Insurance

15 November

Insurance

PYS changes already impacting claims

Five terminal illness claims and two death claims have already been turned away by Hostplus for members unaware of

Research and ratings group, CANNEX points to recent group premium rises not being mirrored in the advised life/risk space.

29 October

Insurance

Life products need simplification

Life insurers need to simplify their products and solve their technological legacy issues to retain and increase

The Australian Securities and Investments Commission (ASIC) has confirmed it has initiated a project which will closely examine life insurance within superannuation. The regulator has flagged that it intends on publishing a report on life insurance within

24 October

Insurance

Zurich secures Energy Super mandate

Zurich has secured a group insurance mandate from Queensland-based industry super fund Energy Super.

2021-01-29 00:30:00

Knowledge Centre

Themes driving the need for a more sustainable approach to investing

Sustainable investing is on the rise, and COVID-19 has only sharpened the focus of policy makers and investors...

Ausbil

The average delay in superannuation funds and their insurers dealing with a total and permanent disability (TPD) claim is around two years, according to the Australian Institute of Actuaries. The Institute has used its submission to the Productivity Commi

17 October

Insurance

Significant design and claims handling issues in TPD found

ASIC has found that 60% of ‘activities of daily living’ claims are declined and AMP, Asteron, and Westpac had

10 October

Insurance

Life insurance professional standards framework to be established

ANZIIF and LIPSWG have agreed to create a professional standards framework for the life insurance industry in a

Strong support exists for independent directors on super boards

8 October

Insurance

MLC Life Insurance appoints group insurance exec

Andrea Forbes has been appointed to drive customer retention and engagement for the firm’s group insurance arm.

2020-11-24 22:30:00

Knowledge Centre

Beyond the digital frontier

Secure, real-time data, insights and transactions accessible from anywhere are closer than you think – explore a...

Northern Trust

The myth that equities will always outperform in the long term is false and retirees should not set and forget, according Challenger.

1 October

Insurance

Dangerous occupation members need better notification

It is unclear what legal ramifications there are for super trustees who misidentify carve out members and the

26 September

Insurance

Doubling in self-reported life code breaches

Code subscribers self-reported 43 breaches during 2018-19, compared to 23 in the previous year, according to the

24 September

Insurance

Group life already feeling PYS impacts

The latest data has revealed the group life insurance market is already feeling the impacts of the Government’s

17 September

Insurance

Cut out cold calling warns FSC

Insurance firms should be prevented from pressuring people to buy products over the phone, according to the

29 August

Insurance

More awareness needed around insurance inside super

One of the biggest barriers preventing super fund engagement was lack of trust surrounding insurer pay outs,

IOOF has agreed to enter into a transaction with ANZ to acquire its OnePath pensions and investments and aligned dealer groups (ADG) business for $975 million. ANZ said it would also enter into a 20-year strategic alliance to make available IOOF superannu

23 August

Insurance

CBA takes $150m haircut in CommInsure sale

The Commonwealth Bank has reset key elements of the transaction around the sale of CommInsure to AIA Australia,

8 August

Insurance

APRA flags 2020 for finalising related party action

The Australian Prudential Regulation Authority has flagged that it will next year be finalising the changes to

6 August

Insurance

MLC Life Insurance appoints group insurance exec

Life insurer MLC Life Insurance has hired Sean Williamson to focus on growth opportunities for group distribution.

18 July

Insurance

Super fund call centres overwhelmed on opt-in insurance

The Federal Government has been urged to significantly extend the timeframes for the introduction of its further

16 July

Insurance

Insurers pricing in PYS claims expectations

Group insurers are pricing in the likelihood that those inactive members most likely to opt-in to insurance inside

16 July

Insurance

Law firm warns against further group insurance removal

The commencement date for switching off insurance inside super for low balance accounts should be deferred to 1

15 July

Insurance

AMP Life sale in disarray

A decision by the Reserve Bank of New Zealand has left the sale of AMP Life in disarray.

9 July

Insurance

Industry fund concern at insurance changes

Industry superannuation funds body, the Australian Institute of Superannuation Trustees has described the

1 July

Insurance

Tasplan members officially rolled over to MetLife cover

Tasplan has gone live with its group insurance cover from MetLife, following the insurer winning the super fund’s

Tender consultants have confirmed that a number of corporate and industry funds are conducting group life tenders at the same time as Comminsure has encountered adverse publicity.

27 June

Insurance

MetLife grows in group

Only three of the five major group life insurers have increased their levels of in-force premiums, with MetLife

25 June

Insurance

Consumers warned to act urgently on group insurance

As 1 July quickly approaches, consumer interest groups are campaigning hard to remind super fund members with

6 June

Insurance

SMSF members at risk of losing life insurance benefits

Members of a self-managed super fund who deliberately hold an APRA-regulated fund for life insurance are at risk

5 June

Insurance

Loss of insurance for low-balance accounts could cause legal headaches

Super funds could face legal problems once group insurance for inactive accounts is switched off on 1 July, as

4 June

Insurance

Australians urged to ‘click, check and protect’ insurance cover

Australians are at risk of losing their life insurance cover when superannuation changes come into effect in July

4 June

Insurance

Zurich completes OnePath acquisition

Zurich has flagged growing its business on the back of completing its acquisition of ANZ’s OnePath life insurance

23 May

Insurance

MetLife’s new CEO optimistic on group

Newly-incumbent MetLife Australia chief executive, Richard Nunn, is upbeat about the company’s prospects in the

22 May

Insurance

MLC Life Insurance snatches mandate from AIA

MLC Life Insurance has shown its growing strength in the group insurance market at the same time as AIA Australia

14 May

Insurance

TAL cements group insurance dominance with new mandate

TAL has reasserted its market dominance within the group insurance sector, with LGIAsuper announcing the company

Australian Ethical has been awarded RIAA’s whole of fund certification under RIAA’s renewed program.

9 May

Insurance

ASIC may want codes of practice strengthened before granting approval

The Fold Legal has warned that ASIC will likely require some insurance code of practice provisions are

7 May

Insurance

Government called on to clean up insurance industry

Maurice Blackburn Lawyers has called on the Federal Government to implement mandatory and enforceable codes of

Self-managed superannuation funds (SMSFs) with less than $2 million in assets are unviable as a retirement savings vehicle, Industry Super Australia (ISA) believes. ISA analysis found that SMSFs with less than $2 million were likely to have performed well

3 May

Insurance

AIA loses major insurance mandate to TAL

TAL has won the life insurance of one of the country’s largest superannuation funds, Rest, in a major blow to its

2 May

Insurance

Are super funds delivering sub-standard insurance?

The Association of Financial Advisers has told Treasury that insurance inside superannuation is of lesser quality

18 April

Insurance

MLC Life Insurance sees underwriting performance improve

MLC Life Insurance has claimed a dramatic reduction in the time it takes for customers to receive cover.

2 April

Insurance

Group life reaches plateau

The latest data from Dexx&r confirms that the group insurance market plateaued in calendar 2018 after three

21 March

Insurance

APRA warns on group margin compression

The Australian Prudential Regulation Authority has warned of margin compression resulting from insurance in

Life insurer TAL has appointed Glenn Baird to the newly created role of head of mental health. The appointment aims to expand TAL’s ability to understand, manage and support mental, physical, and financial health of its people and its customers. TAL gen

21 March

Insurance

New insurance data on mental health revealed

The Financial Services Council (FSC) has revealed new life insurance data on mental health as part of its four-

14 March

Insurance

Insurance inside Super Code will become mandatory

The Conference of Major Superannuation Funds has been told that the insurance inside superannuation code of

4 March

Insurance

APRA warns group insurers on offshore reinsurance

The Australian Prudential Regulation Authority has sent group insurers a cautionary letter over their increased

OneVue acquires super administration business Super Manager Australia as it expands further into super space.

28 February

Insurance

TAL and Suncorp acquisition complete

TAL Dai-Chi Life Australia has finally finished its acquisition of Suncorp’s Australian life insurance business,

5 February

Insurance

Additional scrutiny needed for group life policies

The Royal Commission has recommended additional scrutiny for related party engagements that provide group life

The superannuation industry needs to end its infighting if it is to be taken seriously by Government, according to ASFA chairman, Michael Easson.

5 February

Insurance

Freedom Insurance enters trading halt

One of the companies adversely reference in the Royal Commission, Freedom Insurance Group, has entered a trading

24 January

Insurance

FSC code doesn’t address ‘junk’ insurance

The Australian Lawyers Alliance has taken issue with the Financial Services Council’s new life insurance code of

15 January

Insurance

Do members understand insurance inside super?

MetLife is again testing the market to determine just how well superannuation fund members understand insurance

20 December

Insurance

Group insurers stabilise

Group insurers appear to have moved beyond the volatility which challenged the sector four years’ ago with

11 December

Insurance

Claims handling key for life insurer

A new survey has confirmed what most life/risk advisers already know, that clients dislike insurers which bury

11 December

Insurance

Most Aussies against subsidising genetically at-risk insureds

Just over 60 per cent of Australians are against subsidising life insurance premiums for people who are at higher

The country's largest superannuation administration provider, Link Group, announced on Wednesday that it would provide holistic advice to help funds differentiate their offering.

27 November

Insurance

Life policy revenue up 11.5% in Sept quarter

APRA figures have shown an 11.5 per cent year-on-year rise in the Australian life insurance industry’s net policy

27 November

Insurance

Call for more mandatory training in life/risk

Life risk industry veteran, Michael Molesworth, has warned that underwriters and claims assessors need to be

13 November

Insurance

Freedom’s woes continue with CEO, board resignations

Within two months of the Banking Royal Commission’s insurance hearings decimating Freedom Insurance, its chief

Market Insights

Themes driving the need for a more sustainable approach to investing

29 January 2021

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25 November 2020

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20 November 2020

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30 September 2020

Andrew James McAlister

A much better name than MTAA, since its open for anyone. I like it.

Merged Tasplan and MTAA Super to be named Spirit Super 1 week 1 day ago

Sue

So, not as bad as the doomsayers were leading us to believe. Any chance of a public apology from...

Australian pension assets grow despite pandemic 1 week 4 days ago

Guy

So true - our people are our greatest asset. Just as our investors and members are. We need to...

Fund mergers highlight focus on people 3 weeks 1 day ago

Dave Peckitt

Hi do you have any info on financial planners in perth? I'm looking to consolidate my super...

Six superannuation consultancies prove stand outs 1 year 7 months ago

Anonymous

This is the most ill informed comment I have ever seen. Why on earth would you think Superannuation...

We aren’t anyone’s secretariat says AustralianSuper 7 months 1 day ago

Axl

That's 'toe the party line'.

We aren’t anyone’s secretariat says AustralianSuper 7 months 3 weeks ago