• Nicholas Hatherly

A note from AFRM Managing Director, Nick Hatherly - 30 October 2019

Re increases in insurance premiums:

In recent days it has come to my attention that two more insurance companies have advised their clients of impending significant increases in premiums. The rationale insurers are using to justify the increases are fairly consistent:

  • facing a challenging environment / market conditions,

  • responding to a rising cost of claims,

  • they are struggling to keep insurance affordable while remaining financially sustainable.

The purpose of this note to let our clients know this is something that is happening across the board in Australia. If you have received advice of an increase in your premiums you are not alone. It seems all insurers are doing it in response to increased cost pressures. That said; we will always seek to get the best possible deals from insurance companies in order to meet your individual needs and to ensure you receive the sharpest priced premiums we can find on the right products for you. At the end of the day, insurance premium increases are outside of our control but what we can control – and what we guarantee - is the quality of the advice we provide and the risk mitigation strategies we put in place on your behalf to protect you and your loved ones into the future. Risk mitigation is a long-term financial strategy that provides you and your family with financial security. If you are ever tempted to cancel a policy as a means of protesting a premium increase, please consider the harm you may be doing to you and your family in the long-term. Policies should not be cancelled as a knee-jerk response to premium increases. Before cancelling any policies, we’d recommend a full review of your current insurances and through this process we can provide you with advice on the risk insurance portfolio that you have in place. It is important to note that there is no charge to you for a review. The aim is to ensure that your risk requirements continue to be appropriately met. Prior to any client cancelling a policy, we’d also recommend that client undertakes a full medical check.


Rest assured, we will continue to provide you with the best advice we can on how to best mitigate your potential future financial risks.

We will also continue to provide AFRM’s signature high level of administrative and claims support at no cost to you. Administration - When policy maintenance is required, such as a change of payment details or a change of address, feel free to contact our friendly and experienced staff, who will be happy to take care of it for you; following up with the insurers to ensure it all happens smoothly. Claims - If you ever need to make a claim, we will dedicate one of our team members to be your claims liaison to work on your behalf to solve any issues as they arise. We know the personal stress and trauma involved in having to make a claim, so that’s the burden we seek to relieve for you. Our role is to work on your behalf to ensure the insurer fulfils their obligation without unnecessary delay. We are proud of the fact that we stand by our clients when the time comes to make a claim. To date, we have achieved more than $165m in client claims paid. We will provide you the best advice we can to ensure your best interests are always protected. Yours sincerely, Nicholas Hatherly. Managing Director

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