Life Insurance News
19/01/2012 - AMP, MLC and OnePath remain on top
Plan for Life have released their latest statistics on the Life Insurance market in Australia relating to the 12
month period ending September 2011. The figures show that overall premium inflows increased by 11.5% for the
year.
Those insurers who in recent years have been on the acquisition trail top the list in terms of market share.
AMP, which merged with AXA in March 2011, is the largest life insurance company in Australia with $1,646 million
of premiums in force and a market share of 16.2%. MLC, which in June 2009 purchased Aviva, is second largest with
$1,466 million of premiums in force and a market share of 14.4%. Third largest is OnePath, which was known as ING
Life prior to the purchase by ANZ Bank of ING's 50% share, with $1,263 million premiums in force and a market share
of 12.4%. However competition remains strong with TAL and CommInsure following closely behind with market shares of
12.2% each.
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24/10/2011 - Tower Australia changes name to TAL
When Tower Australia demerged from Tower New Zealand in October 2006 it was agreed that the Tower name and logo
could only be used for the next 5 years.
Tower Australia have been working on a new brand and identity and from the 18th November 2011 will have a new
name which is TAL. Tower Australia Ltd has been identified as "TAL" on the Australian Stock Exchange for five
years and this was felt to be a distinctive and easy to remember brand.
The change in name does not affect policyholders or the way TAL does business. TAL is still a life
insurance specialist and the third largest life insurer in Australia measured by premiums in force.
To celebrate the name change TAL has launched a new Product Disclosure Statement for its Accelerated Protection
range of products including a range of product benefit and feature enhancements.
To compare TAL products to others go to Run Quotes and view
onscreen a comparison of TAL premium and product benefits side by side with the other products compared by
Insurance Watch.
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07/10/2011 - $1000 Gift Card up for grabs for
new AIA customers
AIA today announced the winner of their first monthly draw for a $1000 WISH Card. There will be three more draws
for customers who purchase AIA policies in October, November and December. To be eligible you need to have your AIA
Priority Protection Policy issued in the month of one of the draws. AIA policies which are included are the Life
Cover Plan, Crisis Recovery Stand Alone Plan, Income Protection Plan, Business Expenses Plan and Superannuation
Life Cover Plan.
The competition means that not only can you obtain valuable cover for your family but also have the opportunity
to win a $1000 prize. WISH Gift Cards can be redeemed at participating stores including BIG W, Dick Smith
Electronics, Tandy, Woolworths/Safeway Supermarkets, Dan Murphys and many others.
To ensure that you are entered into the draw go to Run Quotes and
compare and apply for one of AIA's insurance products. >Top
20/09/2011 - OnePath and AIA named Canstar
Cannex five star winners
Canstar Cannex today released the results of their annual review of life insurance products. Named as overall
winners for outstanding value were AIA and OnePath - for OnePath this was the fourth year in a row they have been
given this award.
This year Canstar Cannex have named two life insurance companies representing outstanding value in each of the
product categories.
The 2011 winners are:
- OVERALL WINNERS - AIA Australia and OnePath
- BEST TERM LIFE - Tower and Zurich Australia
- BEST TPD - AXA and Zurich Australia
- BEST TRAUMA - Tower and AMP Life
- BEST PACKAGED LIFE - OnePath and Zurich Australia
- BEST INCOME PROTECTION - AIA Australia and OnePath
In order to come up with their ratings Canstar Cannex compared 13 life insurance companies and scrutinised over
600,000 quotes.
The Insurance Watch website provides quotes and benefit comparisons for all of the companies named by Canstar
Cannex. By selecting Run Quotes you can compare your cover to see if it is competitive.
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17/08/2011 - CommInsure named Life
Insurance Company of the Year by ANZIIF
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) have named CommInsure as its Life
Insurance Company of the Year. Other finalists for the ANZIIF award were BT Financial Group and OnePath.
The award for CommInsure follows their joint win earlier this year with Tower Australia of the 2010 Plan for
Life/AFA Life Insurance Company of the Year award. In accepting the award the Managing Director of CommInsure, Paul
Rayson, said "I am particularly pleased we have been recognised for our advocacy efforts to address underinsurance
in the community and to champion the value of financial advice." >Top
04/06/2011 - OnePath customers
receive 18 million Qantas Frequent Flyer points
OnePath have announced that since the launch of its partnership with the Qantas Frequent Flyer program in
November last year, more than 18 million Frequent Flyer points have been received by more than 15,000 OnePath
customers. Both existing and new policyholders have benefited from the scheme which allows policy holders to earn
one point for every dollar of premium paid. And for a limited time Qantas have offered to waive the joining fee of
$82.50 for Qantas Frequent Flyer membership for OnePath customers looking to take up the offer. To take advantage
of this offer go to Run Quotes and compare and apply for OnePath insurance
products. >Top
24/05/2011 - AXA 5% discount for RACV Members
proving popular
It has been six months since AXA entered into an exclusive deal with car insurer Royal Automotive Club of
Victoria (RACV) to offer a 5% discount to RACV members on all new Life, TPD and Trauma insurance policies taken out
through AXA. To take up the offer through the RACV Show Your Card & Save program you need to advise that you
are a RACV member at the time of purchasing your policy. Once the policy is in place you will continue to receive
the 5% discount every year that you renew your policy as long as you continue to be a RACV member. To find out how
AXA insurance cover compares go to Run Quotes and then contact us to find out how
to apply and take advantage of the 5% RACV discount. >Top
07/03/2011 - Merger between AMP and AXA approved
The Australian Government and AXA shareholders have given their approval to the proposed merger between AMP and
AXA. Both companies have a long history of providing insurance and wealth management financial services in
Australia. Wayne Swann approved the merger on the basis that it will create a "fifth pillar" capable of competing
with the four major banks. In terms of size the merged entity will be largest life insurance company in Australia
with premium in force over $1.5 Billion. The company will trade under the AMP Life Limited
banner. >Top
23/02/2011 - Tower and CommInsure Joint Winners
Joint winners of the Plan for Life/AFA Life Company of the Year award were announced as Tower and CommInsure. In
order to win this award the companies must rate highly in the areas of product features, pricing, sales performance
and financial sustainability. In addition feedback from advisers is taken into account in regard to the quality of
service in the areas of new business, underwriting, claims and technology services.
A summary of the Awards given out are:
Life Company of the Year: Joint Winners Tower and CommInsure
Service Quality Award Winner: CommInsure
Term Life/TPD Award Winner: Zurich
Trauma Award Winner: Tower
Income Protection Award Winner: Tower
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12/01/2011 - Bid from Dai-ichi for 100% of Tower
Dai-ichi Life Insurance Company Limited has made an offer to purchase the remaining 70.3% of Tower shares to
take them to 100% ownership. The bid is subject to regulatory approval and a shareholder vote in April but has
received the support of Tower's Board of Directors. Rob Thomas, the Chairman of Tower, said that the offer would
strengthen Tower's ability to raise capital to meet APRA's changes to capital standards for insurers and to
continue to deliver a high standard of service and technology to its customers. >Top
29/10/2010 - AIA Group lists on Hong Kong Stock
Exchange
The AIA Group, of which AIA Australia is a part, has become an independent, publicly listed company on the Hong
Kong Stock Exchange. The listing was the largest IPO in Hong Kong's history, the third largest IPO ever globally
and the world's largest IPO ever in the insurance sector. The listing marks another step in the separation of the
AIA Group from its US parent company AIG. AIG will use the proceeds of the float to repay US taxpayers after the
2008 bailout of the US company, retaining around 33 per cent of AIA Group.
The focus of the AIA Group is the Asia Pacific region, where it has roots that go back over 90 years. AIA
operates life insurance businesses across 15 Asian markets, including the Australian market where it is the sixth
largest life insurance company based on premiums in force. >Top
02/10/2010 - Rebranding of Aviva products as MLC
As part of its takeover arrangements MLC was only entitled to use the Aviva brand until 2nd October 2010. After
this date the brand name Aviva had to be removed from the Australian market. MLC has now rebranded the Aviva
Protectionfirst products as MLC Protectionfirst and new Product Disclosure Statements have been issued. MLC has
written to all Aviva clients to introduce the MLC brand and clients can now access information about their products
using the MLC Insurance website. The former Aviva products will continue to be actively managed and updated and
remain open for new business. >Top
14/09/2010 - NAB pulls out of bid for AXA
After its bid for AXA Asia Pacific was blocked for a second time by the Australian Competition and Consumer
Commission, NAB has abandoned its $13 billion takeover proposal. Despite the proposed sale of some of AXA's
investment businesses the ACCC felt this would not be enough to guarantee a competitive restraint on a merged
NAB-AXA. In terms of life insurance, NAB already owns MLC and in June last year acquired Aviva's Australia wealth
and life insurance business for $720M. Aviva life insurance products will be rebranded as MLC from 2nd October
2010.
The withdrawal of NAB leaves the way open for AMP to make another offer to acquire AXA Asia Pacific's Australian
and New Zealand businesses. >Top
06/09/2010 - ING & Zurich win Top award from Cannex
CANSTAR CANNEX have announced that ING Australia and Zurich Financial Services have been declared winners of
their 2010 Outstanding Value Packaged Life award. In announcing the award Stephen Mitchell, Head of Wealth
Management at CANSTAR CANNEX, declared that "Both companies showed a winning consistency in products and premium
pricing which added up to them jointly offering outstanding value life insurance across Australia."
For ING this is the third consecutive year that it has received this award while it is the second year in a row
for Zurich.
Other achievements recognized by CANSTAR CANNEX were:
Outstanding Value Term Life Insurance
1 - Accelerated Protection by Tower
2 - Zurich
Outstanding Value Trauma Insurance
1 - Accelerated Protection by Tower
2 - CommInsure
Outstanding Value TPD Insurance
1 - AXA
2 - Zurich
Outstanding Value Income Protection
1 - AIA Australia
2 - CommInsure
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13/08/2010 - CommInsure wins ANZIIF Life Co. of the
Year
The 2010 ANZIIF Life Insurance Company of the Year award has been won by CommInsure. Last year's winner, MLC,
came was runner up this year. A panel of 14 judges representing a cross section of the insurance industry
determined the winner of this year's award. This follows CommInsure's win earlier this year of the Plan For
Life/AFA Life Insurance Company of the Year award. >Top
05/08/2010 - ING Life soon to be called OnePath
Following the move by ANZ to 100% ownership of ING Life in November 2009, it has been revealed that the new
brand name and identity for the business will be "OnePath". The official public launch of the new brand will take
place later this year as ANZ has the licence to use the ING brand until November 2010. The announcement was the
first step in a communications program which would target existing intermediaries and customers. ANZ believe that
the OnePath brandmark which includes a stylized depiction of a path designed to give a sense of direction and
moving forward which is central to the promise to customers.
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02/08/2010 - Tower tops $1B in premiums in Australia
In the June 2010 quarter Tower Australia's in-force premium level topped $1 Billion for the first time. Tower is
now one of only four life insurance companies in Australia to achieve this milestone. Out of the four, Tower is the
only non-bank specialist life insurance provider. Tower now provide life insurance to around 2.5 million
Australians and pays $1M in claims every working day. >Top
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