Insurance

Superannuation funds need to adapt and review alternative operating models as pressure from regulatory scrutiny, greater competition, and lower growth increases, according to a Mercer report. Mercer’s ‘Pathways to success’ whitepaper said super funds need

16 February

Insurance

Revisions proposed to Insurance in Super voluntary code

The vulnerable members provisions of the Insurance in Superannuation Voluntary Code of Practice have been amended

9 February

Insurance

Rising premiums top challenge for risk advisers

Insurer satisfaction by risk advisers dropped to 25% from 57% in the last year with NEOS taking the top spot.

18 January

Insurance

CommInsure policyholders to be notified of transfer to AIA

In the latest step of the acquisition, AIA Australia will notify CommInsure policyholders of their transfer to the

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

17 December

Insurance

How premium re-pricing helped group insurers

New data released by specialist research house Dexx&r has confirmed that the premium repricing strategies of

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

15 December

Insurance

Life insurance universal terms and conditions need reviewing

The corporate regulator’s report on life insurance in superannuation found there was value for money in the

14 December

Insurance

Default super insurance pays up to 79 cents for each premium dollar

Younger superannuation members and those in insurance policies with more restrictive terms and conditions may be

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

3 December

Insurance

Trustees could contravene legal obligations with default occupation category

Superannuation trustees might fail legal obligations if they do not ensure premiums charged to members are based

After six years Equip CEO, Danielle Press, will be leaving the fund for the Myer Family Company.

3 December

Insurance

Finding opportunities in a post-COVID-19 world

The COVID-19 pandemic has presented challenges for Australia’s group insurers but also opportunities, according to

1 December

Insurance

Hannover Life Re to exit direct group market

In yet another sign of the challenging times confronting the life insurance industry in Australia, Hannover Life

The latest APRA data has confirmed that disability products are continue to challenge Australia’s insurers.

26 November

Insurance

IDII loses $31.8m during Sept quarter

The life insurance industry has reported a net loss after tax of $1.6 billion over the year to September, 2020,

Transition to retirement challenges can be helped by super funds collaborating with asset managers, according to AB.

26 November

Insurance

Employers can support financial wellness

Employers are uniquely positioned to help their employees find financial wellness through clearly defined benefits

19 November

Insurance

Underinsurance gap increasing

The Protecting your Super and Putting Members’ Interest First legislation has increased the underinsurance gap in

Rice Warner argues the creation of scope for joint super accounts would help create greater clarity around male and female member investment.

19 November

Insurance

Cbus reappoints TAL as insurer

The importance of maintaining default insurance was even more important given the Government’s proposed “stapling

20 October

Insurance

New APRA confirms value of group insurance

The latest Australian Prudential Regulation Authority has confirmed the value of group insurance within

15 October

Insurance

Group insurance profitability takes hit

The Government’s policy changes around insurance inside superannuation has combined with the impact of COVID-19 to

Australia’s income protection insurers need to be empowered to provide greater support to claimants with psychological conditions, FSC chief executive, Sally Loane believes.

13 October

Insurance

Mental health support doubles during COVID-19

As people seek mental health support during the pandemic, usage of MLC Life Insurance’s Best Doctors’ Mental

25 September

Insurance

New report finds disability insurance market at risk of failure

A new Actuaries Institute Taskforce report has laid bare the fragility of the disability insurance market and has

15 September

Insurance

Group insurance inflows hit by PYS

The latest data from Dexx&r has confirmed the degree to which the Government’s Protecting Your Super measures

26 August

Insurance

Equip changes insurance offerings

Some members would see an increase in premiums with an average increase of 30% while others would have significant

11 August

Insurance

Calls for insurers to only pay medical bills a ‘Trojan horse’

Fewer claims would need to be paid if insurers were to only pay medical bills of sick workers, according to

30 July

Insurance

Policy should not go too far with life insurance issues

While consumers have had it good for the last few years with life insurance, the loss ratio to the industry is

30 July

Insurance

Data shows mental health burden across Australia

Data from the Financial Services Council has shown the mental health burden shared in Australia, as almost half of

28 July

Insurance

Cancer top death claim

Men are significantly claiming more accidents than women, and women have more mental health claims, according to

18 June

Insurance

APRA data confirms life company concentration

The latest Australian Prudential Regulation Authority data has confirmed the level of ongoing market concentration.

4 June

Insurance

TAL and AustralianSuper provide life cover for members with empty accounts

Those members of AustralianSuper who empty out their superannuation accounts via the Government’s hardship early

19 May

Insurance

Recognition of members’ insurance decisions welcomed

The Association of Superannuation Funds of Australia has welcomed the Government’s recognition of members’

With growth assets generally struggling in September, median growth super funds recorded a fall of 1.1 per cent for the month, according to Morningstar.

9 April

Insurance

COVID-19 could be nail in income protection insurance coffin

Individual disability income insurance reported a net loss of $1.5 billion pre-pandemic and COVID-19 could cease

17 March

Insurance

Life members happy to engage via app

Research from Zurich/OnePath has found websites and smart applications have been welcomed by life insurance

Superannuation funds need to gain trust from Millennials if they are to tackle member disengagement, according to Kinetic Super. Citing a panel conducted at the Conference of Major Superannuation Funds (CMSF) last week, Kinetic Super chief executive, Kath

12 March

Insurance

OnePath leans on behaviour science to improve customer experience

OnePath looks to re-build trust in the insurance market with customers and create better member experiences.

While dealing with the issue of career changes, Rollover notes that REST chief executive, Damian Hill is packing his shopping bags and heading for challenges next year.

10 March

Insurance

Aon to buy Willis Towers Watson for US$30b

The combination of the two firms would have a value of around US$80 billion.

A roundtable of superannuation industry executives believes super fund members are better off at claims time because of the protections offered by super fund boards.

3 March

Insurance

Insurance in super still value for money

The adoption of standardised terms and conditions in default insurance in super could be a game changer in the

27 February

Insurance

Insurance inside super changes hit Link bottom line

Link Group has taken a significant hit to its first half bottom line as a result of the Government’s changes to

27 February

Insurance

Life insurance industry’s 143% net loss

The degree to which individual disability income insurance has impacted the major life insurers has been revealed

25 February

Insurance

TAL named workplace gender equality leader

Life insurer, TAL, has been named as a workplace gender equality leader for the sixth consecutive year by the

18 February

Insurance

Opt-in insurance in super irresponsible

Those who seek their own coverage cannot be assumed will end up with a product in their best interests, according

A letter from both APRA and the ATO has spelled out the degree to which super funds will have increased interactions with the ATO via SuperStream mechanisms.

4 February

Insurance

ASIC refused leniency on insurance inside super

A superannuation fund which sought a “no action” letter from the Australian Securities and Investments Commission

4 February

Insurance

FSC supports APRA’s changes on insurance in super

The Financial Services Council is in favour of the proposed changes made by the Australian Prudential Regulation

Super fund members who made non-concessional contributions (NCCs) from 1 July 2007 may have little to no NCC remaining, according to DBA Lawyers.

30 January

Insurance

Aussies foregoing life insurance

Health costs have increased 200% since 2000 and the increasing costs of living means Australians are less likely

30 January

Insurance

ClearView hit by adverse claims

ClearView has announced that its life insurance has been adversely impacted by claims and lapse which will impact

21 January

Insurance

Claim information could indicate proportion in ‘dangerous occupation’

Most funds only become aware of a member’s occupation at claim time, according to Rice Warner.

7 January

Insurance

MLC Life Insurance waives premiums for bushfire affected

Premiums will be waived for up to three months for retail insurance customers.

17 December

Insurance

Efficiency needed to mitigate risk adviser profit hit

Most risk advisers have had their profit hit since the Life Insurance Framework commenced but there are still 42%

12 December

Insurance

Group life/risk sales decline

The Government’s changes to insurance inside superannuation have generated a decline in total in-force group risk

3 December

Insurance

Most super funds will find PMIF introduction challenging

Even if funds can confidently identify members in dangerous occupations there are still further considerations

Identifying what beneficiaries are asking for is the first step to ESG implementation, according to SSGA.

3 December

Insurance

Insurers withdrawing from coal projects doubled in 2019

According to a report from Unfriend Coal, insurers including QBE and Suncorp are unwilling to insure the CO2 heavy

2 December

Insurance

APRA imposes capital requirements on DII

The Australian Prudential Regulation Authority has intervened in the disability income insurance market imposing

28 November

Insurance

CommInsure sentenced and fined $700k for hawking

Colonial Mutual Life Assurance Society, trading as CommInsure, has been convicted of 87 counts of life insurance

The Government has been warned that smaller superannuation funds may have to carry a disproportionate share of the burden to fund the Australian Securities and Investments Commission.

21 November

Insurance

Compliance and regulatory landscape burden risk advice growth

Fewer financial planners consider client-related challenges to be significant when it comes to growing insurance

Self-managed superannuation fund (SMSF) trustees should not be given access to an industry-funded compensation fund to bail them out of bad decisions, according to the SMSF Owner’s Alliance. In a submission to the Senate Economics Committee review of Cons

19 November

Insurance

ANZ CEO thought twice about IOOF transaction

The Royal Commission allegations against IOOF caused ANZ chief executive, Shayne Elliott, to think twice about the

19 November

Insurance

CommInsure pleads guilty to 87 hawking offences

CommInsure will refund $12 million for unfair life insurance telephone sales to around 30,000 customers.

Market Insights

Themes driving the need for a more sustainable approach to investing

29 January 2021

Beyond the digital frontier

25 November 2020

Finding sustainable companies that thrive

20 November 2020

Doing the right thing: ESG and EMD

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 3 days 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 5 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 3 days 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 2 days ago

Axl

That's 'toe the party line'.

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