Will Your Accident & Health Premium Be Impacted By The COVID-19 Vaccine Rollout?


Since the beginning of the global pandemic, members of the general public, and even professionals within the insurance industry, have wondered how this event might impact accident and health insurance in the future.

At the beginning of March last year, Australians began feeling the impact of the pandemic as cases throughout the country crept up. When the peak of coronavirus hit in mid-2020, mainly in Melbourne, questions were asked about whether some insurance premiums would be impacted by contracting Covid-19.

The answer was no, many different types of insurance were not impacted by contracting coronavirus. However, there was the possibility of your insurance coming into play if having coronavirus lead to severe complications or death.

Thankfully as we headed into 2021, a COVID-19 vaccine became available, and Australia has now begun its rollout of the vaccine to the population. However, once again insurance has come into question, particularly accident & health insurance, and how it could be impacted by the vaccine rollout.



Luckily for Australians, policy premiums are not expected to be directly impacted by the continuous rollout of the Covid-19 vaccine.

However, Financial Services Council (FSC) senior policy manager for life insurance, Nick Kirwan, recently said that “A large majority of the Australian population being vaccinated against COVID-19 could have indirect positive effects on premiums.”

So, while in the short-term there isn’t likely to be a direct impact on insurance premiums, there is the possibility that in the future the vaccine could be a factor that could help keep premiums stable.

The insurance industry is yet to see how the rollout of vaccination would impact the claims experience; however, experts have felt the need to address the issue earlier than necessary due to false rumours and fear-mongering.

The Financial Services Council did have to shut down false rumours surrounding vaccinated Australians, and whether they would have their insurance policies invalidated.

The FSC wanted to make it clear that those social media rumours were in fact wrong and wanted to assure Australians that when they get vaccinated, they will still have their insurance, completely unaffected.

Multiple insurance companies have since come out and reiterated this narrative to ensure Australians that their policies won’t currently be impacted by getting vaccinated.



This is important to understand if you already have an insurance policy or you are looking into purchasing a policy in the near future. It isn’t just the big insurance companies that are reassuring you that you won’t see changes to your premiums in the short term. Even boutique insurance companies are confirming that insurance policies won’t be more expensive as a result of the vaccine rollout.

If you are currently looking for a policy, then you should consider a specialised and bespoke insurance policy from Aspect Underwriting. Aspect Underwriting ensures their policyholders that getting the vaccine will not impact their policy premiums. So, you don’t have to worry about your vaccine impacting your insurance.

On top of this, one of the best parts about Aspect Underwriting is that you can jump online and get a quote for a range of insurance policies today, in minutes. It’s so simple, and you could have a policy in place in a matter of minutes.

Mike Wallis

Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.