Protection advisers reiterate concern over market consolidation with AIG exit

“Let’s hope that this is not the thin end of a miserable trend”

clock • 3 min read

Protection advisers and intermediaries have again expressed concerns over further insurer departures from the UK individual protection market, following news of Aviva’s acquisition of AIG Life.

AIG Life will become the third individual protection insurer to leave the market so far this year, following similar announces for Aegon UK and Canada Life in April and May respectively. All three deals are expected to close at various points of 2024, while Aviva will see 1.3 million new individual and 1.4m group protection clients join its ranks. As with similar announcements, protection advisers contacted by COVER in the wake of Aviva's announcement once again expressed concerns over the ongoing trend of market consolidation and what this will ultimately mean for consumers. "The ...

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