Australia’s largest life insurer is set to get bigger.Today TAL announced that it would be purchasing Westpac Life Insurance Services Limited, the issuer of BT Life Insurance policies (BT Protection Plans).At at 31st December 2020, TAL had premiums in force of $4,523 million and...
In Australia, deaths from COVID-19 have totalled 910 to date. The vast majority, or 93%, of these, were in persons aged over 70.However, the total COVID-19 cases suffered in Australia has been much larger at over 30,000, and of these only 13% were aged over 70.Interestingly,...
APRA and ASIC have released their life insurance claims data for 2020. This means that claim acceptance rates and average claim processing times are now available on an aggregate and individual company basis for the last three years. Claims Paying TrendsThe same methodology has been used...
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...