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Life/risk new sales reach 5 year low
The challenges facing the life/risk sector have been laid bare in the latest data from specialist research house Dexx&r revealing a 22.1% decline in total risk new business for the year to the end...
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ASIC takes TAL to court on RC charges
The Australian Securities and Investments Commission (ASIC) has initiated action against major life insurer, TAL Life for alleged breaches of the Corporations Act and Insurance Contracts Act entailing...
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ASIC’s TAL case will test insurers’ rights
The ability of life insurance companies to gain access to a client’s medical records will be a key issue closely monitored by Australia’s major life insurers as the Federal Court deals with the...
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Resolution moves beyond AMP Life to new transaction
The company which is acquiring the AMP Life business, Resolution Life Group, has made another major acquisition – this time a US$1.25 billion transaction in North America involving the in-force...
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Insurers and claim-related parties may look to merge under one AFSL
Retail insurers may expect loss assessors and insurance fulfilment providers to obtain their own Australian Financial Services License (AFSL) as a result of the corporate watchdog looking to regulate...
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Non-life insurers helped by reinsurance protection
Reinsurance protection should help non-life insurers contain their earnings volatility which will result from bushfires in Australia, Fitch Ratings said.However, the protection would be subject to the...
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FPA wants limitations on insurer ‘advice’
The Financial Planning Association (FPA) wants it made clear that insurance companies and their representatives cannot provide personal financial advice at claim time.In a submission responding to the...
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2020 will be tough for businesses seeking insurance cover
Expect this year to be another challenging year for businesses seeking insurance cover as top line premium growth becomes a lower priority as the market focuses on improved bottom line underwriting...
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AMP expands MyNorth insurance offer
AMP has partnered with AIA Australia and TAL to expand its wrap platform insurance offer, with both being available for advisers, and super and pension clients of MyNorth, North, Summit, ipac, iAccess...
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ClearView to cease agreed value IP from 31 March
Insurer ClearView will cease the sale of agreed value contracts for Income Protection (IP) insurance from 31 March.The insurer confirmed to the Australian Securities Exchange (ASX) today that in the...
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$1.55b a year in cancer life insurance claims
Life insurers paid out over $1.55 billion in claims to Australians for cancer, over the year to 30 June, 2019, according to the Financial Services Council (FSC).Data from KPMG on behalf of the FSC...
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TPD cover could be lost after early super access
Superannuation members looking to access their funds early could lose their right to claim insurance benefits available through the super fund if they fall ill or suffer a serious injury, according to...
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ClearView named as Risk Company of the Year
ClearView has been crowned as Risk Company of the Year in the Money Management/DEXX&r Adviser Choice Risk Awards.The winning insurer also took out three other awards – Term and TPD Product 2020,...
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Time for radical overhaul of disability insurance
Moves by life insurers to increase premiums around disability income insurance (DII) are simply perpetuating potential anti-selecting lapses and may lead to worse claims experiences and falling profit...
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Choice points to ‘junk’ TPD
Consumer group Choice has questioned the value of total and permanent disability (TPD) insurance inside superannuation, arguing that it can often be “junk” insurance.The consumer group has published an...
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No new CommInsure Protection products business after 31 March
CommInsure protection products will no longer accept new business from 31 March.AIA Australia announced the closure of new business for the CommInsure products as part of a streamlining of the combined...
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Opt-in insurance in super irresponsible
The arguments calling for the removal of insurance from superannuation are baseless, according to law firm Maurice Blackburn.In a submission to the Government’s Retirement Income Review, the firm said...
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Life insurance take up drops 9%
The number of consumers purchasing life insurance has dropped 9% to 47% since 2018, with 30% of respondents stating they were not confident the issues identified by the Royal Commission would be fixed,...
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Most insurers struggle with social capital
Over 80% of insurance executives believe their firms are struggling to manage social capital, according to a Finity survey.The survey found 62% believed their organisations were “a long way behind”...
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FSC defends insurers in face of negative claims report
The Financial Services Council (FSC) has jumped to the defence of its life insurance members in the face of a report from the Life Code Compliance Committee (LCCC) which plaintiff law firm, Maurice...
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