Royal London has removed restrictions to its underwriting philosophy put in place last year due to COVID-19. The mutual insurer will continue to ease restrictions with the aim of returning to a pre-pandemic underwriting philosophy. |
An estimated six in ten of the applications that were postponed due to temporary restrictions relating to coronavirus will now be offered terms for cover. All temporary rating restrictions related to coronavirus for Critical Illness and Income Protection covers have also been removed. Royal London has increased the maximum ratings applied to Life Cover applications at all age bands, with the maximum for those aged under 60 increasing to 300%. For Critical Illness and Income Protection, all temporary rating restrictions related to coronavirus have now been removed, with the maximum rating limit returning to 150% for all customers. Diabetes Life Cover is under review and will be updated separately to the changes made on Menu products. The changes came into effect on 24 May and apply to all new applications, any on-going applications, and any case where terms have expired or that need a further underwriting assessment. Craig Paterson, Chief Underwriter at Royal London, said: “With an improving picture in the UK and the progress of the vaccination programme, we’re pleased to be able to remove the bulk of the restrictions that have been in place for the last year. Our updated approach to underwriting will ensure greater access to insurance with more customers now able to obtain cover, whilst also recognising that the situation remains changeable. We will continue to evolve our underwriting philosophy as circumstances dictate with the aim of returning to our pre-pandemic philosophy as soon as we are able to.” |
|
|
|
Pensions Data Science Actuary | ||
Offices UK wide, hybrid working - Negotiable |
Head of Pricing | ||
London - Negotiable |
Global Specialty Pricing Actuary | ||
London - £95,000 Per Annum |
Client-facing DC investment manager | ||
London / hybrid 3 dpw office-based - Negotiable |
Financial Risk Leader - Bermuda | ||
Bermuda - Negotiable |
Aylesbury Actuaries | ||
Aylesbury / hybrid 3dpw office-based - Negotiable |
Make an impact in protection pricing ... | ||
London / hybrid 2 days p/w office-based - Negotiable |
BPA Implementation Manager | ||
North / hybrid 50/50 - Negotiable |
Head of Reserving | ||
London - £160,000 Per Annum |
In-force Longevity Actuarial Analyst | ||
London / hybrid 2 dpw office-based - Negotiable |
Make a difference within reinsurance ... | ||
London / hybrid 2 dpw office-based - Negotiable |
Be at the cutting-edge of life & heal... | ||
London / hybrid 2 dpw office-based - Negotiable |
Longevity Pricing Analyst | ||
London / hybrid 2 dpw office-based - Negotiable |
Develop your career in life reinsuran... | ||
London / hybrid 2 dpw office-based - Negotiable |
Protection Pricing Actuary - Life Rei... | ||
London / hybrid 2 dpw office-based - Negotiable |
Life (Re)insurance Pricing Manager (P... | ||
London / hybrid 2 dpw office-based - Negotiable |
Take the lead: life & health reinsura... | ||
London / hybrid 2 dpw office-based - Negotiable |
Pricing Tools and Systems Developer | ||
London / hybrid 2 dpw office-based - Negotiable |
Longevity Pricing Actuary | ||
London / hybrid 2 dpw office-based - Negotiable |
Shape the future of longevity | ||
London / hybrid 2 dpw office-based - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.