NESS Super reduces insurance premiums by 15 per cent

By

06/07/2016

NESS Super has reduced insurance premiums for both total and permanent disability (TPD) and death cover by 15 per cent from July 1. This follow a 4 per cent reduction last July.

“It’s an extremely positive outcome for NESS Super members and is in strong contrast to the current industry trend of increasing premiums and claims. And it has been achieved without changes to our insurance terms and conditions,” said Anthony Glossop, chair of NESS Super.

NESS Super is the industry super fund for the electrical, communications and aligned industries.

Angie Mastrippolito, chief executive of NESS Super said that as an industry fund with a clearly defined membership base, NESS Super was able to provide the insurer, Hannover Re, with a clear and consistent risk-profile of its membership.

This profile demonstrated the membership worked in a highly skilled industry with high safety standards, which in turn allowed the fund to negotiate lower premiums.

“Our premium reduction highlights that fund size is not always a determining factor when it comes to delivering important benefits to members. Niche, industry-specific funds like NESS Super can provide significant advantages relative to funds with a more diverse membership base – especially when it comes to insurance and personalised service,” Mastrippolito said.

. This follow a 4 per cent reduction last July.

“It’s an extremely positive outcome for NESS Super members and is in strong contrast to the current industry trend of increasing premiums and claims. And it has been achieved without changes to our insurance terms and conditions,” said Anthony Glossop, chair of NESS Super.

NESS Super is the industry super fund for the electrical, communications and aligned industries.

Angie Mastrippolito, chief executive of NESS Super said that as an industry fund with a clearly defined membership base, NESS Super was able to provide the insurer, Hannover Re, with a clear and consistent risk-profile of its membership.

This profile demonstrated the membership worked in a highly skilled industry with high safety standards, which in turn allowed the fund to negotiate lower premiums.

“Our premium reduction highlights that fund size is not always a determining factor when it comes to delivering important benefits to members. Niche, industry-specific funds like NESS Super can provide significant advantages relative to funds with a more diverse membership base – especially when it comes to insurance and personalised service,” Mastrippolito said.