Narrowing the field

The protection industry is at a crossroads. New business levels are low and advisers have had to work hard to make sales in the face of consumers who largely do not believe they need protection in the first place. Figures from the Association of British Insurers (ABI) reveal that quarterly new individual protection premiums remain about the £200m mark and have fallen by almost 5% over the year to the end of September 2010. In many cases, protection is sold on price, resulting in little value for the industry and potentially inadequate cover for its customers. This is a challenging are...