As part of our commitment to ensuring the long-term sustainability of our covers, we wanted to let you know about an upcoming change to the underlying premium rates on our Specific Injury Cover under Assurance Extra, Assurance Extra Business, Business Assurance and Agribusiness Extra.
The new underlying rates come into effect on 8 May 2025 and will see the average Specific Injury premium increase by $3.10 per month depending on gender, occupation and cover level.
Why the rate change?
A recent review of our Specific Injury Cover claims experience found that claims have been higher than expected. This premium increase reflects the higher claims costs while ensuring the cover remains competitive and good value for customers.
How will this impact my customers?
For new customers: The new rates come into effect on 8 May 2025 for all new policies.
For existing customers: The new rates will be applied to existing customers at their next premium review date or anniversary from 8 May 2025. They’ll receive a communication from us to advise them of the change to their premium.
What about pipeline business?
Quotes submitted and issued before 8 May 2025 will have the old rates applied. This update serves as 28 days’ notice of the upcoming rate change to give you time to speak to your pipeline customers before the change takes effect.
We’re here to help
If you have any questions about this change or would like to discuss options for your customers, please get in touch with your Business Partnership Manager, they’ll be happy to help.