DUBLIN, Oct. 13, 2020 /PRNewswire/ — The “Income Protection – United Kingdom (UK) Protection Insurance 2020″ report has been added to ResearchAndMarkets.com’s offering.

The report provides an in-depth assessment of the income protection market, looking at current and historical market sizes with regards to changes in contracts and premiums. It examines how income protection products are distributed and highlights key changes in the competitive landscape, as well as the proposition of the key market players. It provides five-year forecasts of contracts and premiums to 2024 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.

The UK’s income protection market has grown strongly in recent years. Of the main protection products, income protection was the only product to register double-digit growth in premiums in 2019. Advised sales remain far more common than non-advised sales. However, the non-advice channel has experienced the fastest growth over recent years in terms of new business premiums.

Income protection providers face the prospects of increased claims due to job losses and increased illnesses as a result of COVID-19. As such, insurers have been forced to withdraw unemployment cover from the market and add exclusions to the wording of those policies that remain. The market is anticipated to plunge in 2020 before returning to growth. Financial hardship will highlight how vulnerable people are without a regular income, be it the result of unemployment or illness. This will generate strong demand for income protection products over the coming years.

Scope

  • New business premiums in the income protection market grew 18.3% to reach £65.5m in 2019, making it the only protection product to register double-digit growth by this measure.
  • Aviva strengthened its position as the largest provider of income protection insurance,

FILE PHOTO: Bottles of prescription painkillers Oxycodone Hydrochloride, 30mg pills, made by Mallinckrodt sit on a counter at a local pharmacy, in Provo, Utah, U.S., April 25, 2017. REUTERS/George Frey/File Photo

(Reuters) – Mallinckrodt Plc MNK.N filed for bankruptcy protection on Monday, saddled with lawsuits alleging it fueled the U.S. opioid epidemic and after it lost a court battle to avoid paying higher rebates to state Medicaid programs for its top-selling drug.

The company listed both assets and liabilities in the range of $1 billion to $10 billion in a filing with the U.S. Bankruptcy Court for the District Of Delaware.

More than 3,000 lawsuits have been filed accusing drug manufacturers of engaging in deceptive marketing that promoted the use of addictive painkillers, fueling an epidemic that since 1999 has resulted in more than 450,000 overdose deaths.

The company had in February said it planned to have its generic drug business file for bankruptcy as part of a tentative $1.6 billion opioid settlement to resolve claims by state attorneys general and U.S. cities and counties.

It further warned on Aug. 4 the parent company and other units may also seek bankruptcy protection after a judge allowed the federal government to force it to pay higher rebates to state Medicaid programs for its multiple-sclerosis drug H.P. Acthar Gel.

Its per-vial price has risen from about $50 in 2001 to $38,892 in 2019 and it generated 30.1% of the company’s net sales last year.

The drugmaker said it will implement a restructuring support agreement that would provide for an amended proposed opioid claims settlement and a financial restructuring.

“The company has agreed to pay $260 million over seven years and reset Acthar Gel’s Medicaid rebate calculation as of July 1, 2020, such that state Medicaid programs will receive 100% rebates on Acthar

SAN FRANCISCO — A California man convicted five years ago of defrauding several local governments in the state has been charged with trying to steal $22 million from the Paycheck Protection Program.

Attila Colar, 48, of Richmond, who goes by several aliases including Dahood Sharieff Bey, was charged with bank fraud in an alleged scheme where he falsified documents to take advantage of the federal program intended to keep small businesses afloat during the coronavirus pandemic, the U.S. Attorney’s Office in San Francisco said Friday.

Colar faces up to 30 years in prison and a $1 million fine if convicted.

Prosecutors sought to keep him detained in jail while the case is prosecuted by telling the court that Colar tried to destroy records related to PPP applications by flushing them down the toilet when investigators executed a search warrant at his home in Hercules.

According to a criminal complaint, he submitted nine loan applications, including three for All Hands on Deck, a nonprofit he founded to offer services to people released from jail or prison, and received $1.1 million from one of those applications. Prosecutors said he falsified payroll tax documents to make it look like he was paying employees in excess of $22 million, when there were no W2 forms to back up the claim.

None of the loan money was spent, defense attorney Patrick Hanly wrote in a motion arguing for Colar’s release.

“This is a no loss paper crime. A fraud case involving allegations of false statements on a loan application,” Hanly wrote. “The loan proceeds sat in the defendant’s account for over 2 weeks before being seized by the FBI.”

The East Bay Times reports Colar was the leader of a Black Muslim temple in Oakland and a group that was a spinoff of Your Black

(Bloomberg) — Britain faces a surge in insolvencies unless the government extends measures designed to shield firms struggling amid the coronavirus crisis, a business lobby warned Wednesday.



a man wearing a suit and tie: Rishi Sunak, U.K. chancellor of the exchequer, departs number 11 Downing Street on his way to present his 'Winter Economy Plan' at Parliament in London, U.K., on Thursday, Sept. 24, 2020. Sunak will set out a new crisis plan to protect jobs and rescue businesses as the coronavirus outbreak forces the U.K. to return to emergency measures.


© Bloomberg
Rishi Sunak, U.K. chancellor of the exchequer, departs number 11 Downing Street on his way to present his ‘Winter Economy Plan’ at Parliament in London, U.K., on Thursday, Sept. 24, 2020. Sunak will set out a new crisis plan to protect jobs and rescue businesses as the coronavirus outbreak forces the U.K. to return to emergency measures.

The Institute of Directors made its plea on the day that the suspension of wrongful trading rules is due to come to an end. It means directors of companies facing certain liquidation will be committing an offense if they continue to operate, including paying staff and suppliers.

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“The suspension of these rules has given business leaders greater confidence to press on and seek a way through the uncertainty for their organization and staff,” said Roger Barker, director of policy at the IoD. “Now, the message to businesses against the wall appears to simply be to shut up shop.”

The warning highlights the pressure on Chancellor of the Exchequer Rishi Sunak as Britain enters a difficult winter.

Local lockdowns are being reimposed in response to a surge in coranavirus cases; trade talks with the European Union are deadlocked; and critics say his wage-subsidy replacement announced last week will do little to prevent mass job losses in the coming months, with the ax falling hardest on young people.

U.K. Introduces Insolvency Bill to Help Covid-Hit Companies

Two separate reports Tuesday demonstrated the strains in the labor market.

The Recruitment and Employment Confederation found private-sector confidence subdued and many firms reducing pay. But there were some glimmers of hope, with short-term demand for permanent staff