Your individual choices and personal circumstances are applied to our set of standard premium rates to calculate your premiums. The standard premium rates are not guaranteed to stay the same. Occasionally, we need to adjust our standard premium rates to ensure we can continue to support our customers when you need us the most – at claim time.

• When we review our standard premium rates, we will look at factors including the following:
• for expected future claims costs, factors can include recent claims experience, or industry trends which show a likely increase in the future cost of claims
• for other costs of doing business, factors can include changes to tax, government or other mandatory charges, the cost of reinsurance, the costs to meet compliance and regulatory requirements, distribution costs, and changes to business operating expenses, and
• for reasonable margins in providing the cover, factors can include changes to the economic environment such as interest rates, inflation rates and market returns, or the achievement of a fair shareholder target return for the commercial risks taken in providing the insurance.

If we make changes to our standard premium rates, we will always act reasonably and with utmost good faith, and any changes will be applied consistently for policies of the same kind.  This means your policy will not be singled out for a change in premium rates.

If your premium increases, you have a number of options to manage the cost of your cover, such as reducing your cover or changing the options on your cover.  Please speak to us or your financial adviser for assistance.