This week’s most read report was Chubb Life’s announcement that it is revising premiums across a range of products with a view to its long-term sustainability agenda…

Chubb Life raised its underlying rates on a wide range of products on Friday 26 May saying it was a part of its commitment to ensure the “…long-term sustainability of our core covers”.

In a statement, the firm says following a review of its claims experience it is making changes to ensure its premiums remain sufficient to cover claims.

“We’re confident these new rates continue to remain competitive and will contribute to the long-term sustainability of our products while remaining good value for your customers,” says Chubb Life.

The products affected are across life, and trauma & disability:

  • Assurance extra
  • Business assurance
  • Business extra
  • Agribusiness extra

While the refreshed rates came into effect on 26 June 2023 for new policies, for existing customers the new rates will be applied at their next premium review date or anniversary.

What’s changing…

  • Yearly renewable term life cover rates on assurance extra, business assurance, business extra and agribusiness extra are increasing by an average* of 3.2%. Level Life cover rates remain unchanged.
  • Yearly renewable term trauma cover rates on assurance extra, business assurance, business extra and agribusiness extra are increasing by an average of 4.7%
  • Yearly renewable term income cover rates on assurance extra and agribusiness extra are increasing by an average of 2.9%
  • Mortgage repayment cover rates are increasing by an average of 8.1%
  • Premium cover rates on assurance extra, business assurance, business extra and agribusiness extra are increasing by an average of 2.9%
  • Key person cover rates are increasing by an average of 10% varying by occupation

*For any given customer the increase may be more or less than the average depending on their age and gender.