competitive insurance market benefits all customers; legislating to restrict insurers use of age puts this in jeopardy and risks putting UK insurers at a disadvantage compared to our European counterparts. We should instead concentrate our efforts on helping older customers access the insurance that is available to them if they know where to look.
4 2 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED Introduction Why the UK insurance market serves customers well The UK has one of the most highly developed insurance markets in the world. A large number of insurers offer a wide range of products that meet different consumer needs. These products protect people and businesses against the risks of unforeseeable events associated with everyday life. Vigorous competition between insurers drives them to keep premiums low, to identify opportunities for new products, and to specialise in niche markets. Insurers are at their most competitive when the premiums they charge are appropriate to cover the risk posed, but no higher than necessary. This encourages firms to price risks accurately while keeping the cost of the underwriting process as low as possible. Insurers respond to this challenge in different ways depending on the relative simplicity or complexity of the product, or the demographic of the market. This market-based approach is highly effective at meeting consumer needs. Any restrictions on insurers use of age to determine premiums, or other age-related practices, would risk pushing the cost of insurance up for all consumers, reducing customer choice, and putting UK insurers at a disadvantage compared to many of their European counterparts. More than 99% of older customers are already able to find motor insurance cover. 1 More than 98% of older customers are already able to find travel insurance cover. 2 The insurance industry is keen to help all older customers find the cover they need. 1 CRA International Insurance and Age-based Differentiation, ABI Research Paper No.12, CRA International Insurance and Age-based Differentiation, ABI Research Paper No.12, 2009
5 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED 3 The threat of legislation In June 2008, the Government announced plans to introduce a prohibition on age discrimination in the provision of goods and services. An Equalities Bill is expected during the 2009/10 session of Parliament. Measures that specifically concern the financial services sector are expected to follow later in secondary legislation. The European Commission has published a draft Directive on anti-discrimination in access to goods and services encompassing age, disability, sexual orientation, race, religion and belief. A special clause for financial services is included in this draft Directive which recognises that insurers use age and/or disability in the assessment of risk when developing and pricing policies. Progress with the Directive has been slower than first anticipated and agreement is now unlikely to be reached until 2010 at the earliest. Pushing ahead with legislation in the UK before the European Union s discussions are concluded poses real problems for the financial services industry. As well as the possibility that the Government will gold-plate the Directive, putting the UK insurance market at a disadvantage compared to elsewhere in Europe, insurers may face two sets of implementation costs. Additional costs will ultimately be passed on to the consumer in the form of higher premiums. UK legislation will put British insurers at a disadvantage compared to many of our European counterparts.
6 4 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED The Use of Age in Insurance Risk is an important part of insurers pricing strategies. Usually, the higher the level of risk posed, the higher the premium will be. The approach to risk pricing differs between products. Some products motor insurance, for example use a person s exact age to help assess the level of risk posed. This is normally based on years and, in some cases, months. Other products travel insurance, for example simplify the underwriting process by grouping people into age bands, and applying similar premiums to everyone in that band. The rationale behind these different approaches is explained later in this paper. Some insurers will also apply age limits to particular products or product features, restricting availability to customers above or below a certain age. For example, in motor insurance, driving other cars cover is often unavailable to the youngest drivers because of the very high risk these customers pose. In all of these examples, though, it is up to the individual insurer to determine their own pricing strategy. This means that most products and product features are available to everyone regardless of age if they know where to look. Most products and product features are available to everyone regardless of age.
7 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED 5 Age as a significant risk factor In many types of insurance, age is key in helping to determine the level of risk posed by an individual. Thus differential treatment according to age does not necessarily constitute harmful age discrimination. Young drivers, for example, are ten times more likely to be killed or seriously injured than more experienced drivers. 3 It therefore follows that they will usually pay higher premiums than other motorists. At the other end of the spectrum, older drivers pose greater risks than middle-aged drivers: the average cost of a claim by an 80 year old is almost 50% higher than that of a 60 year old. 4 Thus older drivers will usually pay more for their motor insurance than middle-aged drivers, although less than the youngest drivers. In travel insurance, the average claim made by a person over 65 is nearly three and a half times more expensive than one made by a person under As such, older travellers will often pay more for their insurance than younger customers. In products such as annuities and life assurance, age is the major determinant of life expectancy. It is therefore an essential factor in pricing these contracts. Using age to assess risk benefits all consumers because: It helps ensure that the customer pays a fair price for the risk they pose the lower the risk, the lower the premium. It can act as a proxy for other risks. For example, it keeps the cost of the health insurance underwriting process low, and makes the purchasing process less intrusive for consumers than other approaches and in travel insurance, using age as a risk factor mitigates the need for full medical assessments, which would make cover more expensive and more cumbersome to purchase. It can incentivise safer behaviour for example, telematics-based motor insurance charges young motorists lower premiums for avoiding the roads at night. 3 ABI estimate, derived from Department for Transport road casualty statistics and UN population data, ABI estimate, derived from our members claims data, Ipsos MORI survey of ABI members, 2007
8 6 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED Using age as a proxy for other risks Motor insurance is a sophisticated product using many rating factors. Other products, such as travel insurance, are far less complex. In travel insurance, age is commonly used as a proxy for other risks, such as health and mobility. Customers benefit from insurers using age as a proxy because: It simplifies the underwriting process, keeping the cost of cover low for everyone. It enables a wide range of organisations, including non-insurance specialists, to distribute the product, maximising customer choice. It avoids more intrusive approaches to assessing risk for example, full medical assessments. Using age bands Some insurance products set premiums that reflect the typical risk posed by individuals in a particular age band. The width of the age band differs between products and insurers. Where detailed underwriting procedures are involved, age bands are more likely to be relatively narrow one to two years for motor insurance, for example. In other products the bands might be wider travel insurance, for example. Wide age bands might reflect: A simpler underwriting process, which reduces costs and encourages more distributors, and/or Homogenous levels of risk among people within particular age groups. Both of these factors are relevant to travel insurance, where relatively few risk factors are considered, and where the level of risk posed by individuals within wide age bands does not vary significantly.
9 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED 7 The application of age limits Some insurers do not offer particular products or features to new customers above or below a certain age. The benefits of age limits are: Maintaining products that otherwise would not be viable for example, health cash plans. A health cash plan is a low-cost health plan that pays cash sums towards the cost of a wide range of treatments. They are typically purchased by people under 65 on low incomes who pay the same monthly premium throughout the life of the plan. They work because premiums are accepted across a long period which helps fund pay-outs in later life. If older customers were able to purchase health cash plans they would pay premiums for a much shorter period. This would push premiums up for everyone and become unaffordable for many of the people who buy them today. Encouraging competition. Insurers will often not have the benefit of detailed actuarial data for all ages. They are therefore only able to offer competitive quotes to particular types of risk. If insurers were obliged to quote for every risk, regardless of the quality of their data, they could incur significant costs that could make it unprofitable for them to operate in a particular market at all. Encouraging innovation. Insurers are able to develop products that are tailored to the needs of particular age groups, for example, travel insurance for backpackers, which covers individuals for extended periods of travel. Incentivising safer behaviour. Some motor insurers, for example, apply restrictions on the types of vehicles that young people can drive. Allowing diversity of product features. If insurers were obliged to offer the same product features to all customers regardless of age, it is likely that they would reduce the variety and quality of those features to the detriment of all. For example, insurers may choose to withdraw driving other cars cover from all motorists in order to avoid having to offer this to younger drivers who pose very high risks.
10 8 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED Case Study One: Travel Insurance The product Travel insurance is a voluntary product that offers cover for people when travelling overseas. Its primary function is to cover the potentially very high cost of a policyholder needing emergency medical treatment or repatriation following accident or illness while abroad. It can also offer protection for lost luggage and delays. There are two main types of travel insurance: single trip and annual trip. Single trip insurance covers individual holidays, which enables insurers to provide a quote based on a person s risk at the time of travel. Annual trip provides cover for a potentially unlimited number of overseas holidays during the course of a year. Over a longer period there is an increased risk of changes in medical circumstances. The average premium for travel insurance across all customers is 31, rising to 131 for customers over 65. This higher price reflects the much higher risk posed by older customers. Market background There is a strong and competitive travel insurance market in the UK. This has resulted in a large majority 86% of people buying insurance before they travel. There are a number of different distribution channels for travel insurance: in addition to direct insurers and brokers, travel agents, tour operators, and online travel websites offer cover at the point of sale when people book a holiday. Banks increasingly include free travel policies with premium accounts to add value to their products, and many high street retailers and supermarkets sell white label policies off-the-shelf in their stores a nd via their own websites, as does the Post Office. This level of competition for customers, coupled with the straightforward way in which the product is sold, has contributed to low premiums, as firms compete on price in order to maintain market share.
11 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED 9 Assessing risk Relatively few rating factors are used in setting the price for travel insurance. In general, these are restricted to the destination of travel, length of trip, and the customer s age and medical history. This simple approach keeps prices low and allows a diverse range of distributors to operate in this market. Using age as a proxy for health The use of age in the assessment of risk is very important to travel insurers. This is because the main component of travel insurance claims is medical-related claims, and these are closely correlated to age. Relative likelihood of making a travel insurance claim Chart One: Likelihood of claim by age exponential increases for older travellers Age Estimated values Source: IPSOS MORI, 2007 Baseline for comparison: 35 years Chart Two: Cost and frequency of claims by age 70% % Average cost of claim % 40% 30% 20% 10% Reported number of claims Age % of travel insurance claimants Cost of claims Source: IPSOS MORI, %
12 10 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED Restricting travel insurers use of age would have very little impact on the availability of insurance to older customers: 80-90% of older customers fail medical screening, 6 and thus would be unable to purchase travel insurance on health grounds even if age were not used as a risk factor. Customers in their 80s are around eight to 12 times more risky than customers under 65. Age bands Travel insurers use relatively wide age bands when pricing cover. The width of the band will vary between providers, but typically are 0-17, 18-59, and then five year bands until any age limit is reached. The age bands are structured to reflect changes in risk: there is limited change in risk from 18 until early 60s, at which point risk begins to increase more rapidly with age. Because of the homogeneity of risk between customers within existing age bands, narrowing age bands would have little affect on pricing customers within the new narrower age bands would pay the same premium as those in many other age bands around them. As charts one and two show, both the likelihood of claiming and claims costs rise exponentially with age. As such, customers aged over 65 are three times more likely to make a travel insurance claim than those aged 35, and people over 85 are eight times more likely to make a claim. Compared with under-50s, claims made by people over 65 are nearly three and a half times more expensive. The combination of increased cost and frequency of claims means that customers in their 80s are around eight to 12 times more risky than customers under Age limits Travel insurance is available to customers of all ages. The typical travel insurer provides single trip cover up to around age 85, and annual cover up to around 73. However, there are many specialists and some mass market insurers who provide travel insurance to any ages. A recent Defaqto report on the UK travel insurance market found 66 different policies available for people aged 85 and over, and 23 annual policies. 8 Travel insurance is available to customers of all ages. 6 CRA International Insurance and Age-based Differentiation, ABI Research Paper No.12, CRA International Insurance and Age-based Differentiation, ABI Research Paper No.12, Defaqto, 2009
13 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED 11 Case Study Two: Motor Insurance The product Motor insurance is a compulsory insurance for all drivers. It pays compensation to anyone a driver might injure or whose property they might damage in the event of a collision. It can also cover a driver s vehicle for accidental damage, fire and theft. Market background The UK motor insurance market is highly competitive with more than 60 providers and reasonably high switching rates. Assessing risk Motor insurers use a number of different rating factors to determine the level of premium a person will pay. Rating factors include the driver s age, claims history, driving convictions and type of vehicle. Such rating factors are used to determine the level of risk a person presents. 9 CRA International Insurance and Age-based Differentiation, ABI Research Paper No.12, 2009
14 12 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED Age bands All insurers use integer ages as a minimum when assessing risk. The impact of age is especially important at both younger and older ages. In general, risk declines rapidly from 17 to 21 and continues to decline through to the late 50s or early 60s before starting to increase again. Chart Three: Drivers killed or seriously injured per 100 million miles and per 1000 licence holders per 1,000 licence holders per 100 million miles or over 0 per 1,000 licence holders per 100 million miles Source: ABI claims data, 2005 Young drivers are higher risk than other drivers and are around four times more likely to be killed or seriously injured than those in their 60s. Older drivers present a higher risk than middle-aged drivers. The average cost of a claim by a year old driver is 1,170 while the average claim by someone aged over 80 is 1,716 almost 50 per cent more expensive.
15 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED 13 Age limits Motor insurance is available to customers of all ages. Nearly all insurers apply no upper age limit for existing customers, although some may apply upper age limits to new customers in their 80s. In addition, there are a large number of providers who do not have any upper age limit for new customers. Some insurers impose age limits on particular policy conditions. Examples include: Minimum age limits for high performance cars. The level of excess may be higher for younger drivers. Some firms will not provide driving other cars cover to young drivers. Benefits relating to permanent total disablement and personal accident typically end at 65 or 70, although some insurers have no age limit. However, most products and product features are available to everyone if they know where to look. Motor insurance is available to customers of all ages.
16 14 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED The Risk of Unintended Consequences The Government is considering whether to restrict the way insurers use age in pricing insurance. Any restrictions would have severe unintended consequences, some of which are set out below. Removing age limits Higher prices for all where insurers do not have accurate data for a particular age group, they may quote too high. With fewer quotes converting to a sale, all customers would be required to cover those additional costs, pushing up premiums. Reduced competition insurers who have not operated at the extremes of ages before would not have the data to enable them to offer a risk-reflective price. This could result in them offering quotes which are too low. If insurers lose money in this market, they may choose to withdraw altogether. Removing age limits would also discourage specialist insurers who operate in niche markets, such as backpackers travel cover and travel cover exclusively for older people. Lower quality cover currently, some insurers limit their risk exposure by restricting particular types of cover to particular people. If age limits were outlawed, firms might choose to withdraw that type of cover entirely in order to avoid having to offer it to everyone. This is a particular risk in smaller markets where profit margins are narrower, for example travel. Limited increase in quantity* customers who would previously have been refused insurance because of age would likely be refused insurance for medical reasons. With more than four out of five older customers failing medical screening, the same customers are likely to be refused cover whether for age or medical reasons. Higher medical excess levels* to limit their risk exposures, insurers may increase medical excess levels which would have to apply to all travellers. Withdrawal of products some products would not be viable without age limits, for example, health cash plans and pension annuities. * Applies to travel insurance only
17 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED 15 Narrowing age bands Fewer distribution channels* travel agents in particular have systems designed around a small number of age bands with limits in order to keep the sales process simple. The costs of changing these systems may force some travel agents out of the market. Little variation in price* in travel insurance, age bands are wide, reflecting the homogeneity of risk. If age bands were narrowed for underwriting purposes, it would likely have little difference on price; rather multiple age bands would be priced the same. Banning the use of age as a proxy More intrusive assessment* if insurers were unable to use age as a proxy, an alternative approach could be requiring customers to undergo full medical assessments. This is a more intrusive approach than merely asking a person s age, and would complicate the purchasing process. Increasing the cost of insurance* medical assessments cost approximately 25. This would almost double the cost of the current average travel insurance premium. * Applies to travel insurance only
18 16 AGE AND INSURANCE: HELPING OLDER CUSTOMERS FIND THE COVER THEY NEED Conclusion Travel and motor insurance is available to customers of all ages. However, the insurance industry recognises that people do not always know where to look to find it. We are keen to work with the Government, age charities and other stakeholders to ensure that older customers are able to access the insurance that is available to them. Legislating to restrict insurers use of age is not the answer. Rather, it would lead to many unintended consequences which would be to the detriment of all customers, including the very people we are trying to help.
20 For more information, contact: Association of British Insurers 51 Gresham Street London EC2V 7HQ
Age and Insurance HELPING CUSTOMERS UNDERSTAND INSURERS USE OF AGE IN MOTOR AND TRAVEL INSURANCE JUNE 2014 INTRODUCTION The UK has one of the most highly developed insurance markets in the world. A large
INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK January 2008 1 INSURANCE IN THE UK: THE BENEFITS OF PRICING RISK How insurance deals with risk Insurance protects people and businesses against the risks
ABI RESEARCH PAPER NO 12, 2009 INSURANCE AND AGE- BASED DIFFERENTIATION THE IMPACT OF POTENTIAL AGE DISCRIMINATION LEGISLATION ON THE MOTOR AND TRAVEL INSURANCE MARKETS Report from CRA International By
MAKING SENSE OF CAR INSURANCE 1 DRIVING WITH CONFIDENCE MAKING SENSE OF CAR INSURANCE 2007 1 MAKING SENSE OF CAR INSURANCE MAKING SENSE OF CAR INSURANCE 2 WHY IT IS IMPORTANT TO HAVE INSURANCE If you cause
Dec 2011 Focus on insurance: risk indemnity or age discrimination? Introduction Older people face significant difficulties when it comes to the cost and availability of insurance, whether it is health,
2 The Cost of Car Insurance for Young Drivers in Northern Ireland Introduction 4 What we did 4 Being a younger driver: the key findings 5 Why premiums vary 8 Recommendations 11 References 12 Ways to cut
INSURANCE DICTIONARY Actuary An actuary is a professional who uses statistical data to assess risk and calculate dividends, financial reserves, and insurance premiums for a business or insurer. Agent An
Professor Rosalind Croucher President Australian Law Reform Commission GPO Box 3708 SYDNEY NSW 2000 30 November 2012 Via email: email@example.com Dear Professor Croucher DISCUSSION PAPER:
INSURANCE AND DIABETES People living with diabetes can encounter difficulties arranging insurance. Although diabetes can be treated, people with diabetes are more likely to develop medical complications,
INSURANCE MADE SIMPLE Working with the profession to simplify the language of insurance UNDERSTANDING INSURANCE Insurance. We hear about it all the time. We buy cover to protect us against a wide range
UK INSURANCE KEY FACTS 2014 UK Insurance KEY FACTS 2014 3 @BritishInsurers Follow us on Twitter @BritishInsurers ASSOCIATION OF BRITISH INSURERS About the ABI The Association of British Insurers is the
Increasing the Magistrates Court fine limit Equality Impact Assessment Introduction The Ministry of Justice tabled Government amendments at the Commons Report stage of the Legal Aid, Sentencing and Punishment
Reviewed January 2010 Insurance and diabetes Buying the right insurance policy can give you financial protection and peace of mind if the unexpected happens. Unfortunately, having diabetes can affect both
WOMEN AND RISK MADE SIMPLE Working with the profession to simplify the language of insurance UNDERSTANDING WOMEN AND RISK Risk is part of life. At home, at work, on the road, on holiday, you re at risk
The Voluntary, Community and Social Enterprise Sector - an insurance guide for individuals and organisations Contents Foreword Introduction 1. Section 1 - Insurance required by law 1.1 Employers liability
Introduction of a ban on the payment of referral fees in personal injury cases Equality Impact Assessment Introduction This Equality Impact Assessment (EIA) relates to amendments to the Legal Aid, Sentencing
March 2013 Lifting the bonnet on car insurance - what are the real costs? Lifting the bonnet on car insurance what are the real costs? Most UK motorists have an opinion on the cost of car insurance. Many
Time limiting contributory Employment and Support Allowance to one year for those in the work-related activity group Equality impact assessment October 2011 Equality impact assessment for time limiting
The Mind guide to insurance cover and mental health 1 Contents page How do insurance companies decide who to insure and what to charge? 3 Risk assessment 3 Disclosure 3 Can insurers discriminate against
September 2013 Association of British Insurers UK Insurance Key Facts UK Insurance KEY FACTS 2013 abi.org.uk @BritishInsurers 3 Association of British Insurers UK Insurance Key Facts September 2013 About
For commercial customers and their advisers only Group Income Protection Technical Guide Reference BGR/4019/OCT12 Contents Page Its aims Employers your commitment Risk factors How does the policy work?
Agenda Advancing economics in business A proposed framework for flood insurance Why does it always rain on me? A proposed framework for flood insurance Insuring against natural catastrophes is a global
How insurance works About Insurance Europe Insurance Europe is the European insurance and reinsurance federation. Through its 34 member bodies the national insurance associations Insurance Europe represents
The Consumer CouncilThe Consumer Council Contents Types of cover What is an insurance excess? What affects the price of my motor insurance? How to shop around for the best deal Tips for cutting the cost
Contents: What is an Annuity? When might I need an annuity policy? Types of annuities Pension annuities Annuity income options Enhanced and Lifestyle annuities Impaired Life annuities Annuity rates FAQs
NAIC Consumer Shopping Tool for Auto Insurance Need Auto Insurance? Here is What You Need to Know. Whether you are buying auto insurance for the first time, or shopping to be sure you are getting the best
TAKING CONTROL OF YOUR PENSION PLAN If you add together all the money you have in pension arrangements, the total may well dwarf every other investment you ever make. Despite this, many people are happy
Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to
Are you buying private medical insurance? Take a look at this guide before you decide 2008 2 Private medical insurance Private medical insurance 3 Contents 1. About this guide 4 2. What is private medical
The impact of a ban on the use of gender in insurance on consumers Launch of report 7 December 2011 Reinder van Dijk, Managing Consultant I. European study conducted by Oxera 2 1. Objectives of the study
Are you buying private medical insurance? Take a look at this guide before you decide 2008 2 Private medical insurance Private medical insurance 3 Contents 1 About this guide 4 2 What is private medical
INFORMATION SHEET This Information Sheet aims to provide some guidelines about your insurance and legal options as a result of being diagnosed with cancer. This information is very general and to get the
Agenda Advancing economics in business Equality in insurance pricing Equality in insurance pricing: the effect of the gender ban Due to a European Court of Justice ruling in 211, all insurance products
APPLYING FOR AUTO INSURANCE What do I need to know to fill out an automobile insurance application? Here is some of the information you ll need to provide on an automobile insurance application: 1. Vehicle
Association of British Insurers response to the Northern Ireland Assembly Environment Committee s Consultation on The Road Traffic (Amendment Bill) About the ABI 1.1 The Association of British Insurers
HMT / DWP CONSULTATION RESPONSE CREATING A SECONDARY ANNUITY MARKET INTRODUCTION TISA is a not-for-profit membership association operating within the financial services industry. TISA s membership comprises
FCS7020 Automobile Insurance 1 Nayda I. Torres and Josephine Turner 2 An automobile is often the most expensive property that people own, next to a home. As a result, protection against loss of an automobile
Insurance This is protection against something that might happen eg: a road accident, a fire, theft. Insurance is needed to reduce the financial risk when a household is faced with problems caused by damage
Getting the balance right: Private insurance for social needs Swiss Re Centre for Global Dialogue Why voluntary insurance markets must age to survive Jim Murphy 5 March 2013 Discrimination or differentiation?
CAR INSURANCE MADE SIMPLE Working with the profession to simplify the language of insurance WHAT IS CAR INSURANCE? Car insurance, also called motor insurance, protects you if you are involved in a collision
UPDATED FREQUENTLY ASKED QUESTIONS SECOND DRAFT REGULATIONS ON THE DEMARCATION BETWEEN HEALTH INSURANCE POLICIES AND MEDICAL SCHEMES 17 JULY 2014 Given the public interest in the second draft Demarcation
Why a curfew for young drivers would be wrong for the UK Charlotte Halkett, Marketing Actuary 18 March 2013 2 Why a curfew for young drivers would be wrong for the UK Summary The government has announced
Selling Telematics Motor Insurance Policies A Good Practice Guide April 2013 1 INTRODUCTION 1.1 The purpose of the guidance This guidance sets out high-level actions that insurers should seek to achieve
1. As the UK s financial capability charity, we welcome the opportunity to respond to the FCA s discussion paper on the fairness of changes to mortgage contracts. 2. We believe that being on top of your
Employers Liability Insurance the need for change All-Party Parliamentary Group on Occupational Safety and Health Employer liability and motor insurance There are two main types of insurance that the Government
No. 31, October 2014 Critical Illness Fit for the Elderly? by Tim Eppert + Critical illness (CI) insurance provides a financial lifeline to people facing the consequences of being diagnosed with a severe
Life Insurance and Annuity Buyer s Guide Published by the Kentucky Office of Insurance Introduction The Kentucky Office of Insurance is pleased to offer this Life Insurance and Annuity Buyer s Guide as
An introduction to insurance cover for businesses All businesses need to be insured against potential risks such as contractual disputes, accidental damage, fire, flood or theft and claims for negligence.
The Right Direction for Auto Insurance Reform A Draft Policy of the Freedom Party of Ontario - Released for public consultation, August 2003 - Introduction The most pressing issue facing many Ontario drivers
Macmillan Cancer Support Volunteering Policy Introduction Thousands of volunteers dedicate time and energy to improve the lives of people affected by cancer. Macmillan was started by a volunteer and volunteers
Life Insurance and Annuity Buyer s Guide Introduction The Kentucky Office of Insurance is pleased to offer this Life Insurance and Annuity Buyer s Guide as an aid to assist you in determining your insurance
Creating a Secondary Annuity Market: a response by the National Association of Pension Funds June 2015 www.napf.co.uk Creating a secondary annuity market: a response by the NAPF Contents Executive Summary
INCOME WHEN YOU ARE ILL Income protection insurance (IPI) or permanent health insurance (PHI) is an insurance that virtually everyone who works needs, but very few people have. One of the reasons for this
Automobile Insurance Mississippi Insurance Department 1 2014 National Association of Insurance Commissioners All rights reserved. National Association of Insurance Commissioners Insurance Products & Services
VOLUNTEERS AND INTERNS PRACTICAL GUIDANCE FOR CHARITIES Ed Hunter, Emma Osborne, Sophie Hay, David Ashmore, Jo Powis & Thomas Ince (Reed Smith) Type: Published: Last Updated: Keywords: Legal Guide 11.05.2012
Group Cover P e a c e o f M i n d f o r U n i o n M e m b e r s Group Personal Accident Cover Group Home Cover Group Motor Cover Group AVC Life Cover Group Specifi ed Illness Cover Group Insurance Schemes
Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals
Consultation on proposed increases in contributions for members of the Teachers Pension Scheme (TPS) in 2013-14; and the removal of provisions governing scheme valuations and cap and share arrangements
PRIVATE MOTOR INSURANCE MARKET INVESTIGATION Background to claims management process Introduction 1. This working paper provides an outline of the claims management process. 2. The claims management process
Financial Institutions Environment and Labour A Consumer s Auto Insurance Guide 2nd edition Auto insurance is a mandatory product for all drivers in Nova Scotia. However, understanding this complex product
Financial Institutions Environment and Labour A Consumer s Auto Insurance Guide 2nd edition Auto insurance is a mandatory product for all drivers in Nova Scotia. However, understanding this complex product
BUSINESS INSURANCE FAQ Q: What is Business Insurance? A: We strive to understand your risk tolerance and financial ability to withstand the spectrum of potential losses and develop insurance programs to
Equality with Human Rights Analysis Toolkit The Equality Act 2010 and Human Rights Act 1998 require us to consider the impact of our policies and practices in respect of equality and human rights. We should
GROUP PROTECTION GROUP LIFE ASSURANCE AND DEPENDANTS PENSIONS. Registered schemes and excepted group life policies. Helping you understand our policy. This is an important document which we suggest you
Financial Services Authority Finalised guidance Retail Distribution Review: Independent and restricted advice June 2012 Contents 1. Introduction...2 2. The standard for independent advice 3 3. Restricted
Quantum Key Features Introduction You should read this document carefully as it provides a summary of the main points about Quantum. Before applying for a policy you should consult your financial adviser
The ABI Competition Commission s Private Motor insurance market investigation Statement of issues Response of the Association of British Insurers The ABI is the voice of insurance, representing the general
Car Insurance How can I keep my car insurance costs low? The first thing to do is bargain shop to make sure that the rates you are getting are reasonable in comparison to other companies. Within the policy
LifePlan Key Features Introduction You should read this document carefully as it provides a summary of the main points about LifePlan. Before applying for a policy you should consult your financial adviser
Auto Insurance Buyers Guide Table of Contents Understand Your Rights as a Consumer...1 Introduction...... 2 Why You Need Auto Insurance...... 3 When to Shop for a New Auto Insurance Policy.. 4 How to Shop
23 May 2008 AGE position on financial inclusion: age limits in access to financial products Most cases of exclusion from access to financial products reported by our members and experts relate to age limits
Department for Transport Improving road safety for pedestrians and cyclists in Great Britain LONDON: The Stationery Office 14.35 Ordered by the House of Commons to be printed on 6 May 2009 REPORT BY THE
From the Insurance Bureau of Canada (IBC) Accident: An event that happens by chance and is not expected in the normal course of events, which results in harm to people, damage to property or equipment,
Consultation Document Whiplash Reform: Proposals on Fixed Costs for Medical Examinations/Reports and Related Issues Response from: British Vehicle Rental and Leasing Association River Lodge Badminton Court
A GUIDE TO MOTOR INSURANCE Every year, one in six New Zealand policy holders will make a claim on their motor vehicle insurance, totalling over $300 million. That's why you should be insured. Motor vehicle
Private Car and Small Commercial Vehicle Policy Summary is a trading name of Sabre Insurance Company Limited. Any reference to in this document will mean Sabre Insurance Company Limited as the ultimate
A Guide to Insurance look beyond the label A Guide to Insurance A Guide to Insurance 01 Congratulations This booklet is part of a set of 13 guides. The series is made up of the following titles: k Starting
ABI response to the Consultation on the abolition of 36 reliefs Consultation Document recommendation to ABOLISH LIFE ASSURANCE PREMIUM RELIEF EXECUTIVE SUMMARY The ABI fully supports the Government s objective
ADD POWER TO YOUR INVESTMENT POTENTIAL, CHOOSE THE M&G ISA 2 CONTENTS What is an ISA? 3 The key benefits of ISA investing 4 Reasons to invest in The M&G ISA 6 What is a Junior ISA? 7 The key benefits of
This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 LIFE, DISABILITY AND INCOME PROTECTION * FACT SHEET 6 14 AUGUST 2015 It s vital that you re prepared
Simplification of the Tax and National Insurance Treatment of Termination Payments Consultation document Publication date: 24 July 2015 Closing date for comments: 16 October 2015 Subject of this consultation:
The ABI s response to the FCA s review of Price Comparison Websites March 2014 The ABI is the voice of insurance, representing the general insurance, protection, investment and long-term savings industry.
Independent consumer guide to life insurance Who we are and what we do The Irish Financial Services Regulatory Authority was established in May 2003 to regulate financial services firms in Ireland. Our
22 / Motor innovation FEATURE Hybrid, electric and driverless cars: innovation driving change in motor vehicle insurance Motor insurers have had to keep up with rapid developments in the car industry for
MESSAGE FROM GENERAL SECRETARY Dear Colleague, The Union continues to develop and secure a broad range of services using the strength of our membership numbers, as the largest Union in Ireland, to secure
Consumer Guide for Motor Warranties December 2011 A CONSUMER GUIDE TO MOTOR WARRANTIES 1 A CONSUMER GUIDE TO MOTOR WARRANTIES Introduction Before buying a vehicle, you will probably carry out a great deal