Originally Posted by
Mr Croissant
What a puzzle. The UK Government is increasing the retirement age because people are healthier and living longer and are fit to work into the late 60's.
Meanwhile, the insurance industry through Amex, is saying "Whoa if you're over 70 you're just too risky to insure anymore because your health profile is getting worse than it was last year".
Either the over 70's are getting healthier or they're not. Of course it could be all us Amex Plat travelers are a high risk, fat, drunken, bunch of lounge lizards that wouldn't walk any further than a first class seat. (Checks mirror . . .. .hmmmmmm)
Nott reelly shome mishtake. Just poor judgement for some of us.
The issue is that as people live longer and travel more as they get over the Amex age thresholds they are certainly traveling more and probably making more use of this insurance whereas in earlier times they would be staying at home knitting. With older healthier people comes with it more traveling and therefore more claims. There is also sadly a generational slippage in that it seems that people are now more likely to make a claim when previously they wouldn't have done for example with possession damage or loss.
As a result their underwriters would have offered to continue cover but at an increased premium. They have concluded they would prefer to stay wedded to the premium ie some bit of focus group has told them that if they increase the fee they will lose x number of members and so they thought they could slip these changes through and the number of members they would lose would be less than those lost by increasing the annual fee.
They may of course be right.