The improvements made to their critical illness insurance cover by Legal and General have been supported by Only Finance, who are pleased to see positive changes in this market.
Although BUPA still leads the way with its critical illness insurance offering Legal and General have clearly taken positive steps an Only Finance spokesperson said. It is also great news that they have not used the cover improvements as a device to increase the price, thus bringing a real benefit to the consumer.
The Only Finance spokesperson also discussed the fact that it is certainly more cost effective to buy both life and critical illness cover together, saving money and also having a more comprehensive level of protection than when only taking one of them. He went on to advise purchasers of critical illness protection to ensure any medical questions were answered fully and completely, as almost twenty-five percent of claims made were rejected due to illnesses not being declared at the time of policy purchase.
The Brazilian arm of Zurich Insurance has just announced the purchase of two insurance companies in the South American country.
The deal, which is worth around GBP120 million, gives Zurich Insurance and 87 percent stake in one company and a 100 percent stake in another. Zurich will make an initial payment of GBP89 million for the two businesses, plus a GBP15 million bancassurance agreement and the potential for a further GBP15 million paid out if performance figures are achieved.
Bancassurance will enable the newly acquired businesses to sell their Zurich Insurance products through local bank branches, a significant opportunity and well worth the amount paid.
The Prudential, the second largest life insurance provider in the UK, has seen the Peoples Bank of China take a one percent stake in the company, worth GBP130 million.
The move puts the Chinese bank into the top 25 of institutional investors in the Prudential, though there is no feeling that the holding is leading up to a takeover bid. The Chinese bank invests in many different businesses and a one percent holding is not uncommon. Speculation came because of the Prudential developing the Asian market though the management at the insurer welcomes the investment.
Such is the activity of the Prudential in Asia that their growth for the first half of the year was 14 percent, a remarkable step forwards.
