On Friday 31st July 2015 we received a short notification from various insurers regarding an upward review of premium rates based on an actuarial study carried out by a consultant in 2014. According to this notification, the review takes effect on 1st August 2015. Since then there has been engagement within the insurance industry regarding the implementation. Initial communication to this effect was made between late 2014 and early this year but the insurers appeared to maintain the terms which existed.
By the time of notification on 31st July 2015, premium terms for August 2015 had been communicated to most insureds and we have advised the insurers accordingly. Some of the insurers have accepted to retain the old terms until the next renewal while others have maintained the position that they will review terms for all cases coming up for renewal or new policies taking effect on 1st August 2015 onward. As a result of this, we have now considered it necessary to prepare you accordingly.
Meanwhile, we wish to assure you that we remain committed to offering the best possible insurance solution and will work closely with you to ensure that your risk is differentiated for negotiation of competitive terms with insurers.