I'm just beginning looking at the mid December 2018 renewal terms for one of my clients.
The premium last year went from £ 489 per annum to £ 559 p.a. for a mid range policy with Aviva.
Last year I thought this increase was not unreasonable (equating to £ 5.83 per month) but I did a market review anyway as I often do for clients. There were lower costs with other insurers but not low enough to make it worthwhile moving insurer so the client and I elected to renew as is with Aviva. The insurer offered a small discount and everyone was happy.
This year the renewal terms have arrived in at £ 783 per annum - we will have to renew the market again and this time assuming no pending claims then I will almost certainly recommend a move as I can think of at least two insurers who on a clean switch case like this one will offer considerably lower terms than the holding insurer.
The morale to this story is two fold - firstly never ever leave your insurance to auto-renew, contact an expert intermediary and review things. Even if leaving things as they are is the right advice at least you can have some context on how your plan compares with market. Secondly, pricing and insurers approaches to taking on new clients changes in my market quite quickly - there are options available now that were not available only 12 months ago so it is always worth checking in a renewal time.
For help, contact me on 07792 075748 or philknight@pch.uk.com
I look after personal medical insurance (primarily high net worth clients but I will NEVER turn anyone away even if you just want a natter about your options), company cover 2 - 20,000 employees and various associated covers : optical, dental, cash plan, EAP, Sickness Absence - your one stop shop for professional healthcare consultancy
Phil Knight
November 2018
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