Covid-19 impact revealed in life companiesâ claims figures
Words on Wealth:
Life insurance claims statistics for 2020 released this week by Liberty and Old Mutual reveal how Covid-19 has disrupted normal business between life insurers and consumers, directly and indirectly. Old Mutual paid out 22% more on claims for its underwritten risk products (way above its average 9% year-on-year increase), with a rise in claims related to respiratory illness and a rise in retrenchment claims. And although the increase in payouts on Libertyâs risk products (of 7.94%) was broadly in line with its average annual increase, the company saw a significant rise in its mortality and retrenchment figures.
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The FCA's latest consumer duty intervention is designed to ensure better outcomes for all clients. Tom Higgins gauges adviser reaction to the proposed measures with some saying more regulation is not what the profession needs.
May 19, 2021
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National Treasury published the second draft of the Conduct Of Financial Institutions Bill (COFI) in 2020.
A former regulator, Caroline da Silva, says it might be one piece of legislation that genuinely forces financial institutions to change the way they treat their customers.
While there are many other laws, she says consumers are still complaining about the same ill-treatment by the sector.
Seven years ago, regulators introduced the Treating Customers Fairly ( TCF ) principles, hoping that insurers would make their documents and products much simpler and that it would cut consumers complaints to a fraction of what they used to be.