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Philip Morris enters UK insurance market

Philip Morris enters UK insurance market | Insurance Business

Philip Morris enters UK insurance market

Marlboro maker Philip Morris has launched an insurance subsidiary in the UK that promises to slash premiums by half under one condition.

Smokers insured by Philip Morris unit Reviti are offered a 50% discount if they kick the habit for a minimum of one year. If that sounds too hard, two other options are available under the new life insurance proposition.

Price reductions in the cost of coverage can still be had if customers make changes in the way they smoke. According to CNBC, switching to electronic cigarettes will translate to a 2.5% discount while specifically using IQOS – Philip Morris’ tobacco heating system – for a period of three months will mean a 25% cut.

Reviti is headed by chief executive Daniel Pender, with The Times reporting that premiums start at £5 a month.

“At Reviti, we believe everyone is a work in progress, able to improve their lifestyle choices to improve their chance of a better life,” says Pender on his LinkedIn page. “So we decided to change things up. To rethink life insurance.”

The former Zurich UK Life chief financial officer also spent time at Prudential UK and Europe before co-founding Gryphon Group Holdings.

Meanwhile the British insurance market is just the beginning for the UK-based Philip Morris subsidiary, which plans to expand overseas later on.