House, Contents and Motor Vehicle Premiums on the rise….?!

Striking the balance between affordability for customers and the insurers ongoing ability to pay claims sits at the heart of financial management of business. Therefore premiums are regularly reviewed to ensure they’re priced in accordance with the level of risk insured, yet remain affordable for customers.

Two things have become increasingly apparent for insurance companies in recent months. One is the importance of having a strong financial position with access to capital, and the other is the importance of having a comprehensive reinsurance programme in place to cover the very high cost of natural disasters. If lacking in either of these areas, insurance companies are putting their customers at risk.

The impact of the recent catastrophic events we’ve seen, both locally and globally, has meant the cost of reinsurance cover has increased substantially for all types of natural disasters, and we are already incurring this increase.

Recent speculation in the media has suggested premium rises as high as 50% could be expected. For the majority of our customers, we believe the overall increase you receive will be significantly less than that amount.

Thorners is committed to ensuring the risk covered is rated correctly and we ask for your continued support as we make these necessary adjustments.

Please don’t hesitate to contact us if you have any questions about these increases.