AMP life earnings jump 158% before sale
17 August 2020
Earnings at the Life business just sold by AMP jumped 158% to $129 million in the first half...
Life Insurance
Challenger in the red as pandemic dents investment returns
17 August 2020
Challenger has posted a full-year statutory net loss of $416 million after pandemic-fuelled volatility in global financial markets hammered the investment books of its life arm...
AIA signs sponsorship deal with AFL team
17 August 2020
AIA Australia has signed a three-year sponsorship deal with Australian Football League club North Melbourne...
$3.6 million ‘smoker’ premiums to be refunded
10 August 2020
At least 5000 superannuation fund members will collectively receive more than $3.6 million in compensation after they were wrongfully charged higher “smoker” premiums for life insurance, the Australian Securities and Investments Commission says...
New life insurer powers a ‘dangerous Trojan horse’: law firm
10 August 2020
A move to allow greater involvement in worker rehabilitation by life insurers is a “dangerous Trojan horse” and part of a push to expand powers so fewer claims will need to be paid out, law firm Maurice Blackburn Lawyers alleges...
NZ Life sector to grow 1-2% a year
10 August 2020
New Zealand’s life insurance sector is poised to grow premiums by around 1-2% over each of the next three years, according to S&P...
AMP Australia’s CEO Alex Wade departs
10 August 2020
AMP Australia CEO Alex Wade has departed the company with immediate effect...
RBNZ clarifies ‘unique operating model’ after AMP Life sale
10 August 2020
The Reserve Bank of New Zealand’s insurance supervision team has published a detailed outline of the complicated new operating model structure it wants put in place to permit AMP’s sale of its Life business...
NZ advisers welcome changes to conduct bill
10 August 2020
Advisers in New Zealand will be excluded from fair conduct programs under amendments made last week to a bill designed to improve culture and practices in the financial services industry...
Income protection, disability dominate industry claims payments
03 August 2020
Life insurers paid out $12.06 billion last year from 101,821 claims, with income protection and disability income accounting for the biggest portion at $4.34 billion, the Financial Services Council says...
Reforms needed to address growing mental health claims
03 August 2020
Life insurers have called for legislative reforms to allow the industry to pay for mental health treatments, as new data from the Financial Services Council show the biggest portion of total and permanent disability payments last year went to claims for the illness...
Claimant wins in dispute against Westpac over coma definition
03 August 2020
The Australian Financial Complaints Authority has ruled in favour of a complainant whose claim for benefit payment was rejected in March last year by Westpac Life Insurance...
AMP Financial Planning hit with two new class actions
03 August 2020
AMP Financial Planning was hit with two new class actions last week, coming under fire from both its adviser network and buyers of its insurance products...
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...
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...