Hi, everyone! I have ended up out of sequence! Last time I said we would be back with an episode on fatty liver disease, but the FCA has published its Protection Market Interim Report, and I absolutely had to cover this.

The good news is that the FCA thinks that the protection industry is working really well, it just needs a couple of tweaks. Overall, I am really happy with what the report says, but there are some areas I don’t agree with and you can hear my views in this episode. I am going through their review of insurance costs, claims, complaints, the role of commissions, restricted panels, loaded premiums and more.

The key takeaways:

• Within pure protection products, income protection has the lowest value in terms of cost compared to claims success, but is still much higher than other insurances
• Loaded premiums, commission and restricted panels have been analysed and shown to not show significant detriment to consumers
• Closing the Protection Gap remains one of the key challenges for the protection insurance industry

There are a lot of insights in the report and it is well worth a read. I’ve tried to pick out certain pages to direct you to, in case you don’t fancy the full thing, it is 47 pages.

Next time Alan will be back with me and we will be covering how fatty liver disease and protection insurance work.

Remember, if you are listening to this as part of your work, you can claim a CPD certificate on our website, thanks to our sponsors PlannerX.

To follow

Transcript Disclaimer:

Episodes of the Practical Protection Podcast include a transcript of the episode’s audio. The text is the output of AI based transcribing from an audio recording. Although the transcription is largely accurate, in some cases it is incomplete or inaccurate due to inaudible passages or transcription errors and should not be treated as an authoritative record.

We often discuss health and medical conditions in relation to protection insurance and underwriting, always consult with a healthcare professional if you are concerned about any medical conditions and symptoms we have covered in any episode.