Nuts and bolts...

In all honesty it is easy to talk about how protection products are priced with an actuary. Most of them understand the way that premiums are broken down and the impact that those different elements have. But what about those of us without actuarial qualifications? How much of that pricing knowledge can we understand? The purpose of this article, the first of a series, is to provide a simple guide to protection pricing. We will begin by looking at what goes into a premium, how rates have changed over the last 10 years and what has driven those changes. Not surprisingly, the majority o...