ClearView has increased premiums on income protection products to counter losses in the sector.

The insurer has also increased its 14, 30, 365 and 720-day waiting periods by 10% to 15%.

The 90-day waiting period income protection rates remain unchanged, while the 60 and 180-day waiting periods increase by 5% to 7.5%.

The occupation factor discount has increased to 27.5% from 25% for AAA professionals, and reduced to 22.5% from 25% for AM medicos.

Head of Product Renee Hancock says losses on income protection products are not sustainable for the industry.

“As a result, most life insurers have been increasing their income protection rates during the past 18 months,” she said.

“ClearView is not immune to the effects of the industry experience, which is reflected in both the costs of our reinsurance and our expectations for our future claims experience.

“The income protection premium increases will move LifeSolutions income protection pricing onto more sustainable terms, while remaining competitive in the market.”

ClearView has removed the policy fee on all products, to prepare for forthcoming commission reforms.

This will mean its base premium rates have been adjusted along with a small increase to large-sum-insured discounts for lump sum cover.

The changes to premiums will apply to stepped, hybrid, level-to-age-65 and level-to-age-70 policies.

The new premium rates apply to all inforce policies from their policy anniversaries after October 21. ClearView will honour current rates for all applications received before October 21 and completed before January 31.