Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • May 2014
05

Aviva calls for government to work with insurers to boost protection market

Open-access content Friday 23rd May 2014 — updated 5.13pm, Wednesday 29th April 2020

The protection market is in need of reform and the government and insurance industry to work together to ensure customers get the information they need, Aviva has said.

The firm has today published its Rethinking Protection report, which has set out a series of proposals to help raise awareness of protection needs, such as income protection and life insurance, and encourage UK families to plan for the unexpected.

The report stated that efforts to improve the protection market by publishing transparent claims data and making the claims process quicker and simpler were gradually helping to build consumer confidence. But what it called opportunities to remind people of their need for protection are still being missed, and said the government should work with industry to ensure customers get the information they need at the most appropriate times. They should also take advantage of changes in the financial services market to put protection at the heart of financial planning.

Figures from the insurer revealed that less than a quarter of families felt fully protected against unexpected financial chocks such as bereavement and serious illness, yet, for example, only four out of ten families had life insurance in place. Its data also showed that the number of families with critical illness cover or income protection was even lower, at around 12% and 8% respectively.

Louise Colley, protection director for Aviva added that protection was the 'bedrock' of financial planning and could give families the confidence to build for the future.

She said: 'We believe every family deserves to understand the financial risks they face and the importance of protection. By working together, the government and the industry can make sure that families have the stability they need.'

Among its recommendations, the insurer suggested employers are supported to offer income protection through a workplace scheme.

Aviva said: 'Employers have played a crucial role in helping millions of consumers to save for the future through pension auto-enrolment. There is now an opportunity to build on this success, by encouraging employers to offer other financial products, such as income protection.'

Other proposals include: first-time parents should be given information about protection when they have a child; discussing protection should be compulsory as part of the mortgagee sale process; and the level of death benefit needs to be explained to all, so that everyone can make a decision about how it fits within their protection needs.

This article appeared in our May 2014 issue of The Actuary.
Click here to view this issue
Filed in
05
Topics
General Insurance

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Catastrophe Modelling Analyst - London Market Broker

London, England
£40000 - £50000 per annum
Reference
145925

Senior Catastrophe Analyst

England, London
£65000 - £75000 per annum
Reference
145924

Life Actuary - Financial Reporting - Day Rate contract

Negotiable
Reference
145923
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ