The UK – and protection insurers – have survived the direct impacts of the COVID-19 crisis, but there is still plenty to think about over the coming months, writes Alastair Black, UK protection lead at Willis Tower Watson.
The term ‘the new normal' has been used a lot to describe the UK life insurance market post-2020, but is that quite right? Other challenges that have arisen in conjunction with the aftermath of the pandemic make the situation more of a ‘new abnormal'. So, what constitutes that ‘new abnormal' for UK life insurers, and the protection insurers in particular? When thinking about the main market influences and trends in the protection market, it can be helpful to place them into four categories: Post-Covid, inflation and the cost of living, Consumer Duty legislation, and customer insight a...
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