Once again, life insurers have shown that they will talk endlessly in committees about the need for promoting various types of products, but when actually asked to pay for a campaign, they are found wanting.
Tom Baigrie of Baigrie Davies, originator of the scheme for a pan-industry consumer protection awareness campaign, says: "The Consumer Protection Insurance Engagement Campaign (CPIEC) has not achieved the agreement on funding that we had hoped and is therefore at an end. It is a great shame that the leaders of the protection industry could not agree to move forward and meet the costs."
The cost of the plan was estimated at £5million in the first year and, if successful, £3million in the second and, perhaps, thereafter. This bill was to have been split between all by dividing the provider market by estimated annual premium income.
The CPIEC was created with the backing of 22 life insurers plus reinsurers. Only five agreed to their proposed spend without significant qualification, the rest either said no, or a yes so qualified it meant no, or could not be bothered to answer.
Life insurance: News update: 1 December 2009