Group insurance premiums are reviewed annually, and insurers base premium rates on the expected cost of claims for the next 12 months.
In determining the expected cost of claims, they consider three main factors:
- A scheme’s past claims experience.
- The claims experience of their overall portfolio of schemes (their risk book), tailored specifically for the unique membership profile and industry of the scheme.
- Other factors that may influence future risk and claims experience.
The group life benefits for the ISASA Retirement Fund have been improved due to an improved claims experience over the last 12 months. The Provident Fund death benefits (Group Life) remain unchanged.
Download the document containing the new risk multiples:
