Hamilton, Bermuda (May 20, 2021) – The Argus Group (“Argus”) announced today that its Bermuda Life Insurance Company Limited is issuing a rebate to qualifying health insurance policyholders, passing benefits realised from lower claims activity on to their clients.
The move follows a rebate in April 2020 last year issued by the Argus Insurance Company Limited in the form of a 50 per cent refund of motor insurance premiums. The rebate on health insurance reflects a portion of the claims not made last year – for example, routine check-ups, which will not reoccur.
Both rebates have been driven by the impact of COVID-related restrictions. These restrictions included a prolonged shelter-in-place period that curtailed driving and limited access to health-related services, including overseas treatment. For Argus, this had a positive impact on an otherwise normal three-year claims experience.
Peter Lozier, Chief Executive, Americas, said: “Over the past year, we have seen both a public health crisis and an economic crisis. In Bermuda, many livelihoods have been damaged, and many businesses are struggling.
“We are sensitive to the impact of these events on our valued clients. We are also conscious of our primary purpose, to be there in their time of need. With this in mind, and after consideration of the pandemic’s impact on healthcare services, we decided to issue a rebate.”
Chris Mundy, Vice President, Client Management, said: “We hope that this action will bring some relief to many who find themselves under financial stress through no fault of their own. We look forward to partnering with our clients to help them navigate through the pandemic towards better times.”
Mr Mundy added: “We pledge to continue to listen to our clients and to take a flexible approach to address their unique challenges.”
Since the start of the pandemic, Argus has been working closely with clients whose businesses were negatively impacted, introducing measures including premium deferrals, repayment structures and adjustments to lower-cost plans to help businesses survive and to keep people employed.
Sonina Lottimore, Director of Talent & Culture at Rosewood Bermuda and an Argus health client for the past 18 plus years, said: “This rebate is a welcome surprise. I’m very grateful to Argus and, on behalf of the Rosewood Bermuda Family, would like to thank them for giving us all a helping hand during these unprecedented times. The fact that they have made the choice to do this shows that they not only value their customers but recognise and understand the economic challenges that local businesses and the hospitality industry are faced with during these increasingly tough times.”
Argus began advising clients with Group Plans and Individual Health Plan members through policy renewal letters distributed last month. The rebate will be refunded in instalments over the coming policy year to clients who meet the applicable conditions*.
As access to services improves, and with an increase in routine health check-ups and treatments that were missed or delayed last year, Argus expects claims experience to normalise over the next 12 to 24 months.