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QBE LMI today confirmed it will raise its LMI rates on higher LVR products.
Effective 31 August, QBE will implement a 20 per cent price increase on LVRs over 88 per cent.
Products with an LVR between 80 and 88 per cent will endure a 4 per cent increase while products with an LVR less than 80 per cent will remain the same.
The news follows reports yesterday that Genworth Financial would hike its LMI rates at an average of 20 per cent..
In a communication to its customers, QBE said the increase was due to current market conditions and an uncertain risk environment.
“These changes reflect the impact of higher cost of reinsurance, claims and lower returns available on market investments. Investment income is used to augment and, therefore, reduce our reliance on premium income,” the communication said.
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