Adventures Scheme Changes

By David Jeffrey on Jul 25, 2012 in P J Hayman Update |

New terms effective 1st August 2012

It is a challenging time for travel insurance providers. Claims cost inflation is far outstripping premium levels due to ever increasing charges by hospitals and clinics, particularly in the USA and popular destinations such as Spain and Greece.

We have found it necessary to undertake a major review with the Underwriters of our Adventures Scheme which has necessitated a range of changes to the rating model and activity loadings. These are shown in the Underwriting Guide which you can download by clicking here.

Summary of changes

Activity Categories – increased from ‘4’ to ‘6’ with premium loadings ranging from 35% to 200%
Activity List – this has been totally updated with some sports downgraded but inevitably some have had to be increased, particularly aerial activities
Selective Rating Increases with a particular focus on the USA for Single Trips
Annual Multi-trip rates reduced and a new family rate added at a 2 x multiplier – i.e. children are free
Age Loading – this has been reduced from 100% to 50% and will only apply for 65 to 69 year olds (previously 60 to 69)

The review process continues and I anticipate releasing an updated product from the 1st October 2012 at which time we will re-issue the sales and policy documentation. In the meantime please continue to use existing stocks.