Keeping the faith

It seems like the protection sector has been involved in a price war that has lasted as long as the Cold War. This is a strategy that, ultimately, benefits no one - neither customers and distributors nor insurers and reinsurers. So, why is this happening? Firstly, the manufacturer, the insurer, wishes to charge a premium that will maximise profitability by paying as few claims as possible. Secondly, the consumer, or policyholder, wishes to pay a reasonable price and be assured that the policy will pay, without question, in the event of a claim. And thirdly, the distributor expects...