Halifax is also underwritten by AXA, so I don't understand why M&S has increased so much but not Halifax.
Healthy Pets is also Underwritten by AXA
An Accountant's guide to basic underwriting, cheap prices = lots of customers
With lots of customers comes lots of claims Inevitably the price goes up. Accountant backtracks
The problem was M&S were TOO cheap and their scheme with AXA has suffered as a consequence, so much so that it would appear that AXA aren't writing it for M&S anymore.
Strange though that AXA arent putting their prices up across the board ala Halifax & Healthy Pets probably because it was underwritten (price wise) differently.
I do feel sorry for the people who have had claims on the M&S policy and basically have to 'put up' with the price hike or go elsewhere and have no cover . In my opinion it is bad underwriting - but thats just my view.
Michelle - are you referring to pre-exisiting illnesses with M&S? We've only claimed once and that was for HGE which is not a recurring illness so I was assuming this wouldn't be a problem?
Helen, not sure what a HGE is
hope I'm not being a complete moron
Generally, Insurers will err on the side of caution as much as is possible - if they can get away with excluding things for at least 12 months, they will.
I added Charlie onto my existing Healthy Pets policy - I was ENTIRELY honesty with them, told them that he was overweight and (as informed by the vet) has a skin problem which is due to his weight - I think it was through boredom
anyway, I informed HP and both were excluded, as I imagined they would be - I was however slightly narked because within the exclusions it says that they will consider lifting the endorsement following 12 months free of any vets advices/consultations regarding the issues. I e mailed them to specifically question them on this point as we are taking Charlie for monthly weigh ins, therefore looking after his health and being pro active - I was told that this would class as "advice" and therefore he would have to be "advice free" for 12 months before they could consider lifting the endorsement. It makes you laugh that for being pro active and wanting to combat the problem we *could* be penalised
I am at an insurance meeting early June so if I bump into the AXA man I will question him to within an inch of his life
although I am sure that I will be told that "it's not my department"