Manulife Monetary Company will now not settle for new trade for 4 incapacity insurance coverage merchandise.
The insurer introduced in a memo that efficient September 30, it is going to forestall promoting the goods Purchase-sell Plus, ExpenseComp, Proguard, and Challenge – incapacity insurance coverage merchandise aimed toward executives, included execs, and trade homeowners. Manulife additionally mentioned that it had selected to discontinue writing for the goods because of “the shrinking call for for non-cancellable incapacity merchandise.”
“Final those merchandise permits us to concentrate on the opposite spaces, and we’ll proceed to supply incapacity merchandise throughout the different channels,” the corporate mentioned in a remark supplied to Marketing consultant’s Edge. “We will be able to proceed to supply Affinity and Crew Advantages incapacity merchandise to Canadians in addition to proceed to offer protection and fulfil the contractual tasks to people who already bought incapacity protection previous to and on Sept. 30, 2022.”
Non-cancellable insurance coverage is a kind of particular person incapacity protection by which premiums can’t be raised, advantages can’t be decreased, and the insurer additionally can not unilaterally cancel the contract.
A spokesperson for the brokerage NFP additionally showed with Marketing consultant’s Edge that Manulife’s resolution to drop the goods leaves simplest RBC Insurance coverage and Canada Existence as the one last insurers providing particular person incapacity merchandise.
Learn extra: Manulife posts cast profits for Q2 2022 regardless of marketplace headwinds
For the second one quarter of 2022, Manulife posted web source of revenue attributed to shareholders of $1.1 billion – a drop from Q2 2021’s $1.6 billion. Regardless of the relatively decreased profits, president and CEO Roy Gori mentioned that the corporate nonetheless controlled to submit “cast effects” amid demanding situations posed by way of the macro setting.