2021 Premium Freeze
Dear Business Partner,
In these unprecedented and challenging times that we have experienced in 2020, it is important that we re-look at strategies that will support you and your clients as far as possible.
In doing so, we have decided to use the higher-than-usual underwriting surpluses that have accumulated during lockdown to keep a freeze on our 2020 premiums until at least 30 April 2021.
This will apply to existing and prospective clients – any quotes provided during this year-end renewal process will be set at 2020 premiums.
Given the economic damage that the Covid-19 lockdown has caused this is a great opportunity for you to provide better value and some much-needed financial relief for your clients – so please do not hesitate to contact us for a quotation on our market leading gap cover solution.
There is clearly much uncertainty about exactly when claiming levels will return to normal, so we will be reviewing claiming levels between now and early next year and will confirm by mid-March 2021 if the premium freeze will continue for longer or if the 2021 premium increases will be implemented with effect from 1 May 2021.
We can confirm that our maximum weighted premium increase for 1 May 2021 will not exceed 8.0% – if we amortise this delayed increase across the full year, then our premium increase for the whole of 2021 will be very competitive at 5.3%.
Our 2021 benefit structure has remained unchanged although benefit limits on all categories will increase by between 4% and 17%.
We wish all intermediaries the best over this year-end renewal process and welcome you to contact us should you require any assistance.
We look forward to helping you provide superior value for your clients.
I welcome any comments, queries or discussions. Please feel free to drop me a note on firstname.lastname@example.org
Best wishes and keep safe,
“Not everything that is faced can be changed,
but nothing can be changed until it is faced.”
James Baldwin, American novelist and activist