The third instalment of Health & Protection’s review of 2024 takes in Q3 2024 which saw a major investigation from the FCA announced, doctors taking a big step to challenge insurer fees and other conditions, Premier Choice acquiring Advo Group, a high profile departure at Guardian and a new government elected in the UK.
July
July saw Larry the Cat welcome his sixth prime minister with Rishi Sunak making way for Sir Keir Starmer (pictured) at Number 10 Downing Street after Labour won the General Election on July 4.
But on the eve of the election Health & Protection revealed how a protection adviser standing as a candidate for Reform UK had complained about our industry Pride coverage.
Following the vote we asked advisers about priorities for Larry’s latest flatmate. Perhaps unsurprisingly, NHS waiting times and cutting IPT featured prominently.
And the King’s Speech which followed on from Labour’s election victory contained some key announcements about the NHS, the Mental Health Act and AI.
A big acquisition in the adviser market came in the form of Premier Choice Group buying Advo, a theme that was to continue throughout the year.
July brought an exclusive on Bupa revealing it is reviewing its fee model for consultants while private medical insurers across the market declined to say how much they have changed fees for medical procedures.
And another exclusive, our latest House of Lords IPMI roundtable revealed that April International will be entering the global risk benefits market.
As the month drew to a close, the Paris Olympics started and to mark this momentous occasion, we brought readers protection adviser Holly Hill’s story about her time as a GB international rower and selection for the Tokyo 2020 Olympic Games.
August
August is typically one of the quietest months with summer holidays in full swing, but this year it included the biggest news of the year for the UK protection market as the Financial Conduct Authority (FCA) announced its market study into the sector.
Advisers applauded the move as the “right thing to do” while insurers said they were keen to engage with the FCA for “good outcomes” and a “competitive market”.
The FCA’s announcement followed more than two years of regular interaction with the protection market and came just a week after it released the findings of its latest thematic review.
Also in August during Aviva’s results call with journalists, Amanda Blanc confirmed to Health & Protection the discontinuation of some AIG Life products.
September
As the autumn leaves began to fall, the conflict between doctors and medical insurers heated up.
Independent Doctors’ Federation research showed the overwhelming state of practitioners’ severe dissatisfaction and frustration at private medical insurers and their treatment decisions, derecognition processes and fees paid.
Meanwhile, protection insurer Guardian announced Katya McLean would be stepping down as CEO.
The month also saw the Protection Distributor’s Group (PDG) call on the sector to be upfront on the limits of income protection in covering customers who fall out of work due to stress.
Income protection was once again the focus as IPAW returned with Gary Waters speaking on why not taking out IP is like betting you will not be sick for 50 years, while at a live panel session advisers predicted pretty bad things if the FCA plays around with commissions.
And John Kerr spoke to us about bidding goodbye to the Kerr Henderson name with his firm’s employee benefits and general insurance businesses joining the Incorporate Brand.
