Industry asked to shoulder UK burden
British insurers have been asked to share in handling the state’s growing financial burden caused by accidents, poor health and old age.
The Insurance Industry Working Group last week released a report titled Vision for the insurance industry in 2020 following a nine-month review by insurance industry and UK Government leaders.
The document identifies a greater role for insurers in helping the Government ease the financial burden of an increasingly reliant population.
The report recommends stakeholders seek to improve levels of customer trust and personal responsibility, and recommends greater transparency on fees and policy terms and conditions, particularly among life insurance and savings products.
It forms part of a strategy to lift public savings and insurance rates in the UK.
“Many families either do not have insurance at all or do not have enough insurance to protect them against disaster,” the report notes, citing UK life insurance rates which slumped from 61% in 1996 to 39% in just 10 years.
Chancellor of the Exchequer Alistair Darling welcomed the report’s “commitment to improving transparency and simplicity in insurance business”, while the Association of British Insurers also endorsed the report.
The Insurance Industry Working Group last week released a report titled Vision for the insurance industry in 2020 following a nine-month review by insurance industry and UK Government leaders.
The document identifies a greater role for insurers in helping the Government ease the financial burden of an increasingly reliant population.
The report recommends stakeholders seek to improve levels of customer trust and personal responsibility, and recommends greater transparency on fees and policy terms and conditions, particularly among life insurance and savings products.
It forms part of a strategy to lift public savings and insurance rates in the UK.
“Many families either do not have insurance at all or do not have enough insurance to protect them against disaster,” the report notes, citing UK life insurance rates which slumped from 61% in 1996 to 39% in just 10 years.
Chancellor of the Exchequer Alistair Darling welcomed the report’s “commitment to improving transparency and simplicity in insurance business”, while the Association of British Insurers also endorsed the report.