Commenting on news that risk assessment in the bulk annuity market is becoming more sophisticated, Hugh Gittins, pensions insurance expert at law firm Eversheds, says:
'Medical underwriting is becoming an increasingly important feature of the bulk annuity landscape, both for entire schemes and the 'top slice' of benefits in larger schemes. People are estimating that almost £2 billion of business was written on this basis during 2015, with a surge towards the end of the year. I can only see that trend continuing.
'It will be interesting to see how the market develops in light of the forthcoming Just Retirement / Partnership merger, the recently announced first medically underwritten deal for Legal & General and the expected entry of other new players in 2016. Another area to watch is how the non medically underwritten insurers will respond when pricing for new business.
'The bulk annuity market is young, fast changing and innovative. Medical underwriting is just one area where this can be seen.'
Eversheds LLP issued this content on 13 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 January 2016 17:22:29 UTC
Original Document: http://www.eversheds.com/global/en/what/publications/shownews.page?News=en/uk/comments/UK-bulk-annuity-market-young-fast-changing-and-innovative
