Cancer dominates death claims for men, women: FSC data
03 August 2020
Cancer made up the majority of lump sum payments to policyholders last year for terminal illness or death claims lodged, the Financial Services Council says...
Life Insurance
Increasing mental health claims may spark payout reforms
27 July 2020
Changes to the way life insurers settle mental health claims may be required as part of efforts to improve the sustainability of income protection products, the industry was told today...
Reforms ‘are hurting insurance affordability’
27 July 2020
The Government must take a “balanced regulatory approach” to reform the life industry to avert a worsening underinsurance problem, according to new research commissioned by major life insurers and peak bodies...
Life insurers extend COVID support initiatives
27 July 2020
Participating life insurance companies have extended two support initiatives introduced when COVID-19 first struck Australia in March, the Financial Services Council announced today...
Lawyer calls out ‘obstructive and unhelpful’ life insurers
27 July 2020
A lawyer has called for the Life insurance Code of Practice to be amended so it provides “appropriate and readily accessible” contact details for company representatives...
MLC costs majority shareholder Nippon Life huge impairment loss
27 July 2020
Nippon Life has recorded an impairment loss on its 80% shareholding in consolidated subsidiary MLC Life...
Kaplan offers fee support for advisers
27 July 2020
Major training group Kaplan Professional will freeze its retail enrolment subject fees and offer negotiated pricing for corporate groups as part of its support for financial advisers during this difficult economic period...
MetLife’s 360Health wins Gold Stevie
27 July 2020
MetLife’s 360Health has won the Gold Stevie Award for innovation in health and wellness at the seventh annual Asia-Pacific Stevie Awards...
FSC backs case for Australia to become a financial services hub
20 July 2020
The Financial Services Council has supported calls to take advantage of an opportunity presented by turmoil in Hong Kong to make Australia an international financial services hub...
Life risk inflow declines
20 July 2020
Overall life risk premium inflows fell 3.6% to $16.3 billion for the year to March from a year earlier, as a number of life insurers recorded declines, according to data compiled by actuaries and researchers Plan for Life...
S&P lowers ratings on AMP after Life sale
20 July 2020
Standard & Poor’s has lowered its rating on AMP Group Holdings Limited one notch to BBB, from BBB+, after the $3 billion sale of its life insurance business to Resolution Life earlier this month...
ASIC wins appeal over ruling on banned WA adviser
20 July 2020
The Administrative Appeals Tribunal will re-determine the case of banned WA adviser Robert Hutchison, following a successful court appeal by the Australian Securities and Investments Commission...
FSC names new board members
20 July 2020
The Financial Services Council has announced four new board members, who will also be part of a newly created committee focusing on strategic policy directions for the Australian funds management sector...
AIA sponsors Sydney FC, Brisbane Roar clubs
20 July 2020
Life and health insurer AIA will sponsor the Sydney FC and Brisbane Roar clubs during the completion of the current A-League season...
Life industry faces new pressure over TPD virus measures
13 July 2020
The Financial Services Council has responded to a new pressure campaign from consumer advocates who claim life insurers are planning to reintroduce "discriminatory terms" to total and permanent disability covers when the JobKeeper scheme ends in September...
OnePath Life backed over accidental death dispute
13 July 2020
OnePath Life’s decision not to pay a $100,000 accidental death benefit for a man who died of an infection affecting his heart has been upheld by the Australian Financial Complaints Authority...
FSC backs report calling for removal of insurance taxes
13 July 2020
The Financial Services Council has backed recommendations made by a NSW report calling for the axing of all state insurance taxes, including the controversial Emergency Services Levy...
Pandemic could spark M&A storm as advisers look for way out: lawyer
13 July 2020
The financial advice industry may be in for a "wave of merger and acquisition activity" as the virus disruption continues to stretch advisers’ resources, according to law firm Cornwalls...
Virus impact, regulatory changes top FSC’s life summit program
13 July 2020
The Financial Services Council will kick off its annual Life Insurance Summit later this month with an opening session from Superannuation, Financial Services and Financial Technology Assistant Minister Jane Hume...
Class actions risk fuelling PI cost: AMP chief
06 July 2020
AMP CEO Francesco De Ferrari has voiced support for increased oversight of litigation funders, tying their financial backing of class actions to the escalating cost of securing professional indemnity insurance...