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Another VHI Increase?

  • 23-06-2004 9:55am
    #1
    Mr E
    Registered Users, Registered Users 2 Posts: 55,571 ✭✭✭✭


    VHI wants another increase in premiums

    The VHI has asked the Minister for Health to approve an increase of up to 3.8% in its premiums from September.

    Such an increase would mean VHI premiums would have increased by around 30% over the space of just three years.

    Health Minister Micheál Martin has already approved premium increases of 8.5% and 18% respectively over the past two years.

    The VHI, which made a €34m profit in the year to the end of February 2003, has reportedly insisted the latest increase would be used solely to finance new benefits and services for its members.
    (from http://www.breakingnews.ie)

    Let me get this straight - the company is in profit, but they want to hike premiums yet again to 30% more than they were 3 years ago? Why not use some of the profits to 'finance new benefits and services for its members'? Why the increase?


Comments

  • #2
    Ripwave
    Closed Accounts Posts: 2,188 ✭✭✭Ripwave


    Originally posted by TmB
    (from http://www.breakingnews.ie)

    Let me get this straight - the company is in profit, but they want to hike premiums yet again to 30% more than they were 3 years ago? Why not use some of the profits to 'finance new benefits and services for its members'? Why the increase?
    The VHI pay's out an average of €12 million a week in claims. That "profit" represents a surplus of 3 weeks claims.

    Personally, I'd like my insurance company to have a bigger reserve than that!


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