Description: Daily news updates from Russell Hutchinson, consultant to the New Zealand financial services industry at Chatswood Consulting Limited specialising in Life and Personal Lines Insurance product design, marketing, and sales. Co-founder of Quality Product Research Limited
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AIA is increasing premiums on its income protection (IP), waiver of premium and closed trauma products . AIA have said the increases are based on a gradual increase in IP claims and a higher level of claims on closed AIA trauma products compared with their wider trauma portfolio.
The table below shows the pricing increases, with closed AIA trauma products set to have staggered price increases at a rate of 5.2% a year over the next three years.
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