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FT Adviser - Insurers and govt told to remove 'perverse incentives'

Government and insurance professionals must work together better to remove "unnecessary and counter-productive" disincentives to individuals making their own insurance provision, a provider has said.

Peter Hamilton, head of market management for Zurich, warned any moves to promote protection policies and encourage better take-up were currently being hampered by the complex interaction with state benefits... 

...Responding to the Financial Services Consumer Panel's (FSCP) 11-page discussion paper, Understanding the Protection Gap, which was published earlier this month, Mr Hamilton welcomed the panel's recognition of the value that financial protection can bring...

...Katharine Moxham, spokesman for Group Risk Development (Grid), the industry body for workplace insurance, told FTAdviser Grid welcomed the FSCP's paper, as it highlighted the complexity not just of product choice but also the interaction of private insurance with state help.

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