News

23 September 2020 — Life Insurance News 0

AFCA provides details of Life Insurance complaints

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...

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29 July 2020 — Life Insurance News 0

FSC data insights reveals top causes of insurance claims

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...

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05 February 2020 — Life Insurance News 0

APRA forces end to Agreed Value income protection policies

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...

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28 January 2020 — Life Insurance News 0

Life insurance industry acts to provide bushfire relief

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)...

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04 October 2019 — Life Insurance News 0

Mental Health found to be the biggest cause of TPD claims

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...

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16 September 2019 — Life Insurance News 0

AIA Group celebrates 100 years and 5 years of Vitality in Australia

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...

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08 August 2019 — Life Insurance News 0

AMP Life Insurance sale to go ahead on revised terms

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...

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18 July 2019 — Life Insurance News 0

ASIC may ban unsolicited telephone sales of CCI and life insurance

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...

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