The Association of British Insurers has said it will look into Swiss Re's new findings that the cancer definition should be termed differently. Bearing in mind there has been a working group discussing the issues of redefining the critical illness definitions, with the changes coming into effect in April, is it reasonable to take these new findings into account or is it too late?
Market viewsAndy Couchman, Bank House CommunicationsIt is clearly embarrassing for all concerned that this was not spotted during the consultation period. That said, you have to park that issue and look instead at what is best for the industry, especially the customer, and look at the practical effects of making a change now. If it is in the customer's best long-term interest to change the cancer definition then that is what the Association of British Insurers (ABI) should do. This is not an easy issue though, because, what is in the customer's best long-term interest and who decides that...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
