Asgard Announces Significant Hike in Insurance Premiums

Asgard, the investment platform owned by Westpac, has announced substantial increases in insurance premium rates, ranging from 0.7% to 94.6%.

This decision comes in collaboration with AIA Australia following a review of its insurance offerings.

The changes, which will affect clients with Asgard Personal Protection Packages, are attributed to rising costs, including claims expenses.

The communication sent to financial advisers highlighted that the premium adjustments aim to ensure the sustainability of Asgard's insurance products, maintaining their value for clients in the event of a claim. The new rates are set to take effect on 1 July, with notifications being sent to clients to explain these changes and offer options for managing their premiums.

Starting 21 May, Asgard plans to inform clients about the impending changes, which will apply from their next premium due date following 1 July 2025. The notification will guide investors through the transition and outline potential strategies to cope with the increased rates.

These alterations in premium rates are seen as necessary by Asgard to continue providing reliable insurance coverage amidst rising operational costs. The move signifies an ongoing challenge within the insurance sector to balance cost management with the provision of comprehensive insurance benefits.

Going forward, Asgard's approach towards premium adjustments may serve as a case study for other financial institutions facing similar cost pressures. It underscores the importance of transparent communication with clients and the need for strategic planning to maintain product viability.

Published:Friday, 16th May 2025
Source: Paige Estritori

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