Product design and pricing of Income Protection: What the UK can learn from the Australian crisis

The UK Income Protection market, despite short-term COVID-19 headwinds, has grown rapidly over the last 5 years and is projected to grow further as awareness and appetite for IP products increases. 

The design and pricing of income protection products is significantly more complicated than other Protection products with many moving parts and their impact on long-term claims outcomes - the challenge of getting this right has played out recently in the Australian IP market, culminating in regulatory intervention and massive industry losses.      

Our panel of IP experts explores the current state of the UK and Australian IP markets, drill into some of the fundamental issues seen in Australia and explain what this means for UK IP providers.