Only two scales of providers will succeed in the protection market as it becomes divided between massive multinationals and small nimble insurers, according to RGA.
The reinsurer also believes the National Employment Savings trust (NEST) is a crucial development but warned its impact could be threatened if the economy has not strengthened enough by its introduction. Speaking at RGA's Write the future conference, David Gulland, managing director of the reinsurer, explained that insurers would need to follow one of two alternative ways to succeed. "One is big is best," he said. "These are providers who use their financial muscle to really make a difference. "They can weather the storm for next three or five years and so I think the big multi-...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes