CI: Speculation rife as broker claims insurer will issue rates in next two months
Zurich may soon enter the guaranteed critical illness (CI) insurance market.
Speculation is mounting that the insurer is about to join the majority of providers, which offer reviewable and guaranteed CI rates.
According to an Openwork broker attending a seminar hosted by Zurich, this could happen in the next two months.
"We were told Zurich is looking to roll out guaranteed critical illness rates in either March or April," he said.
While refuting a launch would be taking place at the end of Q1 or in early Q2, Zurich did not squash speculation it may enter the guaranteed CI market later this year.
Peter Hamilton, protection management director of Zurich, said a move to guaranteed CI was not out of the question.
He said: "I think whoever spoke to the broker community must have been someone giving an overly positive view on what we are currently planning.
"We are certainly looking at launching guaranteed critical illness rates.
"However, the move is yet to be finalised and it has not been approved yet. If it happens, it will be later this year."
He continued: "We are one of the few companies that haven't got guaranteed rates so I hope we will launch them.
"However, we are not there at this very moment."
It has also been suggested that Swiss Re may be joining the guaranteed CI market following its acquisition of reinsurer GE Insurance Solutions in December.
