Critical Illness News
New report urges more transparency in insurance sector
Consumers looking for critical illness cover or any other form of life insurance could benefit from more transparency from protection industry operators if recommendations in a new report are adopted.
The report entitled Vision for the Insurance Industry in 2020 has called for the Financial Services Authority (FSA) and the government to cooperate more to ensure there is transparency by the sector.
Recommendations in the report are the result of a nine-month inquiry by the Insurance Industry Working Group (IIWG), which was jointly chaired by chancellor Alistair Darling and Aviva chief executive Andrew Moss.
The report has called for more education to increase customer confidence as well as the adoption of measures designed to help customers deal with and manage financial distress.
Mr Moss said: "Taking forward the recommendations in this report will create a stronger partnership between government and the industry, which is essential to help people manage the risks of everyday life.
"There is a real desire for better customer engagement through greater financial education and awareness, improved accessibility and transparency of products and a need to attract capital to the UK insurance industry."
Insurer Swiss Re recently revealed that there is a growing 'protection gap' that the government is looking to tackle.
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