In an open letter to all life insurers and friendly societies, the Australian Prudential Regulatory Authority (APRA) has expressed its concerns about the industry’s failure to design and price sustainable income protection policies. In addition to being concerned by the financial losses experienced by insurers in...
APRA and ASIC have combined to release claims data for individual life insurance companies. This follows the earlier release of industry wide claim statistics. For the first time consumers are able to see how a particular life insurance company has performed in handling claims and disputes....
TAL have received the prestigious 2018 Insurance Company of the Year Award from Strategic Insight and the Association of Financial Advisers (AFA). This is the second consecutive year that TAL have won the top award, and the fifth time in the award’s 13 year history. TAL...
The same four insurers who announced premium relief to drought affected farmers in NSW and Queensland have stepped up again to offer premium waivers to the victims of the devastating floods in far North Queensland. The insurers, Zurich, AIA, TAL and OnePath, are offering the following assistance: ...
Analysis of hundreds of reviews left on the Insurance Watch website over the last 12 months has revealed that consumers want more communication, innovation and faster payment of claims from their insurers. The reviews were provided by current Life insurance, TPD, Trauma and Income Protection insurance...
Consumers have voted OnePath as overall winner and ClearView as runner-up in the 2018 Consumer Choice Awards. The Consumer Choice Awards are a joint initiative of the Association of Financial Advisers (AFA) and the Beddoes Institute, a company specializing in the research and benchmarking of financial...
After a 169 year history of providing life insurance in Australia, AMP has announced it will quit the sector. In a deal valued at $3.3 billion AMP has agreed to sell its Australian life insurance business to UK based Resolution Life effective June 30. The...
Even before the 2018 Royal Commission began, dramatic changes were afoot in the Australian life insurance market. Over the last three years there have been a spate of acquisitions and divestments which are set to radically change the ownership structure of the life insurance market in...
Zurich and AIA have announced premium waivers for drought affected farmers. They join TAL and OnePath who introduced similar measures a month ago. All of these insurers have recognized the significant impact that the current drought is having on the livelihood and well-being of farmers...
The release of the ASIC Direct Life Insurance report and recent hearings at the Royal Commission have highlighted poor telephone sales practices and product design in the direct life insurance market which have led to poor consumer outcomes. Over 2017/18 ASIC examined the direct life insurance...