Rise in code breaches ‘a positive sign’
31 March 2025
A review of life insurers’ compliance with the industry code of practice has found improvements and areas requiring further attention...
Life Insurance
‘Light on detail’: budget leaves advisers disappointed
31 March 2025
Financial Advice Association Australia has criticised last week’s federal budget, saying it provides “very little for financial services, let alone financial advisers” and fails to address the rising cost of providing advice...
Super trustees accused of ‘disconnect’ on death benefit claims flaws
31 March 2025
A regulator’s review of the superannuation industry’s death benefit claims handling has found failings including excessive delays, bad customer service and ineffective procedures...
Advisers ‘can’t support’ draft reforms
31 March 2025
An adviser lobby group has attacked the federal government’s next tranche of advice reforms, saying the proposals are “pretty disappointing” after more than three years of work to improve accessibility and affordability of financial help...
Watchdog hits adviser with five-year ban
31 March 2025
Queensland adviser Grant Thomson has been banned from providing financial services for five years after he recommended levels of insurance coverage that incorporated mortgages clients had yet to obtain...
Feedback sought on advice reform draft laws
24 March 2025
The federal government has begun consulting on proposed laws comprising the second tranche of its financial advice reforms...
Advisers flag ‘issue of equity’ on genetic testing ban
24 March 2025
Financial Advisers Association Australia has raised concerns over the proposed ban on the use of genetic test results in life underwriting...
AIA calls for tax break to promote insurance
24 March 2025
AIA has urged the federal government to consider tax incentives to encourage take-up of life insurance and related financial advice...
Premium change disputes ‘never seem to go away’, AFCA says
24 March 2025
Life insurers may need a better way of explaining how stepped premiums are calculated, the Australian Financial Complaints Authority told a member forum...
Consumer group demands fix for ‘harrowing’ group life failings
24 March 2025
Super Consumers Australia has called for a review of group insurance to “close the gaps” in service...
Super fund accused of claims handling failures
17 March 2025
The corporate regulator has taken legal action against AustralianSuper over its alleged failure to process and pay thousands of death benefit claims “as soon as practicable”...
AFCA rejects $500k lost earnings bid after premium error
17 March 2025
A policyholder who argued his life insurer should pay $500,000 for lost investment earnings after overcharging his premiums has lost a case before the Australian Financial Complaints Authority...
Consumer groups push for immediate genetic test ban
17 March 2025
The proposed ban on the use of genetic test results in life underwriting should start immediately after federal parliament passes the draft bill, consumer advocates say...
RGA names new Australia chief
17 March 2025
Reinsurance Group of America says Alissa Holz will become CEO for Australia and New Zealand next month...
Code update ‘formalises support’ for people with HIV
10 March 2025
Life insurers will no longer ask questions about sexual preferences and practices during underwriting assessments, under changes to the industry’s code of practice...
Industry’s inaugural conference looks ‘beyond the horizon’
10 March 2025
The Council of Australian Life Insurers will hold a conference in Sydney next month – its first since the peak body was formed in 2022...
MLC Life Insurance urges action to lift take-up among women
10 March 2025
MLC Life Insurance head of group claims Tamara Bailey has urged the industry to do more to address women’s insurance needs...
Chubb Life NZ recruits IAG exec for CEO role
10 March 2025
Chubb Life New Zealand says Paula ter Brake will become CEO on May 5, replacing the retiring Gail Costa...
Industry profit collapses as investments, underwriting earnings drop
03 March 2025
The life industry suffered a weak December quarter as investment returns plunged and key risk products delivered lower underwriting earnings...
ClearView reprices legacy products after earnings slide
03 March 2025
ClearView Wealth has posted weaker first-half-earnings and says repricing of its LifeSolutions product is a focus after the legacy portfolio caused a claims loss in the first quarter...