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Protection preparing for pricing volatility in 2013
Insurer’s ability to rapidly reprice protection products will be essential in the wake of the Gender Directive on 21 December, Zurich has said.
Phil Brown, head of protection and underwriting at the insurer’s UK Life business, noted that Office of Fair Trade restrictions prevented insurers coming to a basic pricing consensus and predicted a period of pricing turmoil.
He said: “Next year will be interesting. In terms of pricing we will be shooting blind.
“Few providers are going to hit the pricing sweet spot the first time on entering what is effectively going to be a new market.
“Being nimble and fleet of foot is going to be essential in the repricing process.”
He added that in the run up to the changes, Zurich was considering its business pipeline as the date nears.
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Brown said: “A number of adviser firms are looking to clear their business by the deadline. I think all insurers recognise we need to give some time to this; it is an opportunity for us to show the need for advice.
“We are now in the detailed planning stage.”