Husband’s life insurance claim rejected due to misrepresentation
26 June 2023
A widower has failed to win a life insurance payout because his wife did not declare ongoing alcohol induced pancreatitis...
Life Insurance
Life peak body announces board change
26 June 2023
The Council of Australian Life Insurers has announced a new board director and member representative...
Zurich creates affordability guide for life customers
26 June 2023
Zurich has published a guide explaining how customers can tweak policy settings to make their life insurance more affordable...
Government urged to ease advice restriction on life insurers
19 June 2023
Life insurers have urged the Federal Government to consider allowing them to provide “limited advice” as Treasury prepares to consult on legislative changes to allow super funds to offer personal advice to members...
Rise in adviser numbers offers ‘glimmer of hope’
19 June 2023
More than 600 financial advisers joined the industry in the March quarter, the first rise in over three years and there was an increase of 213 licensees during the period, financial services researcher Rainmaker Information says in a new report...
ALUCA names excellence award winners
19 June 2023
The Australasian Life Underwriting and Claims Association has announced the winners of its annual excellence awards and conferred its top Life Membership honours on Carly Van Den Akker of Swiss Re and John O’Leary of TAL...
Challenger leads life industry with $264 million profit: APRA data
19 June 2023
Challenger Life Company made $264 million in net profit last year, making it the best performing life (re)insurer, according to annual data from the Australian Prudential Regulation Authority for financial years ended in the 12 months to December...
HCF launches life product in collaboration with insurtech
19 June 2023
HCF Life has launched a new life insurance offering in collaboration with insurtech UnderwriteMe...
New Life Code set for July start, consumer guide on premiums launched
05 June 2023
The revamped Life Code of Practice will come into force on July 1, providing more than 50 new customer protection measures including a financial penalty of up to $100,000 for significant breaches, support for policyholders experiencing domestic violence and banning blanket mental health exclusions...
‘Unfair and unreasonable’: insurer denied broad access to claimant’s medical details
05 June 2023
An income protection policyholder who refused to sign a form giving his insurer “broader” authority to obtain information from any health provider to continue assessing his claim has won his dispute...
NZ regulator seeks penalty against mutual over alleged fair dealing breaches
05 June 2023
The Financial Markets Authority has commenced court proceedings against Medical Assurance Society and its subsidiaries, alleging they failed to properly apply inflation adjustments, failed to apply multi-policy discounts and underpaid eligible life and disability claims...
Auckland to host inaugural Trans-Tasman financial services summit
05 June 2023
The first Trans-Tasman Strategic Leaders Summit for the financial services sector will take place in Auckland next year...
Zurich, Sequoia join pro bono adviser network
05 June 2023
Pro Bono Financial Advice Network says Zurich Financial Services, Sequoia and its Interprac business have joined the group to support its work with Australians living with a personal health crisis...
Industry, individual DII earnings decline
29 May 2023
Life insurers recorded weaker earnings in the 12 months to March, with the industry posting a 4.9% decline in net profit after-tax to $1 billion from a year earlier, latest Australian Prudential Regulation Authority data shows...
Life insurance survey reveals ‘alarming’ findings
29 May 2023
About 44% of Australians have no life insurance and have no plans to acquire any either, according to a survey by online financial broker Savvy...
Life expectancy study lists medical advances, AI impacts
29 May 2023
Swiss Re has released a life expectancy report detailing emerging trends in medicine, healthcare and lifestyles that life insurers will need to understand as the industry prepares for the next wave of longevity improvements...
Treasury consults on 2023/24 funding levies for APRA
29 May 2023
Treasury has proposed collecting $20.4 million in levies funding from the life insurance/friendly societies sector to recover the costs of the Australian Prudential Regulation Authority’s supervision of the industry in 2023/24...
Zurich launches complimentary health services
29 May 2023
Zurich Financial Services has launched a suite of health-related services to support customers’ wellbeing...
Treasury consults on law changes to ‘clarify’ AFCA powers
29 May 2023
Treasury is seeking submissions on draft legislation to “clarify” the Australian Financial Complaints Authority’s jurisdiction in relation to superannuation disputes...
BT names new Head of Distribution
29 May 2023
Westpac-owned BT has announced the permanent appointment of Jason Brown as its Head of Distribution...