The nascent long-term care insurance (LTCI) market needs to be regulated with a more flexible mechanism than cover, access and terms (CAT) standards, actuaries Bacon & Woodrow have warned.
“LTCI is a complex and, as yet, underdeveloped marketplace, and we can't endorse the development of minimum benchmark standards for a product still in its infancy,” said David Gulland of Bacon & Woodrow.
“The simple use of cover, access and terms is not sufficient to describe all
the aspects of a full LTCI policy.”
Gulland added that imposing CAT standards would run the risk of consumers buying the wrong product.
The Treasury consultation on long-term care is due to close on March 30.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
