Occupation-class system market requirements

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Made to measure occupation class system profile -Munich Re

Market requirements

Made-to-measure occupation-class system

Private occupational disability provisions are playing an increasingly important role in many countries for end-customers and providers alike. This trend is reflected both in competition for good ratings and in the passage of new legislation. An example of this would be the introduction of the guiding principles for the concept of occupational disability in the German Insurance Contract Act.

Though the development of new business internationally had long been moderate, as a reaction to the current crisis an increased demand for occupational disability products is now apparent in many parts of the world. This may have a positive effect on the premium income of life insurers in this segment, but at the same time it also leads to increased competition with shrinking margins. Appropriate differentiating features are thus all the more important in realising an adequate risk assessment.

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