Private medical insurance (PMI) intermediaries should look to the wider protection market for further business opportunities, an industry expert has claimed.
Peter Le Beau, managing director of Le Beau Visage, called on delegates at the AMII annual conference to help address the protection gap among the UK population.
Le Beau outlined details of a £2.2 trillion life assurance black hole among UK consumers, as well as a £130m income protection gap and a £300bn gap in business protection needs.
He said that while certain areas of the protection market, such as critical illness, have suffered of late, ample opportunities remained.
"Income protection in particular is favoured by the new regulatory environment. It has strong consumerist approval and its use will be highlighted with the reform of Incapacity Benefit. Opportunities also lie in the whole of life market as a way of mitigating Inheritance Tax liability," he said.
Discussing the future of the market, Le Beau said better public and private relations, processing times and technological developments must improve if the market is to develop.
