Allianz GHS Premium Rates
The renewal premium rate for Allianz Group Hospitalisation (GHS) group insurance plan is based on the company’s claim experience from previous years. It may change depending on Allianz’s analysis of claim history.
Click the button below to contact Allianz Insurance Agent Jeffrey Teoh, to answer your questions on this insurance plan.
GHS Renewal Premium Rate
GHS insurance renewal rate refers to premium rates that the client needs to pay to renew its GHS insurance policy. This GHS insurance is an employee benefit for hospital and surgery bills.
The renewal premium rate is the updated price for maintaining insurance coverage to pay employee medical bills. And determined by the insurance providers based on a variety of factors.
Allianz GHS Renewal Premium Rate
For Allianz, the renewal premium rate for Group Hospitalisation (GHS) group insurance will vary. Insurance loading or increasing the renewal premium rate will be based on Allianz’s claim history with the client.
How Allianz decides the renewal rate for Allianz GHS and group insurance plans is as follows:
|1. For the low claim amount which is about 50% claim ratio(total claim /total premium paid), the Allianz GHS renewal rate can be maintained as per the previous year’s rate.|
2. For the claim amount which is above 60% claim ratio (total claim/total premium paid), Allianz will review the renewal rate and loading may be applied to the renewal premium. This will be determined based on the claim ratio.
3. For the claim amount that is above 100 % claim ratio (total claim/total premium paid), Allianz will review the renewal rate and a 200% maximum loading may be imposed on the renewal premium. This will be determined based on the claim ratio.
The implication of GHS Renewal Premium Rates
The GHS premium changes upon renewal can impact the client’s budget for employee benefits.
Therefore, clients are advised to monitor the GHS claims coming in from their employees, to be prepared for any potential increases in insurance premiums in the future.
Understanding the renewal premium rate factor also helps the client to plan and allocate the budget more efficiently. The company will be better informed and can continue offering group insurance benefits without affecting other aspects of its operation.
To learn more about the renewal premium rates for Allianz GHS and other Allianz group insurance, get in touch with Red Cover’s expert Allianz insurance agent.
Contact Allianz Insurance Agents for Group Insurance
Jeffrey Teoh has over 20 years of distinguished working experience with the best group insurance company in Malaysia. Contact Jeffrey on his mobile phone at +60102719089. He can work with you to create the best plan to meet your employee benefits program and group insurance budget plans.
Or send in the form below for Jeffrey to call you to scope your needs for a quotation.
- Allianz Group Hospitalisation Renewal Premium Rate - 16 March 2023
- Allianz Group Hospitalisation Waiting Period - 13 March 2023
- Allianz Group Hospitalisation Claim Submission - 10 March 2023