The Australian Financial Complaints Authority (AFCA) has released a detailed breakdown of the complaints received up to 30th June 2020.The data can be found on the AFCA Datacube, an online comparative reporting tool, which shows how financial organisations are performing in handling complaints. The tool...
As part of Life Insurance Awareness Week, the Financial Services Council (FSC) has released data providing insights into the causes of most claims.The data, which was analysed by KPMG on behalf of the FSC, shows that during 2019 the life insurance industry paid out more...
On 2nd December 2019 APRA announced it will be intervening in the life insurance market in response to the failure of the industry to take action to stem losses from individual disability income insurance (DII) policies (more commonly known as income protection policies). Why is APRA...
The life insurance industry has mobilized to help those impacted by bushfires across Australia. A range of measures and initiatives have been announced: 1. Premium and Fee Waivers Premium waivers for up to 3 months have been offered to those affected by bushfires (including volunteers experiencing hardship)...
Data collected by the Financial Services Council and KPMG Australia has found that mental health conditions account for almost a quarter of all Total and Permanent Disablement (TPD) insurance claims paid.In 2018 according to APRA over $4.4 billion was paid out by life insurers in...
2019 represents a year of milestones for AIA.The AIA Group celebrates a 100 year history, having been established back in 1919 by American Cornelius Vander Starr in Shanghai, China. Listed in 2010 on the Hong Kong Stock Exchange, the AIA Group now operates in 18...
AMP have reached revised terms with Resolution Life for the sale of their life insurance business. The original sale agreement stalled in July when it was blocked by the New Zealand regulator.The Reserve Bank of New Zealand was unhappy that AMP’s New Zealand assets were...
ASIC has released a consultation paper seeking feedback on a proposal to ban unsolicited telephone sales of life insurance (including funeral insurance) and Consumer Credit Insurance (CCI).This follows a report from ASIC earlier this month which identified that CCI policies represented poor value and were...
Several industry players are acting to raise awareness of the potential loss of insurance cover through super for some Australians under the government’s “Protecting Your Superannuation” laws due to take effect on 1st July 2019.The legislative changes will remove the automatic life insurance and total...
Zurich have introduced their own health and wellness program called LiveWell.Free membership will be offered to all who apply for a new Zurich insurance policy. Existing policyholders who apply for an increase or add a new cover may also be eligible.Similar to AIA Vitality, Zurich...