Premium increases, some topping 200 percent, are driving policyholders to sue insurers.
The Wall Street Journal reports that people being hit with the increases on decades-old life insurance policies of anywhere from midsingle-digit percentages to more than 200 percent, are fighting back against the move by insurers to raise extra money.
According to the shareholder suits, against such companies as Aegon NV’s Transamerica and Legal & General Group plc's Banner Life, companies are pulling out all the stops on legal language that allows them to raise premiums — despite the increased profits they’ve reaped on policies thanks to longer lifespans.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
