Sterling increases rates for HNW individuals
Sterling Insurance Group has announced that it will be increasing premium rates for high net worth clients at renewal, from 1st January 2010.
Wealthy clients can expect a 7.5% hike on clean risks, excluding any increases applicable to add-on covers, with a further 3% direct debit charge on selected products.
The insurer says the rises are part of a “sustainable approach to pricing” and represent necessary corrections after a prolonged soft market.
The latter has been created by the economic downturn, increasing access to online solutions and the consumer’s desire to achieve lower premiums, according to Sterling.
The group believes its competitors will be forced to follow suit to avoid customer dissatisfaction with claims in the future, and the firm’s brokers are apparently in support of the move.
Director for personal and commercial insurances, David Sweeney, says: “These increases are necessary to ensure prices remain correct in order to provide a service and products that perform in line with or beyond policyholders’ expectations.”
He adds: “Proper pricing is the only way insurers can deliver this and ensure customers are treated fairly in the event of a claim.”
Sterling’s Executive Plus policy caters for high net worth clients with larger sums insured and more complex properties, while its Executive Home offering is aimed at mid-to-high net worth clients with a main residence and additional homes.
Category: Companies News, Home Insurance News
Visited 1052 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.