Timing is critical

Now that the deadline has passed for insurers to implement the new Statement of Best Practice for critical illness (CI) cover, it is a good time to reflect on whether it is achieving what it set out to do. When the Association of British Insurers (ABI) CI Working Party started the last three-year review of the Statement of Best Practice for CI cover, the ABI kicked off the project by setting out the challenges faced by the market at that time. These were in three main areas: sustainability, reputation and regulation. Looking back to the end of 2004, there were serious questions about wheth...