AIG/Aviva deal sparks adviser concern over market consolidation

Protection industry fears 'thin end of a miserable trend'

clock • 3 min read

Protection advisers and intermediaries are expressing concerns over further insurer departures from the UK individual protection market, following news of Aviva’s acquisition of AIG Life this morning (25 September).

AIG Life will become the third individual protection insurer to leave the market so far this year, following similar announces for Aegon UK and Canada Life in April and May respectively. All three deals are expected to close at various points of 2024, while Aviva will see 1.3 million new individual and 1.4 million group protection clients join its ranks. As with similar announcements, protection advisers contacted by Professional Adviser's sister title COVER in the wake of Aviva's announcement today once again expressed concerns over the ongoing trend of market consolidation and wha...

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