As we approach another new year, protection advisers should be looking forward to a busy 2004. What with FSA regulation to prepare for and, according to Swiss Re's latest report, a £2trn protection gap to help bridge, it should be an eventful year. However many advisers are probably still catching their breath from 2003.
As well as trawling through numerous consultation papers from the FSA in 2003,the protection market has seen some big changes. The year started with the first round of rate hikes for guaranteed premiums on critical illness (CI) cover. Rates continued to fluctuate throughout the year, with a number of insurers introducing reviewable rates as prices began to rocket. Some insurers declared that the current CI product is unsustainable, fuelling speculation on the future shape of the market. The future of current products remains uncertain as the debate rolls into 2004. 2003 also saw ...
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