The biggest threat to the life and health insurance sector:
Legal and regulatory

Partners Life set to change Level Life premium rates, and more daily news

Partners Life has announced that from 1 November Level Life premium rates will increase by up to 20% for new business. This change is a result of monitoring the performance of products against several expectations, including claims, lapse rate, expenses, and positioning expectations. Partners Life has clarified that the change in premiums won’t apply to existing guaranteed level premium life covers.

“As a key leader in the Life and Health Insurance industry, Partners Life is focused on ensuring the sustainability of our products for the long-term benefit of our clients.

This means we are constantly measuring and monitoring the performance of our products against expectations in respect to claims, lapses, expenses and competitive positioning.

Our latest review has identified a need for us to adjust our guaranteed level premiums for Life Cover.

With effect from 1 November 2021, Level Life premium rates will increase by up to 20% for new business, which reflects our experience assumptions, and will bring our pricing for guaranteed level life premiums in line with the rest of the market.

This change in premiums will not apply to existing guaranteed level premium life covers (including future contractual CPI indexation increases), in keeping with the guarantee.

As is usual, any non-CPI increases of guaranteed level premium life cover on existing policies will be priced based on the premium rates applicable at the date of increase.”

In other news

nib: Nib halts travel insurance sales in Australia and New Zealand

AIA: Not all life insurers are equal

From Stuff: Why you should constantly review your insurance coverage

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

The comments to this entry are closed.