With the progressive withdrawal of all of the competition but Munich Re from the critical illness insurance sector, the arrival of a new player could bring a breath of fresh air to this monopolized market.
And that’s exactly what is about to happen. Micheline Dionne, RGA’s senior vice-president and chief actuary, has revealed to The Insurance Journal that RGA Canada has reopened the door to critical illness.
There will be no fanfare and no marketing campaign. RGA has no immediate plans to solicit clients and throw the doors open wide.
“We are not making a big announcement,” stated Ms. Dionne. “We have simply started to once again respond to requests from our clients in this sector. We are making a subdued re-entry into the market, and this is in keeping with our strategy to diversify into other products.”
Ms. Dionne says that RGA has no choice but to heed the ever-increasing call by insurance companies to see other reinsurers enter the critical illness insurance sector.