News

Claims acceptance rates improve in 2021

Life insurance claims statistics for 2021 released by APRA show an overall improvement in claims acceptance rates compared to 2020. The average claims acceptance rates for policies distributed by life insurance advisers/brokers have increased year on year, as below: However, the news on claim processing times is...

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BT Life Insurance to be closed to new business

TAL have announced that they will be closing the BT Protection Plan range to new sales when their acquisition of Westpac Life is completed. This is anticipated to be on 1st August 2022. Niall McConville, TAL’s General Manager of Retail Distribution, stated TAL felt it would...

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TAL named Life Company of the Year for fifth year in a row

The 2021 AFA/Plan for Life awards for excellence have been announced, with TAL taking the honours for Life Company of the Year for a staggering fifth year in a row. To win this award TAL had to outperform its competitors across a range of metrics including...

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TAL buys Westpac Life, issuer of BT Life Insurance policies

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...

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MLC reveals COVID-19 insurance claims paid

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,...

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Life insurance claims data released for 2020

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 Trends The same methodology has been used...

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TAL Life Company of the Year for fourth year in a row

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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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