Zurich Financial Services is offering 65 cents for each ClearView share to value the takeover at about $425 million.

In its Phase 1 Determination, the ACCC said the "acquisition may be put into effect".

In assessing the deal, the watchdog said Zurich and ClearView overlap in Australia in the supply of life insurance products, particularly in the supply of products in the retail adviser channel.

It determined "the acquisition may be put into effect as it considers that the acquisition is unlikely to have the effect of substantially lessening competition in any market."

"The merged firm would continue to face competition from alternative suppliers of life insurance in the retail adviser channel, including TAL, AIA, Acenda, Metlife and NobleOak," the ACCC said.

"While the merged firm would have a moderate share of supply of life insurance in Australia, the increase arising from the acquisition would be low."

The merged firm would also be "unlikely to have the ability and incentive to foreclose rival financial advisers' access to life insurance products given there are alternative suppliers of life insurance..."

ClearView's subsidiary ClearView Life Assurance provides a range of life insurance products to customers in Australia, including life, income protection, TPD and trauma insurance. ClearView primarily supplies these life insurance products under its ClearChoice brand and via the retail financial adviser channel.

Zurich Financial Services is owned by Zurich Insurance Group, which is listed on the SIX Swiss Exchange.

ClearView directors are unanimously recommending ClearView shareholders to vote in favour of the transaction at the scheme meeting, in the absence of a superior proposal and subject to the independent expert's conclusion in its report.

Crescent Capital Partners Management, which owns 53% of ClearView, said it intends to vote in favour of the scheme.

The next steps involve receiving approval from APRA, as well as the court greenlighting the scheme.

"ClearView and Zurich are continuing to work towards the implementation of the Scheme in accordance with the indicative timetable outlined in the transaction announcement, and ClearView will update ClearView shareholders in relation to the timetable for the implementation of the scheme as required," the ASX update read.

The study of 2000 super fund members found confidence levels rose sharply when members actively reviewed or adjusted their insurance arrangements. This highlighted the growing importance of communication and education within the super sector.

According to the research, 18% of members who were unsure whether they held insurance through super felt financially secure against the impact of illness, injury or death. That figure climbed to 52% among those with default cover and 77% for members who had tailored their insurance to suit their circumstances.

The findings comes as insurers and super funds face increasing pressure to improve member engagement amid rising living costs and greater scrutiny of insurance inside superannuation.

TAL general manager of group partnerships Dan Taylor said the research showed insurance delivered value beyond the claims process itself.

He said members who understood their cover were more likely to feel financially prepared and less likely to experience confusion or frustration if they later needed to make a claim.

The research also pointed to a broader trust opportunity for super funds, with more than eight in 10 respondents indicating they trusted their fund to provide guidance on insurance matters.

However, engagement gaps remain, particularly among younger and female members. Many members aged between 25 to 34 were unaware whether they had default cover. Moreover, women were less likely than men to review or alter their insurance arrangements. This is often due to low engagement or misconceptions, highlighting the need for targeted guidance, the research said.

The report noted changing workforce patterns, career breaks and part-time employment could leave some members underinsured, particularly women with lower super balances.

TAL said more personalised communications, digital tools and guidance tied to major life events could help funds improve engagement and ensure members better understand the protection available through their superannuation.

From July 1, members will pay less for the same level of death, total and permanent disability (TPD), and income protection cover.

On average, the cost of death cover will drop by 6%, while TPD cover will cost about 15% less. Depending on the benefit period, income protection will reduce by between 1.4% and 23.5%.

The premium reductions will apply for HESTA Super and HESTA Personal Super member; they do not apply to those in corporate super plans.

The reductions follow a renewed group insurance arrangement with AIA Australia and reflect the fund's ongoing commitment to providing value-for-money cover, it said.

HESTA is also enhancing its group insurance offering, waiving insurance fees for members on parental leave for up to 12 months. Where a baby is born before 37 weeks, this can be extended to 24 months.

It will also no longer automatically exclude disabilities related to normal pregnancy, childbirth or miscarriage from its income protection offering in specific circumstances.

"Around 80% of HESTA members are women, many working in health and community services, dedicating themselves to looking after others," HESTA chief executive Debby Blakey said.

"Providing access to appropriate, affordable insurance cover is a critical offering that can give our members and their families real peace of mind at a time when it matters most."

Further, from July 1 members will be able to make non-lapsing binding death benefit nominations, the minimum timeframe for new events cover is reducing from 30 days to 10, and the fund is making it easier for members to apply for increased cover via a short survey about their health.

"For many of our members, the cover they have within their super is likely to be the only personal insurance they hold, which makes getting our insurance offering right all the more important," Blakey said.

"These changes reflect our ongoing commitment to provide insurance cover that is affordable, accessible, and that genuinely works for members when they need it most."

HESTA's decision to reduce premiums comes as many other super funds are increasing theirs significantly in response to increased claims.

AustralianSuper, Cbus and Commonwealth Super Corporation have all increased their premiums, some by more than 40%, in response to a surge in mental health claims.

New research commissioned by the Council of Australian Life Insurers (CALI) and prepared by SuperFriend demonstrates around 8.5 million Australians accessed some form of income support in the past year, totalling $78.9 billion in payments.

Over the past decade, the number of people relying on support has grown significantly, with two million Australians now claiming benefits across a fragmented system.

The report identifies 11 separate income support streams, including employer sick leave, workers compensation, social security, life insurance, and early access to superannuation. This complexity, combined with a rising demand, is making the system increasingly difficult to navigate.

Mental ill health is a key driver of the increase. It accounts for roughly one in three total and permanent disability claims and one in five income protection claims, placing sustained pressure on insurers and government programs.

CALI chief executive Christine Cupitt said the system was not designed to oversee the scale and nature of mental health related claims it's now seeing.

"This report shines a light on a major productivity challenge facing our nation. More and more Australians are taking time off work and getting financial support because they're injured or sick, with mental health conditions often the main reason," said Cupitt.

Life insurers play a critical role later in the support journey, often assisting individuals with more complex and long- term conditions. In 2023 to 2024, the sector paid out $8.3 billion in benefits to around 55,000 Australians unable to work, representing 11% of the total national income support.

However, gaps in coordination between systems can leave individuals uncertain about where to turn, delaying access to support and access to recovery outcomes.

SuperFriend chief research officer Ross Illes said maintaining a connection to work is key, noting the likelihood of returning to employment declines the longer someone remains out of the workforce.

Industry groups are calling for a more coordinated, whole of system approach to better manage rising demand and improve outcomes for affected Australians.

At an event in Sydney last night, NEOS took home the 2026 Life Insurance Award for Excellence in Adviser Service, presented by Financial Standard.

NEOS was selected as the winner following an online survey of financial advisers, licensees and support staff, rating insurers across various service parameters that can critically affect their business. This includes underwriting and new business, claims service and business support.

It's the second year running that NEOS has taken home the honour.

NEOS chief executive John de Zwart said the insurer is incredibly proud to receive the award again.

"It's a powerful endorsement from advisers that our focus on service, underwriting expertise and platform efficiency is delivering real value and continues to make a meaningful difference in their day-to-day businesses," he said.

"Everything we do is centred on making adviser's lives easy - helping them spend less time on administration and more time with their clients."

Meantime, TAL received the 2026 Life Insurance Award for Innovation in Product, recognised for its TPD Support Option.

The TPD Support Option was developed to support customers with complex mental health, chronic fatigue and functional conditions while maintaining long-term product sustainability. Customers can receive up to 20% of their sum insured each year for claims involving conditions where recovery outcomes can vary, provided they continue to meet the 'Any Occupation' criteria.

In accepting the award, TAL chief executive, individual life Gavin Teichner said the group was honoured to receive the recognition.

"Life insurance exists to support people through their hardest moments, and for too long the structure of traditional TPD wasn't serving everyone it needed to. This award reflects the work of a lot of people - customers, advisers, clinicians and our team - who helped us understand the problem deeply so we could build something genuinely different," he said.

TAL chief medical officer Summer Zhu added: "For conditions like mental health disorders, chronic fatigue and functional illness, asking a treating doctor to confirm that a patient will never recover can put the treating relationship at odds with the claims process at exactly the moment when hope and support matter most. The TPD Support Option changes that dynamic - and that's meaningful, not just for customers, but for the clinicians supporting them."

"Recovery for these conditions doesn't always follow a straight line. Someone can be genuinely unable to work today and, with the right support at the right time, find their way back. What we've built acknowledges that uncertainty honestly and tries to work with it rather than against it."

Together disability income insurance (DII) and total and permanent disablement (TPD) accounted for 88% of all disputes made on claims. Both categories made up 64% of the total claims made in 2025.

Disputed claims in the same period came in at 11,207 - up 13.7% from 9851 compared to the same period in 2024.

Of all the claim disputes lodged in the year, 56% of them related to group insurance inside superannuation. This was followed by individuals who received advice, accounting for 33% of the disputes made on claims.

DII disputes were the highest from both sections, with group super disputing 3194 of the claims and advised individuals disputing 2118 of the claims.

DII have continuously been the most highly disputed product among advised, non-advised and group insurance customers.

TPD claims received the second highest number of disputes, with group super disputing 2913 of the claims and advised individuals disputing 934 of the claims.

A study released in July last year by the Council of Australian Life Insurers (CALI) found mental health was the leading cause of TPD claims, making up almost one in three claims paid.

The $2.2 billion paid in 2024 in retail mental health claims nearly doubled the amount recorded five years ago.

Further, mental ill health is also driving one in five income protection claims, with payouts totalling $887 million in 2024, CALI said.

CALI noted the trend was especially significant among younger people, with TPD claims for mental health increasing by 732% for those in their 30s over the past decade.

The call is part of the fund's submission to the federal government's superannuation advertising ban draft regulations.

Cbus said it supports clear limitations on which superannuation products can be presented during onboarding, as well as the introduction of rules around the labelling, prominence and disclosure for permitted MySuper products.

However, to protect workers from being left underinsured, Cbus is proposing mandated warnings at onboarding for employees, including a clear, mandatory disclosure where a member's stapled fund may not provide appropriate insurance for their occupation or circumstances.

It also said there should be a prominent warning that insurance for people under 25 or with a low super balance will not be provided automatic cover unless they work in a hazardous job and their fund has a Dangerous Occupation Exception (DOE). It also thinks key insurance differences should be highlighted, including hazardous occupations exclusions or inclusions.

Cbus chief member officer Tom Garcia said the reforms are critically important to ensure workers don't get funnelled into underperforming or inappropriate superannuation products, especially when changing jobs.

"We support individuals' right to choose the super fund that best suits them, but there should be protections in place to highlight key differences, particularly insurance," he said.

"As a minimum, new employees need to be made explicitly aware of these risks so they can make an informed decision."

Cbus said workers under 30 years of age represent close to a third of claims paid by the fund under its DOE.

However, the fund added critical information about insurance cover often isn't provided when workers select a super fund upon starting a new job.

Garcia said choosing a fund without industry-specific cover could have immediate and lasting consequences for workers, particularly in high-risk industries.

"Choosing a super fund tailored to your industry can be the difference between being adequately insured or not insured at all," he said.

"For many workers, especially in high-risk jobs, insurance within super is a key source of financial protection in the event of death, disability or serious illness.

"This coverage is highly sensitive to fund choice, and decisions influenced by marketing or a lack of information during onboarding can have dire financial consequences for workers and their families."

Cbus added workers starting jobs in building and construction, energy and other high-risk occupations, are unlikely to be able to take out cover outside of superannuation and therefore rely on default insurance in super to provide vital protection.

Between April 2020 and 31 December 2025, Cbus said it paid a total of $178.5 million to over 1415 members or their loved ones due to the DOE.

"Had these members been with almost any other fund they would have received nothing," Garcia said.

"And we know this disproportionately impacts younger workers - almost one in three of these claims are for members under the age of 30."

These are the key themes that emerged in the newly published Life Insurance Code of Practice independent review Interim Report, which highlighted stakeholders' concerns about rising mental health claims and cited research that finds almost one in two Australians will experience a mental health condition in their lifetime.

One of the key recommendations is for the Life Code to contain "a new overall industry commitment" to deal appropriately with customers experiencing mental health conditions to be pushed at the top as a priority and not placed in the appendix, where it currently sits.

The report's author, Peter Kell, said this would provide the industry with an opportunity to set out its position on this issue more clearly and build on the existing commitments to take extra care and treat people with empathy, compassion and respect, which are in turn supported by specific commitments in the code.

Kell floated the possibility of removing the prohibition on blanket mental health exclusions and permitting design features in insurance policies that limit cover for mental health.

Currently, clause 2.1(b) of the code requires insurers to design new products that do not incorporate a blanket exclusion specific to mental health in the general terms and conditions of the standard form contract, consistent with obligations under the Disability Discrimination Act 1992 and equivalent state of territory laws.

The code's effectiveness in dealing with customers experiencing vulnerability, including commitments to First Nations customers or customers experiencing family violence, is also up for discussion.

The Life Code's reference to the disclosure of vulnerability "should be redrafted to emphasise the disclosure of the consumer's situation so as to identify their potential need for support.

As an example, clause 6.10 should read: "We encourage you to tell us about your circumstances so that we can arrange additional support to help you should you need this."

Kell wrote the overarching principle in the code should be for insurers to treat every customer interaction with the potential for vulnerability in mind, particularly during claims when customers are most likely to experience stress.

This is not a formal checklist, nor does it require customers to self-identify or disclose sensitive circumstances when they do not wish to. Rather, insurers proactively considering potential risk factors for vulnerability that may indicate the need for support.

"This can be based on information they already hold, additional information that is disclosed by customers, or in some cases information that can be the subject of reasonable inquiries," he explained.

Stakeholders also expressed the need to improve claims handling via the code. Clarifying or strengthening certain claims-handling timeframes, improving communication during the claims process and proving greater clarity and enhancing specific parts of the claims process, such as interviews and medical evidence, are some suggestions.

The timeframe in clause 5.5 can be reduced to five business days, for example, while clause 5.50 can be redrafted to require the insurer to tell the claimant about their decision within 15 business days and within the relevant claims-handling timeframe.

If an insurer reopens a claim under clause 5.57, the claims reassessment should be completed within one month for income-related claims or two months for lump sum claims.

Kell was appointed to lead the independent review of the Life Code, which kicked off on 1 October 2025. In response, he received 14 submissions in total.

The Council of Australian Life Insurers (CALI) chief executive Christine Cupitt commented the independent review is an important part of the industry's promise and commitment to the people we protect every day.

"It provides a robust, independent process to hear a broad range of views about how we can continue to ensure our industry lives up to the expectations of the community," she said.

"It is critical that the Life Code reflects the needs of our customers, keeps pace with changing laws and regulations, and is practical and easy to understand."

Kell is urging stakeholders to provide feedback on the interim report by May 8, the findings of which will formulate the final stage of the review.

The final report, including recommendations for changes to the Life Code, will be provided to CALI by June 30.

"The Life Code plays a vital role in supporting consumers in their dealings with life insurers, and this input has been critical in identifying areas where the Life Code is working well and where it can be strengthened," Kell said.

"The interim report sets out preliminary findings and provides an important opportunity for further feedback to help shape a modern, effective and consumer-focused Life Code."

Minister for financial services Daniel Mulino said Australians should not feel discouraged from undertaking genetic testing out of fear it may have an impact on their ability to get insurance or make that insurance unaffordable.

"The ban will not prevent individuals from volunteering genetic test results with written consent, and the use of these volunteered results in underwriting where this would not adversely impact the insurance offer or policy terms, or limit the existing ability to access and use certain information for underwriting life insurance including the existence of signs, symptoms or diagnosed diseases," he said.

"There are civil penalties and criminal offences for non-compliance which will be regulated by the Australian Securities and Investments Commission. This legislation will make a meaningful difference to people's lives."

Australian life insurers welcomed the passage, saying the new law will give Australians more confidence about getting a genetic test, knowing it can't be used in insurance underwriting.

The legislation, passed in the Senate yesterday, bans the use of predictive genetic test results when assessing a person's application for cover.

The Council of Australian Life Insurers (CALI) said it has long supported the responsible use of genetic test results to empower people to better manage their health in a preventative way.

"Our industry is incredibly proud to play such an important role in giving Australians certainty about their future," CALI chief executive Christine Cupitt said.

"For years, we have been clear that no one should be deterred from taking a genetic test that gives them more information about their overall health. As life insurers, we want people to access the information they need to make informed choices about their health and to manage it proactively."

CALI added that in 2019 the life insurance industry took voluntary action to introduce a mandatory standard to restrict the use of predictive genetic test results in underwriting.

CALI said the rapid evolution of genetic science has since made the legislative action both timely and necessary. CALI also welcomed the inclusion of a five-year review of the legislation, which it said will be essential to ensure the law keeps up to date with the ever-evolving predictive genetic testing landscape.

"All of CALI's members recognise that predictive genetic testing can play an important role in giving people peace of mind and supporting them to reduce potential health risks," it said.

According to the Finance Sector Union (FSU), since Resolution Life Australia and MLC Life officially merged at the end of 2025, Acenda implemented multiple rounds of job cuts affecting about 280 roles that sat across every department. More cuts across the business are expected to take place.

"The first tranche saw approximately 85 upper middle management roles cut, followed by around 150 lower middle management roles, and a third round of more than 50 further redundancies. The union has now heard reports of further job cuts," the FSU said.

"Workers say the cuts have been handled chaotically, with the union only becoming aware of some of the redundancies as staff were being told they had lost their jobs."

Acenda in response said: "Bringing our businesses together has meant designing a new organisational structure that will enable us to deliver on our strategy and our customer commitments."

This new structure will be in place by the beginning of the second quarter.

"We recognise this has a real impact on people, which is never easy. We commenced an extensive and considered consultation process with our people in January that had had a very strong focus on supporting those impacted by these changes," the Acenda spokesperson said.

Acenda also offered opportunities for redeployment wherever possible, while providing appropriate transition support and assistance to those leaving the business and that FSU was consulted throughout this process.

Acenda has made several executive changes in the lead up to the merger.

Former Westpac executive Chris de Bruin takes the reins of Acenda as chief executive. Kent Griffin and Tim Tez, who led Acenda and Resolution Life respectively, have left the business.

Craig Dunn serves as the group's chair, while Karen Malzard was named group chief risk officer.

The FSU stated most of the redundancies "appear to have affected workers from the MLC Life side of the merged business, raising concerns among staff about how the integration is being managed."

"Workers say anxiety is growing inside the company as rumours circulate about further job cuts. The FSU has initiated a formal dispute with Acenda over the company's failure to properly consult workers on major workplace change," the union said.

FSU national president Wendy Streets ideally wants Acenda to provide transparency on the scale of job cuts and to commit to proper consultation with workers before any further restructuring takes place.

"Acenda workers are facing round after round of job cuts with very little information about what is happening next," she said.

"Workers deserve transparency and genuine consultation when major changes are happening to their jobs and their livelihoods. Enterprise agreements require employers to genuinely consult with workers when significant changes are proposed."

The new platform will be developed with customers and frontline teams, incorporating research-informed frameworks and tools to set goals and provide "the right support at the right time", TAL said.

Led by researchers from the university's Central Clinical School, Pathways aims to support people throughout their claim and recovery, focusing on what people need for their recovery, and how tools can be designed with customers to better support navigation, choice and engagement.

Meanwhile, Workcom and TAL will lead Pathways' design, development and roll-out to TAL customers, noting that the timely support with consistent and structured information may improve claimants' recovery experience.

TAL chief claims officer Georgina Croft said the platform emphasises the life insurer's commitment on contributing to initiatives that make a difference for its customers.

The announcement follows TAL's partnership with SANE, a digital mental healthcare platform, for members dealing with mental health issues in November.

"We support customers during some of life's most difficult challenges. We want to help them feel more connected and supported throughout their claim and recovery," Croft said.

"Pathways will give our customers more clarity and control of the recovery journey and provide their claim support team more information about how best to support them and when."

It comes as mental illness-related payouts have increased to over $2.2 billion in 2024, and the discovery of insurers continuing to use blanket mental health exclusions despite the requirement to assess customer's individual circumstances from a report last year.

Despite the Council of Australian Life Insurers (CALI) is now developing an industry action plan to address the exacerbating issue, DHCRC chief executive Annette Schmeide said the wait to better support people during a stressful and uncertain period is no longer an option.

"The rising prevalence of mental illness in the community is reflected in income protection claims, with life insurers seeing more - and more complex - claims than ever before," Schmeide said.

"The Pathways project is designed to find a better way to support people with these claims. Applying behavioural science, evidence-based goal setting and decision-aid models we hope to find new ways to put people at the centre of their own recovery - and avoid the 'solution overload' and trial-and-error referrals that can occur."

Meantime, University of Sydney's Elizabeth Stratton said the project will help bridge the gap between how recovery is experienced during a claim journey.

"By working directly with customers, clinicians and claims teams to understand what is missing and what genuinely helps people navigate recovery, Pathways aims to help people exercise choice and maintain a sense of control during the claims process," Stratton said.

"This project is not about testing a single solution. It is about co-designing tools with customers and learning from their experiences to ensure future processes are designed to support autonomy, informed decision-making and active participation in recovery.

"There is a clear gap in the industry for recovery tools shaped by lived experience and real-world claim journeys, and Pathways seeks to help address that."

According to the committee, the unnamed insurer collected medical information during underwriting without obtaining consent between March 2020 and March 2024 using the prescribed authority wording as required under clause 4.10 of the Life Insurance Code.

The insurer has received a formal warning as a result.

The breach occurred after the insurer had temporarily moved staff from an area of the business that automatically obtained consent as part of the application process, to an area that did not. They were unaware valid consent had not been obtained.

The insurer identified the issue following a customer complaint in early 2024. It had not been detected through the insurer's own quality assurance and monitoring processes, the Life CCC said.

In total, 2171 applications were affected, impacting more than 2000 customers.

Although the insurer has since enhanced staff training for underwriting teams, fixed its system to automate valid consent procedures, and employed stronger quality assurance checks to detect similar issues, Life CCC chair Jan McClelland said the incident reflected serious failures in oversight.

Without explicit consent to use medical information, customers were exposed to the risk of their information being handled in ways they may not have agreed to, she said.

"Collecting medical information without valid consent is a serious failure of a fundamental customer protection under the code," McClelland said.

"Customers must clearly understand what medical information is being requested, how it will be used, and how it will be protected. That transparency is central to informed consent.

"Operational changes must not compromise core compliance safeguards. This case highlights the need for strong oversight and monitoring, especially where manual steps are introduced."

Having considered the seriousness of the breach and the insurer's remediation efforts, the Life CCC determined that a warning was the appropriate and proportionate sanction.

"A formal warning provides accountability and reinforces the need for sustained improvements to processes and monitoring, particularly where manual steps are introduced," McClelland said.

"It also sets the expectation that further non-compliance may result in more severe enforcement actions. We assess each sanction on its own merits, and this decision does not set a precedent for future public naming or sanction outcomes."

Underlying NPAT for the life insurance business was up 59% at a margin of 11.2% (up 3.2%) to $24.1 million. Gross premium revenue was $215.6 million, a 13% increase from the prior corresponding period.

Additionally, new business written in the six months to December 31 was up 29% to $21 million, maintaining its 10% to 11% market share.

ClearView said it now operates on a single cloud-based insurance platform, reducing complexity and system duplication, and delivering on its simplification and transformation strategy remains the company's focus to accelerate growth, which has subsequently led to a reduction in cost-to-income ratio (down 1.7% to 17.9%).

It will also build a digital front-end that offers a multi-device single view of the customer and seamless back-end integration, with the first phase currently scheduled to roll out in the second half. The result also remains on track with FY26 guidance, subject to claims, lapse and expense assumptions being met in 2H26.

ClearView managing director Nadine Gooderick said: "These advancements position ClearView as a technology-led, efficiency-driven, pure play life insurer that is well placed to deliver superior service and capture growth opportunities in a changing Australian life insurance market."

"Our purpose remains clear: to make life insurance more accessible for Australians and their families, at a lower cost to serve, driven by a streamlined business and technology model."

The result coincides with ClearView entering into a scheme implementation deed (SID) with Zurich on Tuesday, under which Zurich is offering 65 cents for each ClearView share.

The board intends to pay a fully franked special dividend prior to implementation of the scheme. Under the SID, ClearView is permitted to pay dividends of up to an aggregate amount of 5 cents per share prior to implementation of the scheme, and any dividend paid will reduce the scheme consideration by the cash amount per share of that dividend, ClearView said.

Zurich Financial Services is offering 65 cents for each ClearView share, marking a 22% premium to the last closing the share price on February 23. This values ClearView at about $425 million.

ClearView shareholders will receive a cash consideration less the cash amount of any permitted dividend determined to be paid or declared by the board prior to the implementation of the scheme.

Directors of ClearView said they are unanimously recommending all shareholders vote in favour of the proposal in the absence of a superior proposal and subject to an independent expert's review.

ClearView chair Geoff Black said: "We believe Zurich and ClearView are highly complementary brands in life insurance and that, if the scheme is implemented, Zurich will be a great custodian to continue delivering ClearView's ClearChoice product that protects what is most important to Australians."

"While we remain confident in the long-term outlook for the business and ClearView's opportunity to continue its success, the scheme enables ClearView Shareholders to realise full liquidity and certain value for their ClearView Shares."

Crescent Capital Partners Management, which owns 53% of ClearView, said it intends to vote in favour of the scheme.

At the end of FY25, the insurer has $413 million worth of in-force premiums. It paid more than $181.9 million in claims to more than 1000 policyholders.

During the period, ClearView exited from wealth management and financial advice.

ClearView shareholders will vote on the offer in mid-August.

Justin Delaney, the chief executive of Zurich Australia and New Zealand, said: "The proposed transaction brings together Zurich's strong capital foundation with ClearView's established in-market product and advice relationships and represents a clear opportunity to develop the customer experience and competitive offering in the Australian life insurance market."

The Lifestream Guaranteed Income strategy marks Acenda Life's entry into retirement, dubbed a modern retirement income solution that provides predictable, guaranteed income for life in unexpected events.

"Our new solution, Lifestream Guaranteed Income, helps older Australians retire with confidence. Together with tailored financial advice, it can provide predictable retirement income and reassurance that payments will continue, even when markets or circumstances change," Acenda chief commercial officer Sean McCormack said.

"That certainty becomes increasingly important over longer retirement periods, while helping to counter market volatility and rising living costs.

"This is the first in a suite of modern retirement solutions we're building in response to the growing need for financial confidence."

The launch comes as 40% of Australians aged 45 and over are concerned about running out of money in retirement, according to Acenda's From Uncertainty to Confidence research.

Prepared by CoreData Research, the study was conducted in June 2025 and included 508 participants.

The paper found the amount pre-retirees need to retire has increased by 18% over the past two years to $953,550, while 87% of working Australians believe the Age Pension is insufficient for a comfortable lifestyle.

Only one in 10 Australians feels comfortable with their financial wellbeing all the time, and less than half (41%) understand how to reach their retirement goals, the report said.

The findings signify an increasing need for financial advice to develop retirement confidence and planning.

"Professional advice helps translate complexity into clarity, aligning retirement income with what matters most to the client. People who work with a planner are significantly more likely to understand their retirement needs," the report said.

"From a client's perspective, the best adviser is someone in their corner, proactively monitoring risks and adjusting strategies so they can continue to live without fear of financial shocks."

The report said those with financial advisers are up to 70% more likely to understand their retirement needs, while highlighting that people's priorities shift once retirement begins and options that improve the "predictability of income over a lifetime become more important."

Recognising the importance of financial advice in boosting retirement confidence, McCormack urged the government to fast-track the Delivering Better Financial Outcomes reforms to improve accessibility.

"Planning for retirement is one of the most important financial decisions Australians will make and it's important they can also get access to affordable and tailored advice to help them prepare for what should be the best years of their lives," he said.

"We provide financial advisers with easy-to-use digital tools and access to retirement specialists, so they can generate instant quotes for their clients. This provides another layer of confidence as Australians plan their financial future.

"There is a clear opportunity for the industry to create more predictable retirement income solutions, that give Australians confidence and certainty in their financial future."

According to the latest Clearwater Analytics survey, which gathered responses from 150 senior executives in asset management arms of life/health and general insurers across Australia, Singapore, and Hong Kong, a striking 93% believe dated technology is hindering their future strategy planning.

Clearwater Analytics noted the total assets under management among these institutions amounted to US$3.8 trillion ($5.6tn).

The research found the problem intensifies with firm size: this view increases from 90% of smaller firms with assets between US$1 billion ($1.5bn) and US$5 billion ($7.4bn), to 97% of the largest, with assets of US$50 billion ($74bn) or more.

Almost three quarters (73%) said their company's operating model is too focused on short-term challenges and goals rather than long-term ones facing their organisation, with the largest firms showing the greatest misalignment, increasing from 67% of small firms to 90% of the largest, Clearwater Analytics said.

However, almost all (95%) said people working in the insurance industry are resistant to change and to adopting new operating models and systems, particularly in larger firms, where 86% are concerned, compared to only one in four (26%) in smaller firms.

And it could be just the start of the problem, as 75% see this becoming an even greater obstacle to recruitment over the next five years, Clearwater Analytics said, explaining that workforce diversity is emerging as a "critical" factor.

More than half (59%) said problems in the insurance sector are caused by a lack of diversity in the workforce - not just of people from different backgrounds, but different ways of thinking. Only one third (33%) rejected this.

Despite concerns about technology and culture, most respondents (87%) said they are ahead of their competitors in digital transformation (19% said they were significantly ahead) - only 1% said they were trailing.

Further, nine out of 10 (89%) said their operating models were flexible. This confidence comes as the sector braces for major consolidation, with 96% of executives expecting increased M&A activity, the firm explained.

Commenting on the findings, Clearwater Analytics chief strategy officer and president of Asia Pacific Shane Akeroyd said while insurers are showing confidence in their digital progress, the research reveals a concerning trend as the sector consolidates.

"Our research highlights a critical misalignment between APAC insurers' strategies and the operational effectiveness of their current technology stacks that rely on older systems that are increasingly difficult to manage," Akeroyd said.

"There are worrying signs that those working in those businesses lack confidence in the long-term capability of their organisations to deliver their full potential."

He emphasised that digital transformation relies on several factors for success, and those who fail to address them will be "left behind".

"They may discover their operating models are not as flexible or scalable as they had believed and find themselves losing competitive advantage as a result," he added.

The integrations follow TAL's partnership with SANE to provide mental healthcare programs last month.

The life insurer has updated the Accelerated Protection offering with the launch of the TPD Support Option, specifically for certain mental health, chronic fatigue and functional conditions where recovery outcomes can vary significantly.

Customers will also receive 20% of their sum insured each year for claims involving these conditions, provided they continue to meet the TPD criteria at annual review.

TAL said the offering will provide ongoing financial support during recovery, with the certainty that if they are unable to return to work, eligible members will receive their full sum insured over time.

Claims for all other health conditions are paid as a full lump sum and during their claim, customers can also access tailored health programs through TAL Health for Life to support their recovery, TAL said.

Meanwhile, the life insurer has strengthened income protection support during a claim for self-employed customers.

The improvements include redesigned offsets for ongoing income, and updated waiting period rules that allow customers to undertake limited administrative tasks without affecting their eligibility, TAL explained.

These changes reflect the realities of business ownership, giving self-employed customers greater confidence their cover will support them through recovery and help to keep their business running, it said.

TAL chief executive, individual life Gavin Teichner said the changes reflect TAL's commitment to evolving product design in meeting customer needs.

"Our focus is on ensuring TAL's products reflect how Australians live and work today and deliver genuine value. We've taken an evidence-based approach with these changes to Accelerated Protection to ensure meaningful support for those who need it, while maintaining value for all our customers," Teichner said.

"The TPD Support Option recognises that recovery is rarely straightforward. Some people can return to work with the right support and treatment, while others, unfortunately, cannot. Its flexible approach helps people through their recovery journey while maintaining strong financial protection for those permanently unable to work."

The announcement comes as TAL is set to launch a lifetime retirement solution in partnership with HUB24 next year to address the risk of members outliving their retirement savings.

Funds management technology platform Clearwater Analytics canvassed 150 executives from the asset management arms of life insurers, as well as health and general insurance companies, across Australia, Hong Kong and Singapore.

Collectively, these insurance firms invest US$2.6 trillion in assets and on average have 35% of their funds managed externally. All firms hire external fund managers to oversee a portion of their assets, ranging from 24% to nearly 50%.

Two-thirds (67%) of executives forecast a move towards more assets being managed outside their firm, while 22% predict more assets will be managed in-house. Only 11% expect the balance to remain the same.

The "reputation of external managers and acceptance of using them improving" were the top reasons why they would contract out an investment function.

The second reason was because external managers are able to provide "greater transparency and reporting".

Executives said greater control over investment portfolios, model changes, analytics and risk factors are the third top reason.

The lack of in-house expertise and a drive to cut costs were ranked as the two least important factors.

"The use of third-party asset managers across APAC is set to accelerate as insurers become increasingly comfortable with the practice and seek specialised expertise for complex private market investments," Clearwater Analytics chief strategy officer and president of Asia Pacific Shane Akeroyd said.

"It is striking that the trend is not mainly being driven by a desire to cut costs or because firms lack in-house expertise. Generally, the shift is being driven by technology and the growing use of platforms which enable insurers to have the control and transparency they need."

The survey also found that 96% of leaders expect increased merger and acquisition activity over the medium term.

Effective 6 February 2026, members will be eligible for automatic cover if they have an account balance of $6000 or more or are aged between 15 and 69 for death cover, or between 15 and 64 for TPD.

Members must also have received an employer contribution or rollover into their account with the fund within 120 days immediately prior to 16 February 2026.

"If you are eligible, the amount of cover you will receive will be based on your age and you will automatically receive this cover unless you opt out, which you can do via the Spaceship mobile app and website," Spaceship said.

Those not eligible for automatic cover or want a different level of cover, can apply for voluntary cover.

Members aged between 16 and 30 will receive death cover of $100,000 and TPD of $250,000.

Those aged between 31 and 36 will receive death and TPD cover of up to $250,000. Those between 37 and 46 will get death and TPD cover up to $300,000.

Over the age of 46, the level of cover changes each year as the member ages.

Those eligible for automatic cover who have not opted out will see insurance fees deducted at the end of each month from their super account balance. The first monthly insurance cost will be deducted on 28 February 2026.

The cost of automatic cover will depend on the members' age and sex at birth, the type and amount of cover (death and TPD, or death only), and their occupation rating factor.

"If you receive automatic cover or apply for and are approved for voluntary death and/or TPD cover or income protection cover with Spaceship Super, detailed insurance costs and cover amounts will be provided in your Confirmation of Insurance letter, which will be available within the mobile app and website portal," Spaceship said.

In a recent survey of its members, Cbus found that nine out of 10 respondents approaching retirement age lack confidence in understanding their government entitlements.

The survey identified that many Cbus members nearing retirement have modest super balances of below $150,000. Consequently, many Cbus members, and other Australians, will rely on both super and the Age Pension for their retirement income.

Crediting this to members starting work before super was compulsory, facing lower super rates early on, and experiencing periods of insecure work or unpaid super, the report identifies that tradespeople are disproportionately affected.

The report showed that less than four in 10 trade and construction workers in their 60s, that are eligible for the full Age Pension, are currently in full-time work, with many in casual, part-time or sole trader arrangements.

To increase accessibility to these benefits, Cbus has launched a targeted campaign to provide clear information on the government supports to which its members are entitled.

It includes tailored communications at ages 57, 66 and 66, 75 about the Age Pension and eligibility. Furthermore, a reminder at age 68 to those that have not submitted their application but may be eligible.

The campaign will also launch a new Age Pension calculator that estimates their level and provides information on completing applications. It will also platform information about other government entitlements including JobSeeker and Disability Support Pension.

Cbus will also offer retirement planning seminars for members with low super balances, and advice services to help members maximise their pension eligibility.

The research campaign underscored that one in three Australians could be missing out on up to $46,000 per year as a couple, due to late Age Pension applications. It found that reducing late applications by just 1% could deliver up to $5.9 million more for members.

Research spotlighted that Services Australia does not offer backpay, therefore members who delay applying for Age Pension risk losing tens of thousands in income.

Of the survey respondents, only 36% of Cbus members approaching retirement feel they have a good understanding of age eligibility for the Age Pension. A further nine out of 10 answered that they lack confidence in understanding their government entitlements.

Cbus acting chief member officer Bernie Dean said: "We're seeing older tradies and construction workers relying on their super too soon, missing out on vital government payments that could help them live more comfortably."

"The system is complex, but we're determined to make sure our members don't miss out on money they've earned the right to receive.

"The main reason members tell us they don't retire until 67 is that they cannot afford to retire earlier, as they'll only receive the Age Pension from 67. But many are struggling with insecure work and dipping into their super just to make ends meet."

The partnership will enhance MBS's capacity to provide professional advice and make quality insurance advice more accessible to Australians, it said.

MBS partner and joint chief executive Drew Burden described the investment advances the group's goals of expansion, by integrating Orbital Life's professionalism, energy, and sharp focus on growth.

Under the deal, Orbital Life will leverage MBS's operational infrastructure, including its bespoke Salesforce client-database platform and business support team, spanning compliance, paraplanning and claims management.

Orbital Life founder and managing director Nick Fanto said the business has ambitious plans to double in size over the next few years by increasing its capacity through recruiting and developing advisers and driving operational and cost efficiencies.

It will also join MBS Advice License.

Burden said: "We have grown by bringing on new advisers, training and mentoring professional year candidates, and establishing joint venture relationships with advice firms but, adjacent to that, we've invested heavily in our systems, processes and technology to drive efficiencies and make ourselves an attractive strategic partner to high quality businesses like Orbital Life."

"The need for life insurance advice is increasing but the number of risk specialists is shrinking so we're exploring every opportunity to improve access to quality risk advice. There is a huge market to serve but we can't do it alone and we're better together than working in isolation."

Meantime, Fanto said: "We've grown significantly since our inception but, over time, we started to outgrow our systems and processes, and we recognised that we needed a strategic partner to help us to continue delivering exceptional service and advice."

"MBS is a natural fit, and their offering is everything that we were looking for to supercharge growth and achieve our ambitious goals."

The collaboration combines SANE's expertise and its clinical and lived experience insights, with TAL's investment and reach, to deliver innovative health services at scale.

Under the partnership, eligible superannuation fund members on income protection or total and permanent disability (TPD) claims will be able to participate in a 20-week peer recovery pilot program.

The program is designed to people living with complex mental health conditions to support their return to health, which includes one-to-one support, recovery groups, and skill development workshops to improve quality of life, while bridging the gaps between primary care and recovery-focused peer support services.

It is built to be inclusive for diverse communities, including Aboriginal and Torres Strait Islander people, veterans, and people with disabilities, TAL said.

The University of Melbourne will evaluate the program's impact.

At the same time, the TAL Community Foundation has entered into a three-year agreement with SANE to develop digital support for vulnerable Australians experiencing mental health distress.

The program aims to provide support avenues for people who have historically slipped through the cracks in the mental health system, including exploring ways to better connect place-based clinical services with digital psychosocial support to ensure a comprehensive continuum of care, TAL added.

Commenting, TAL group chief executive and managing director Fiona Macgregor said mental ill-health is a growing concern and the partnership will help address this issue accordingly.

"We are collaborating with innovative partners like SANE to support a more integrated and person-centered approach to mental health care," Macgregor said.

"We believe that addressing community mental health requires increased collaboration among participants in the mental health ecosystem. Our partnership with SANE aims to expand timely access to mental health support when and where it is needed."

TAL chief claims officer Georgina Croft added: "It's clear that the rising instance of complex mental health conditions is having a profound impact on the people and families we support every day, which is why we're committed to working collaboratively with experts like SANE, alongside our industry partners, to ensure we are there for people in their most vulnerable moments, and support their recovery."

Meanwhile, SANE chief executive Rachel Green said the partnership with TAL will elevate its offering to the "next level".

"We see it as vitally important to partner with organisations like TAL, who have such a huge reach across Australia and the community - and this partnership represents a significant opportunity for us to advocate and bring forward the collective intelligence of our complex mental health community at an even greater scale," Green said.

"We look forward to continuing to work with TAL to amplify the perspectives of people with lived experience of mental health challenges, to achieve more equitable health outcomes and a better-connected mental healthcare experience for people no matter where they live across the country."

TAL said mental ill-health has been the life insurer's leading cause of claims for four consecutive years, with over 11,000 Australians making claims in relation in 2024-25 alone.

It comes as the Council of Australian Life Insurers (CALI) is developing an industry action plan for mental health claims to ensure claimants are assessed appropriately.

The class action was launched by Shine Lawyers in January 2020 against Colonial First State Investments Limited (CFSIL) and Colonial Mutual Life Assurance Society (CMLA), known as CommInsure and acquired by AIA Australia in 2017.

The action alleged that CFSIL, as the superannuation provider, arranged group insurance policies with CommInsure that charged fees that were not in members' best interests. It also alleged that similar, cheaper policies were available through other providers.

This allegedly occurred between 2014 and 2022, impacting some members of FirstChoice Personal Super and Pension, FirstChoice Wholesale Personal Super and Pension, FirstChoice Employer Super and Commonwealth Essential Super.

Today, Shine Lawyers announced the parties have reached an in-principle settlement of $140 million, with the formal settlement deed still pending.

The settlement is without admission of liability, it noted.

In a statement, Colonial First State said: "As the matter remains before the court, CFS is not in a position to provide further comment at this time."

"Under the terms of an arrangement with CBA, CBA will be responsible for paying the agreed settlement. The settlement is subject to acceptance by the Federal Court of Australia.

"On 1 December 2021, CBA completed the sale of a 55% interest in CFSIL to KKR. On 15 March 2021, the Federal Court approved a scheme which provided that AIA Australia was liable for certain liabilities of CMLA as specified in the scheme. CBA assumed carriage of the class action on CFSIL's and CMLA's behalf."

The settlement amount is inclusive of costs and expenses, and is subject to approval by the Federal Court.

Stories have emerged of the likes of AustralianSuper and Cbus delaying paying claims to beneficiaries, sometimes by as much as four years. And it's not only a failure of their duty to members, but a failure of their systems.

In March, ASIC's claims handling report found 78% of delays were caused by processing issues within the trustees' control. Just 48% of claims were paid within 90 days. The most horrifying finding? A trustee that took over 500 days to pay a claim to a grieving widow and failed to respond to her financial hardship concerns.

In November 2024, ASIC launched proceedings against Cbus, having found that thousands of claimants waited more than 12 months for a benefit to be paid. It also alleged that Cbus was well aware of the scale of delays but did not report the issue to ASIC in a timely manner and, when it did, allegedly misled the regulator as to whether the issue was ongoing.

Also in November 2024, AustralianSuper paid $4.2 million in remediation to about 7000 beneficiaries whose claims took longer than the fund's internal target of four months from receiving the completed claim form. In March 2025, ASIC responded by suing the fund.

"In one case, despite having all the information required to pay the benefit, it took AustralianSuper 1140 days to make the payment; others took 438, 412 and 366 days," ASIC said.

And while delays in payment of death benefits has dominated the news cycle, there's another trend that's emerged in the insurance space that is also worthy of the spotlight - the rapid jump in mental health claims and how long they can take to be settled.

In calendar year 2024, Australian insurers paid out a total of $2.2 billion in mental health claims, according to modelling from the Council of Australian Life Insurers (CALI) using APRA data.

Mental health is the fastest-growing cause of claims, according to APRA. The Australian Institute of Health and Welfare predicts close to half of all Australians will experience mental ill-health in their lifetime, with four in five worried their mental health could impact their ability to work.

According to TAL, claims for psychological injury and illness are increasing well beyond membership growth and existing product designs aren't adequate for the often-complex nature of these claims.

At TAL alone, in the three years to 2024, total group insurance claims for total permanent disability (TPD) related to mental health grew by 60%, while other causes of claim grew by about 20%. Drivers include greater awareness of insurance inside super, the rising cost of living, understanding and acceptance of mental health conditions, the insurer said.

Still, research by Rainmaker Information found that TPD claims settlements are taking considerably longer than the average death benefit payout.

The growing challenges around the sustainability of TPD insurance and rising claims have led many super funds to increase premiums in recent years, further fuelling sustainability concerns.

Delay, delay, delay

ASIC's review of death benefit claims demonstrated that when members or their grieving loved ones have been at their most vulnerable, super funds have often made matters worse.

Such extensive delays and failure of member services have called into question whether the government should look to be more prescriptive in terms of timeframes for payment.

As it stands, the Life Code, administered by CALI, outlines the timeframe for paying benefits.

For lump sum claims, inclusive of death cover and TPD claims, a decision will be made within six months of the date the claim was received, or the end of any waiting period specified in the policy. Meanwhile, a decision will usually be handed down within two months for income protection claims.

For most Australians, any life cover they hold is usually through their superannuation fund account, which creates two distinct but "complementary" processes in a claim, Commonwealth Superannuation Corporation (CSC) says.

In the context of an insurance policy held by the trustee, the life insurer will pay the trustee if a death benefit is payable by adding the funds to the deceased member's account. The funds will then be distributed to the assigned beneficiaries.

CSC's group insurer is AIA Australia, and its role involves assessing the validity of a claim to confirm the amount payable.

CSC, on the other hand, identifies and validates eligible beneficiaries, applies discretion if nominations are non-binding or contested, while ensuring everything is in compliance with superannuation law.

Even if an insurer approves a claim, the super fund will still need to complete its trustee processes before making the payment, and CSC aims to fast-track this by running insurer and trustee processes in parallel where possible.

In his experience, Integro Private Wealth director Tim Sullivan says the typical timeframe for processing death benefit claims ranges from two to eight weeks, depending on the complexity and the completeness of the documentation provided.

"Straightforward claims - where the cause of death is clear, documentation is complete, and there are no disputes - can be processed more quickly," Sullivan says.

"However, delays may occur if additional investigation is required or if legal or beneficiary issues arise."

Sullivan says time is needed to confirm the death certificate, validate the policy, and ensure the correct beneficiary is identified, followed by a compliance check with anti-fraud measures and legal obligations.

"If the death occurs within the first two years of the policy, insurers may investigate the original application for misrepresentation," he adds.

However, Viridian Advisory senior financial adviser Shaun Au notes that most super funds aim to process claims within two to six months from notification of death, and further delays can occur as trustees exercise their discretion.

He believes that regularly reviewing binding death benefit nominations (BDBN), beneficiary eligibility, and providing accurate medical disclosure is imperative, but sometimes, if urgent, they should alert the related party to accelerate the process.

"Binding nominations, clean paperwork and no disputes are the biggest accelerators," Au says.

"... alerting the super fund or insurer to any vulnerability or hardship, including mortgage stress, funeral costs, and minor dependents, can also help urge trustees/insurers to expedite and support such cases.

"Australian Financial Complaints Authority (AFCA) and industry guidance also recommend prioritising vulnerable claimants and providing extra support for complex family structures or cultural sensitivities. Trustees are also encouraged to provide culturally safe communications and flexible document pathways; remove unnecessary barriers."

Au notes that super funds must provide beneficiaries with written notice within 28 days if more than one party claims the benefit, or if an objection is lodged against the trustee's decision. Assessment and review processes can extend the timeframe, sometimes exceeding 90 days.

In the case of Cbus, more than 10,000 members and claimants of Cbus were impacted by death benefits and TPD insurance claims taking more than 90 days to be processed. At the time, much of the blame was levelled at Cbus' administrator, MUFG Retirement Solutions. While it denied being at fault, it has since reached an undisclosed settlement with Cbus in relation to the delays.

ASIC's review also found delays in many cases where all the necessary and correct documentation had been provided.

CSC head of governance and support Jarred Brown says management of death benefits goes beyond money and assets, often proving to be an "incredibly difficult time" for those who have lost their loved ones.

"Hence, it is important to rigorously - and swiftly - process these claims when received," Brown says.

"While there are sometimes factors beyond our control - such as delays in probate, disputes between beneficiaries, or missing documentation - we work closely with families, their representatives and our insurer to keep the process moving.

"We encourage our customers to keep their beneficiary nominations up to date and communicate their intentions with their families to help avoid delays down the track.

"CSC is committed to providing a process that is fast, fair, and compassionate, and we continue to refine our approach in line with industry best practice to better support families at a difficult time."

Emotional toll

When a death benefit claim is denied or delayed, Sullivan says it can feel like a "second loss" to someone already grieving.

"Families may be left confused, angry, or devastated, especially if they were relying on the payout to cover essential costs or secure their future," he says.

"Denials typically stem from policy exclusions, lapsed coverage or misrepresentation. While these are valid from a legal standpoint, the emotional impact cannot be overlooked.

"Insurers have a responsibility to explain decisions clearly, offer pathways for review, and treat every case with dignity. A denied claim should never feel like a closed door - it should feel like a conversation, with empathy at its core."

Additionally, the cause of death is also a "critical factor" in determining eligibility for a payout.

"Most life insurance policies cover natural causes, accidents and illnesses. However, exclusions may apply in cases such as suicide, typically within the first 12-24 months of the policy; death due to criminal activity; death resulting from high-risk activities; and fraudulent claims," Sullivan explains.

"The cause of death plays a significant role in determining whether a death benefit is payable, but this can be a deeply sensitive issue.

"Families may feel overwhelmed or even judged when asked to provide details about how their loved one passed away - especially in cases of suicide, accidents or unexpected medical events.

"While insurers must assess whether the death falls within the policy's coverage, this process should be handled with the utmost care. A respectful approach, free of blame or bureaucracy, helps families feel seen and heard. It's not just about verifying facts - it's about honouring the life that was lost and supporting those left behind."

Sullivan believes insurers can ease this burden by being "proactive, transparent, and compassionate."

"Support services, such as grief counselling or financial planning assistance, can help alleviate some of those pressures. Insurers and advisers should be proactive in offering guidance during this difficult period," he says.

Au says it is not uncommon that a delay or denial forces loved ones to draw down on savings or take on loans or credit cards to cover financial expenses.

"... inability to pay funeral expenses or manage household bills such as mortgage repayment, children's school fees, other personal expenses," Au adds.

"Prolonged uncertainty compounds grief; emotional hardship and distress stems from unclear communication or unresolved disputes."

Mental health claims spike

In relation to TPD claims, mental health has risen to be a central issue for many life insurers.

And while some have gone out of their way to assist those who disclose their mental health condition, most adhere to an industry consensus to screen out any members who have a mental health condition.

Although there isn't a formal definition or guideline that sets out what constitutes a 'blanket mental health exclusion', the Life Code Compliance Committee (Life CCC) generally considers a blanket exclusion to be a broad, automatic application to all policyholders regardless of their individual circumstances.

A recent review of insurers' practices by Life CCC found few insurers are willing to explore alternative ways to manage risks related to individuals with mental health conditions; they're merely defaulting to an exclusion.

AFCA provides administrative services to Life CCC and resolves consumer complaints against life insurers in relation to breaches of the Code.

"... our inquiry found policies that excluded cover for a long list of mental health conditions and others that excluded cover for 'any mental disorder'. These amounted to effective blanket exclusions of mental health conditions," AFCA general manager code compliance and monitoring Prue Monument says.

The purpose of the Life CCC inquiry was to assess how insurers are treating customers who disclose a mental health condition, and whether those customers are being individually assessed.

"Through this inquiry, we have highlighted practices that raise concerns, including the use of broad exclusions, and we have called on the industry to ensure customers are treated fairly and assessed on their individual circumstances," Monument says.

"If people believe disclosure will automatically result in exclusions or declined cover, they may be discouraged from being open about their medical history. That is a risk. This is not a good outcome for either customers or insurers.

"Our view is that insurers should deal with mental health conditions in a fair and responsible way by assessing each customer's circumstances individually. This encourages honest disclosure and leads to outcomes that are more appropriate and sustainable."

The Life CCC does not set industry policy or design products; rather, its role is to monitor compliance with the Life Insurance Code of Practice, she adds.

Product limitations

Monument says she is not aware of life insurers offering products specifically for mental health conditions currently.

That said, Acenda recently launched TPD Severity, a new solution in response to rising claims for certain conditions. Mental health is one of them, with the insurer seeing a 171% increase in claims between 2018 and 2023.

Designed in collaboration with financial advisers, TPD Severity offers more flexibility around existing TPD options, allowing advisers to tailor cover to their clients' individual needs, recognising that no two experiences of mental health issues are the same.

"But the key issue is not about creating separate products for people who disclose mental health conditions but ensuring that customers with mental health conditions are assessed individually and fairly," Monument continues.

"Insurers should be applying risk assessments that take account of a person's particular circumstances, rather than relying on broad exclusions that apply to all mental health conditions."

She also notes that each insurer has its own methods of data collection, but having reliable data is the most important.

"That could mean strengthening existing systems, investing in new technology, or changing internal processes. We are not prescriptive about how this should be done," she says.

"Our focus is on ensuring the industry can collect and use data effectively, particularly in areas like mental health underwriting where transparency is essential."

CALI is worried that safety nets are stretched far too thin, with many Australians concerned they'll slip through the cracks, with chief executive Christine Cupitt previously warning life insurers have a critical role to play to ensure that doesn't happen.

"Higher living costs and the uncertain economic environment have led to increased stress levels and concern about mental health in our community," she says.

"People know that mental health challenges can have a lasting impact on their personal finances due to time off work and the cost of accessing treatment and support."

The situation is reaching a tipping point, she says, with the life insurance industry also under immense pressure.

"Every year we see a growing number of people, particularly younger Australians, leaving the workforce for good due to mental health conditions," Cupitt says.

"This should not be the story of young Australians experiencing mental ill-health. People are being left with little choice but to label themselves totally and permanently disabled, even where the medical evidence shows there is a chance they could return to work."

Overall, the rate of TPD claims for mental health reasons among people in their 30s increased by 732% over the past decade, according to Australia's Mental Health Check Up compiled by KPMG.

But a lump sum payout is unlikely to provide "lasting" financial security for them, meaning more needs to be done on the product design front to ensure sustainability in the years ahead.

"[A lump sum] is a square peg in a round hole and clear evidence that more needs to be done to build a mentally fitter community," Cupitt says.

"Insurers will always be there for the Australians who are most deeply affected by mental ill-health, but we are having to rethink how we better serve customers in the decades ahead."

CALI is now working to develop an industry action plan for mental health, supporting long-term affordability and sustainability while better supporting claimants. This involves a new assessment framework, developed alongside medical experts, to better align disability insurance cover with medical evidence and return-to-work practices.

It said the action plan will provide clarity and transparency to claimants by creating minimum standards for thresholds to better assess mental health claims against; align industry guidance and approaches on disability insurance to other income support systems in Australia; clarify the purpose of the insurance type; and set principles that can help achieve genuine indemnification for financial loss of customers.

"Australia is in the middle of a national mental health crisis, and we need to set clear, evidence-based guidance about the support life insurers provide," Cupitt says.

"Insurers will always be there to help Australians with severe conditions that prevent them from working, but like the NDIS or workers' compensation schemes, we can't be the answer for every case."

The review was initiated by the Council of Australian Life Insurers (CALI) in July and is being led by former ASIC deputy chair Peter Kell.

The consultation paper delves into Life Code compliance and enforceability, while checking whether consumer commitments - within the Code - are effective and easily comprehensible.

It also asks if vulnerable customers are "adequately" supported by life insurers, and how well insurers communicate with customers, especially during claims.

The recent rise in total permanent disability (TPD) claims for mental health has positioned the topic as the first of many key considerations in the consultation.

Last week, CALI stated that it is developing an industry action plan for mental health claims over the next 12 months, a move to ensure all claimants are assessed appropriately.

Some questions in relation to mental illness in the paper include:

• "Are the current commitments in the Code adequate to ensure that customers who experience mental ill-health are dealt with transparently and fairly?"
• "Do you have any feedback on the practical operation of the prohibition on blanket mental health exclusions? Are there changes to the Code that could support more consistent adherence to this requirement?"
• "How could the Code promote compliance with the Disability Discrimination Act 1992 and best practice in mental health underwriting?"

There are also other subjects relating to family and domestic violence, First Nations customers, financial hardship, and more.

Kell said the consultation paper is an important step in developing recommendations to meet evolving standards and ensure consumer benefits.

"The Life Code plays a vital role in setting clear expectations for how life insurers interact with their customers," Kell said.

"This review is an opportunity to hear directly from customers and organisations who use, rely on, and are affected by the Life Code.

"I welcome feedback from consumers, advocacy organisations, life insurers and other industry participants and other stakeholders."

Submissions are invited from all interested organisations and individuals by December 15, with feedback to contribute to an interim report which will be released for further consultation in early 2026.

The framework will support long-term affordability and industry sustainability and deliver greater clarity, fairness, and transparency for customers.

CALI will assemble an expert panel, including medical practitioners, legal specialists, rehabilitation and return-to-work experts, life insurance practitioners, and people with lived experience, to help design the framework.

CALI chief executive Christine Cupitt said clarity is needed about the role life insurance plays in relation to mental health issues.

"Australia is in the middle of a national mental health crisis, and we need to set clear, evidence-based guidance about the support life insurers provide," she said.

"Insurers will always be there to help Australians with severe conditions that prevent them from working, but like the NDIS or workers' compensation schemes, we can't be the answer for every case."

Specifically, the action plan is expected to provide clarity and transparency to customers by establishing "minimum" standards for consistent, and evidence-based thresholds for better mental health claims assessments. It will also clarify the purpose of disability insurance, and reflect contemporary medical evidence and return-to-work outcomes.

It will also align industry guidance and approaches to disability insurance with other income support systems, while setting industry principles for disability insurance that include indemnification for customers' financial losses.

To proceed, a three-month targeted consultation will be held in early 2026, engaging consumer representatives, mental health advocates, superannuation trustees, financial advisers, and medical professionals, CALI said.

CALI may also look at contemporary medical evidence and return-to-work practices to see if the new approach could provide clarity or support in other similar claim scenarios or circumstances to align disability insurance cover with these practices better.

The work will run in parallel with the current independent review of the Life Insurance Code of Practice (Life Code) led by Peter Kell, which is due to conclude on 30 June 2026.

Cupitt said life insurers have a responsibility to act on the growing mental health crisis, and the new framework will bring greater consistency across the industry.

"We have listened to feedback from customers and consumer advocates who feel the claims process can be more transparent and easier to understand," Cupitt said.

"Our goal is to ensure an experience that is fair, transparent, and consistent for every Australian, no matter which insurer a customer turns to."

It comes as mental health conditions are now the fastest-growing cause of life insurance claims, particularly impacting younger Australians.

The Life Code Compliance Committee (Life CCC) recently admonished many life insurers for continuing to apply blanket mental health exclusions despite being required to assess customers' individual circumstances.

According to its inquiry, the Life CCC found not all insurers are meeting requirements to consider individual circumstances in relation to mental health conditions.

Addressing the worrying trend, one of CALI's members, Acenda, recently launched TPD Severity to offer more flexibility around TPD options.

"TPD Severity is a modern solution to a modern problem, delivering customers more affordable premiums while still offering access to meaningful protection that gives Australians the confidence to take life on," Acenda chief executive, individual insurance Gerard Kerr said.

The five beneficiaries are Whitsunday Wealth financial adviser Zoe Kennedy, Parachute Cover life insurance specialist Natalie Lackner, My Fortress Townsville financial adviser Alyssa Turner, Purely Finance provisional financial adviser Clare Telford, and Stella Advice director and life insurance specialist Kristy Mitchell.

Each recipient is awarded a $2000 grant to attend the Financial Advice Association Australia (FAAA) Congress in Perth.

They also gain access to CALI's exclusive support programs, including its women's mentoring network, media training and visibility tools, industry speaking opportunities, a complimentary ticket to CALI's Annual Conference, and a networking opportunity with CALI in Perth.

CALI chief executive Christine Cupitt said: "We've seen the ripple effect of ReCALIbrate firsthand; from the confidence it builds in women advisers to the way it changes conversations across the industry."

"That's why we've expanded the program to include more mentoring, more visibility and more opportunities to lead."

ReCALIbrate recipient Kennedy said: "The chance to be mentored by industry change-makers and amplify the voice of women in advice is priceless. I am passionate about bringing quality advice to regional Australians, they're my community."

"My vision is to build an accessible platform where women can find practical resources about life insurance and advice and be empowered to make confident informed decisions that protect them and their families."

Fellow 2025 recipient Lackner said: "This grant means being part of an initiative that champions women in advice. It is inspiring, because when women are supported and connected, the entire profession grows stronger."

Also commenting, Financial Advice Association Australia chief executive Sarah Abood said: "ReCALIbrate is one of the few programs that addresses the real-world barriers women face when building their advice careers."

"We're excited to welcome the 2025 recipients to Perth - their energy, diversity and fresh perspectives on the Congress."

According to the life insurer, there was a 166% increase in retail TPD claims for musculoskeletal conditions between 2018 and 2023. The increase in mental health claims was similar (171%) over the same period.

These conditions are challenging to assess under traditional TPD definitions due to the varying severity of each case, which can range from long-term and permanent to episodic with a longer recovery period.

The rise in claims is also driving premiums for TPD cover higher, making it increasingly unaffordable for many Australians, Acenda said.

Acenda's new TPD Severity option aims to offer more flexibility around existing TPD options, allowing advisers to tailor cover to their clients' individual needs.

Acenda chief executive, individual insurance Gerard Kerr said the enhanced benefit was designed in collaboration with advisers, while reflecting "evolving" needs for greater stability in the cost of TPD insurance.

"TPD insurance provides Australians with valuable financial protection in the event of serious illness or injury. However, the way we work, recover and diagnose medical conditions have evolved significantly since TPD insurance was first established many decades ago and our products haven't evolved with them," Kerr said.

"As an industry, we need to step up and provide alternative TPD solutions to advisers and their clients to ensure they can continue to access this valuable disability cover that meets that need.

"We've worked closely with advisers to design a solution that reflects the realities of modern medicine and employment, while helping more Australians access meaningful, affordable protection."

Kerr believes the new option will provide advisers and customers with more clarity and consistency by using medical benchmarks for assessments when making a claim.

"We will work with advisers to ensure they are supported in recommending the best options for their customers through comprehensive education and resources," Kerr added.

"TPD Severity is a modern solution to a modern problem, delivering customers more affordable premiums while still offering access to meaningful protection that gives Australians the confidence to take life on."

Recent data from the Council of Australian Life Insurers highlighted that mental illness payouts have ballooned to over $2.2 billion in the past year, positioning mental health as the leading cause of TPD claims.

The Life Code Compliance Committee has also found that many insurers are currently using blanket mental health exclusions, rather than exploring alternative methods to manage risks.

The release of the draft legislation follows the government's announcement in September 2024 that it would implement a total ban, following in the footsteps of the likes of Canada, the UK, and New Zealand.

The aim is to provide certainty to consumers that undertaking genetic testing, including when participating in medical research, will not impact their eligibility for life insurance cover or influence the terms and conditions applied to cover.

The proposed new laws would still allow insurers to access information about a disease that an individual has been diagnosed with, regardless of whether the information is based on genetic test results.

Those applying for life insurance would not be considered to have made a misrepresentation if they were to omit 'protected genetic information' - a concept introduced by the legislation - as the duty of disclosure will not require it to be disclosed.

As it stands, some Australians are forgoing potentially life saving genetic testing for fear of those results impacting their cover. Others are also not taking up life insurance policies because they worry test results would make it unaffordable.

At present, a partial Moratorium on Genetic Tests in Life Insurance is in place, which the industry self-imposed in 2019. Under this, insurers cannot request or use genetic test results in underwriting unless the level of cover applied for exceeds certain thresholds. However, a 2023 Monash University report found this did little to help, with confusion in the industry as to how the Moratorium actually operated.

It will be up to ASIC to oversee the ban, contravention of which would be considered a criminal offence, and civil penalties would apply.

"Genetic testing can help save lives, supporting medical practitioners to prevent, diagnose, treat and monitor a range of cancers, cancer predisposition syndromes and other heritable conditions," minister for financial services Daniel Mulino said.

"Australians should not be discouraged from undertaking genetic testing out of fear it may impact their ability to get life insurance.

"We want to ensure that the legislation delivers on the objectives of the ban, providing Australians with the certainty to continue undertaking potentially life-saving genetic testing without worrying it will affect their life insurance."

The consultation closes on Sunday, October 12.

The World Life Insurance Report 2026, based on a survey of 6000 people aged 18-39 across 18 countries including Australia and 200 senior insurance executives, states misalignment with their stage in life, high costs of premiums, and lack of immediate benefits are some of the main reasons individuals under the age of 40 are skipping life insurance.

"These consumers, shaped by digital-first experiences, demand personalisation and flexible offerings...increasingly choosing other investment options and wellness solutions over traditional life insurance," said Kartik Ramakrishnan, chief executive of Capgemini's financial services strategic business unit.

Experts believe the solution is to evolve life insurance from something consumers buy and forget, into a tool that offers value throughout life and not just at death. Living benefits with flexible features that offer immediate value and control can bring young consumers into the mix.

"We must reimagine life insurance as a holistic value proposition beyond just protection. Through living benefits, wellness, and financial tools, we can support customers at the beginning, during, and at the end of life, adopting a life-centric approach" said Marta Graça Ferreira, chief executive at Real Vida Seguros SA.

The report highlights the top three benefits those under 40 want, which include cash withdrawals for life events, health and wellness benefits and critical illness coverage. These benefits delivered through a seamless experience rather than clunky disconnected add-ons can enable further adoption.

"Life insurers must deliver early, tangible value like monetary rewards, progress tracking, and meaningful nudges to build momentum and trust. This approach transforms insurance from a distant promise to an immediate value," said Devendra Mane, executive vice president at Shriram Life Insurance.

Releasing its report on life insurers' compliance with obligations in the Life Insurance Code of Practice (Life Code), the Life CCC said that although some insurers are meeting requirements by considering individual circumstances in relation to mental health conditions, others are not.

A critical issue raised from the inquiry is that insurers' underwriting processes are often to default to exclusions or denials when applicants disclose a mental health condition.

Of the underwriting guidelines reviewed, almost all relied solely on exclusions rather than exploring alternative ways to manage risk, such as higher premiums, limits, or caps, the Life CCC said.

This approach can limit access to cover and may unintentionally reinforce stigmas around mental health by treating all disclosures in the same way, it said. It also risks undermining trust and hindering people with mental health conditions from securing life insurance.

It comes after the Council of Australian Life Insurers signalled a review of the Life Code, commencing on October 1, following the increase in payouts for mental illness.

The Life CCC recognised the surge, now placing pressure on sustainability and affordability across the sector to accommodate mental illness.

Meanwhile, the inquiry also found that insurers lack reliable data on their assessments of mental health disclosures and the outcomes of these cases, which in turn limit insurers' ability to evaluate their practices, identify systemic issues, and improve.

"Better data is critical to gaining meaningful insights. And these insights can inform practices that deliver better outcomes for customers, not just to meet compliance requirements," Life CCC chair Jan McClelland said.

"With the right data available, insurers can gain a clearer picture of how they're dealing with mental health disclosures and make decisions that are more considered, transparent, and fair."

McClelland said this will now create both challenges and opportunities for the industry.

"Mental health conditions touch millions of Australians, and the Code is clear: insurers must assess each customer fairly, based on their own circumstances," McClelland said.

"It is pleasing to see some insurers doing this. But others are falling short of their Code commitments. Compliance with the Code isn't optional. And insurers that still use blanket exclusions must improve to meet the Code's standards."

Although defaulting to exclusions isn't categorically incorrect, McClelland said these practices "do not" align with the spirit of the Code.

"Defaulting to exclusions means that customers are not being seen as individuals," she added.

"Insurers need to show that they are genuinely weighing up each applicant's circumstances, exploring alternatives, and using professional advice where appropriate. That is what the Code requires."

Despite the concerns, McClelland said the resolution to address them should not come at the expense of a fair underwriting assessment.

"We understand that not everyone who discloses a mental health condition, past or present, will be eligible for cover," McClelland said.

"However, it is crucial that insurers' processes remain fair and considered. The increasing prevalence of mental health conditions only makes it more important for insurers to get underwriting right with an approach that considers individual circumstances properly."

The Life CCC monitors compliance with the Life Insurance Code of Practice and ensures that consistency in the service standards is maintained for consumers.

While revenue only rose 1% year on year to $5.9 billion, profit after income tax jumped by 210% to $116 million.

Investment performance of $2.1 billion played a key role in driving profitability, as did investment service activity of $613 million.

Compared to the last quarter, life insurers reported solid growth in revenue and profit. They also boasted stellar performance compared to the end of 2023 when they collectively made $443 million in net losses.

For product lines, revenue for individual disability income insurance (IDII) steadily increased over the 12 months to June to $1 billion.

Group disability income insurance reported revenue of $732 million, which is 4% lower year on year.

Meanwhile, group lump sum risk made $1.4 billion in revenues and individual lump sum risk, which earned $2.2 billion, which were relatively stable over the quarter and much of the past 12 months.

APRA began shaking up some life insurance products five years ago, saying that IDII had accumulated losses of more than $3 billion at the time.

APRA's intervention into loss-making IDII products helped curb a disastrous outcome that ultimately led to turnaround in 2022.

Separately, superannuation assets rose 9.8% over the year to June to $4.3 trillion.

Industry super funds jumped 15% to $1.6 trillion while retail funds grew 12% to $848.5 billion.

Public sector funds made a 6% gain to end up with $584.8 billion.

SMSF assets, coming from a total of 653,062 accounts, rose 5% year on year to $1.1 trillion.

Corporate funds were the only ones that contracted in the year, shrinking by 21% to $36.7 billion.

The total number of APRA-regulated funds have dropped from 781 counted in FY24 to 776. There are 20 industry super funds and 53 are retail funds. There are only four corporate super funds left and 10 public sector funds.

While some life insurance firms have improved since ASIC's 2018 review into direct sale practices, "notable deficiencies" remain, the regulator expressed in a letter to chief executives.

What has not improved are claims disputes for directly sold policies, still significantly increasing across all channels with dispute rates more than doubling since 2018.

"There have also been concerning increases in rates of disputes involving policies sold through a financial adviser," ASIC said.

ASIC therefore wants life insurers to improve in four key areas to be "in a better position to demonstrate their compliance with legal obligations".

The first is to strengthen product design by better using customer feedback. This can be via testing and incorporating complaints, claims, and cancellation data into design processes, and improving product monitoring.

Some insurers have insufficient systems to monitor product problems, which allowed those issues to continue undetected, while others have no process for frontline staff to report concerns, despite them often being the first to identify problems.

The second is to improve sales and pay practices by enhancing quality assurance processes, and by linking sales staff pay to compliance and customer satisfaction measures.

Insurers must also apply consistent quality standards to retention calls and streamlining cancellation processes, ensuring clear criteria for identifying inappropriate pressure tactics, the proper oversight of retention activities, and objection-handling practices that respect customer decisions.

Finally, they must treat complaints as "valuable business intelligence" and share complaint information across relevant business units.

ASIC began reviewing direct sale practices in 2018, which led to the report The sale of direct life insurance (REP 587).

Between July 2021 and June 2024, it reviewed documents and policies from a sample of life insurers and life insurance distributors to determine whether consumer outcomes had improved since the 2018 review.

ASIC commissioner Alan Kirkland warned chief executives: "The steps you take in responding to the matters identified above will inform ASIC's response if we identify conduct of concern, commence investigations or take enforcement action."

"While life insurance can provide valuable benefits to consumers, it is typically a complex and costly product, so it is important that sales practices are designed with customers' needs in mind.

"Life companies need to place the customer at the very heart of their product and service proposition, including by using customer feedback and complaints data to respond to pain points."

Allianz Australia selected HSBC after a competitive tender which was designed to identify a securities services provider with the capabilities and network needed.

"We are pleased to work with HSBC in Australia. As a global provider of financial services, HSBC has the experience, scale and infrastructure to consistently meet our needs," Allianz Australia treasurer Fuad Islam said.

HSBC head of markets and securities services, Australia and New Zealand Nick Wheeler said HSBC was also pleased to partner with Allianz.

"Allianz is one of Australia's leading personal and commercial insurance providers, with approximately four million customers across the country," Wheeler said.

"This mandate underlines the strength of HSBC's securities services offering and demonstrated out continued focus on the Australian market."

HSBC provides custody for over $1.7 trillion of assets in Australia on behalf of investors, as at 31 December 2024. Its global custody network covers 96 markets.

Janus Henderson's 2025 Australian Insurance Report captures insights from 20 insurance firms, revealing an increased appetite towards risk as 47% plan to increase investment portfolio risk in the next 12 months.

The report also found that although strong returns remain the key investment objective, the sentiment decreased from 58% last year to 36% in 2025. Subsequently, the importance of profit volatility (23% to 32%) and regulatory capital stability (14% to 24%) has risen, with life insurers particularly attentive to maintaining regulatory capital stability, it said.

In terms of asset classes, private credit has emerged as the "standout" investment opportunity for insurers in 2025 as a diversifier.

With more than half (55%) already having exposure to private credit, primarily through global and local direct lending, many more are considering it, Janus Henderson Investors head of Australia Matt Gaden said.

"Insurers are clearly shifting gears. The move from defensive positioning to proactive portfolio re-risking reflects a broader industry trend toward embracing private markets and seeking differentiated sources of return. Private credit is emerging as a cornerstone of fixed income strategy, offering both yield and diversification," Gaden said.

"Although many insurers are risk adverse, looking forward there is greater appetite to take more risk. With a growing share of insurers now operating under their risk budgets, nearly half plan to increase portfolio risk in the year ahead.

"This trend reflects a cautious optimism and a willingness to explore new avenues for growth, even as market volatility and regulatory pressures persist."

Additionally, Gaden noted that despite contrasting reports, environmental, social and governance (ESG) integration continues to gain traction.

Nearly 90% of insurers now incorporate ESG factors into their portfolios, driven by corporate policy and social impact.

Looking ahead, Gaden said insurers are focused on enhancing credit allocations, diversifying private credit exposure beyond direct lending into asset-backed lending (ABL), and hedging credit spread risk using low beta strategies and dynamic overlays such as credit default swaps (CDS).

Artificial intelligence (AI) will also be a key theme moving forward, with a significant 400% increase in deployment of the innovation from 2024.

"One in eight insurers (12%) currently incorporate AI into their investment processes, with a further 27% undertaking some form of AI pilot study within the next 12 months - a four-times uplift from 2024," he added.

"To date, application amongst insurers has been primarily aimed at improving operational efficiency, with investment strategy applications expected to grow."

The Life Code sets enforceable standards life insurers agree to uphold when providing services to their customers, covering areas not addressed by the law including claims handling, complaints resolution and product design.

"This review will ensure the Life Code continues to reflect the needs of Australians, keeps pace with changing laws and regulations, and remains practical and easy to understand," CALI said.

Kell brings more than two decades of leadership in financial regulation and consumer policy. He has served as deputy chair of both the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC).

Kell was also chief executive of CHOICE, where he was responsible for overseeing industry-wide reviews and strengthening accountability across the financial sector. He is currently the chair of the Financial Counselling Industry Fund.

CALI chief executive Christine Cupitt said the review is intended to be thorough, inclusive, and credible.

"Peter Kell is uniquely qualified to lead this review. Peter's deep expertise in industry codes and self-regulation, together with his clear commitment to improved consumer outcomes in financial services will be invaluable in strengthening the Life Code for the benefit of customers and the life insurance industry alike," Cupitt said.

"The Life Code is a cornerstone of how the industry commits to treating Australians fairly. This review is an important opportunity to hear from the community, consumer advocates, regulators, and the industry to ensure the code remains strong, relevant, and trusted."

Kell said he is looking forward to hearing a wide range of perspectives throughout the review process.

"Broad feedback will be critical to the success of the review and will help ensure the Life Code evolves to meet emerging challenges," Kell said.

A consultation paper to assist submissions will be made available on October 17, with submissions due by December 15. A final report is to be submitted by Kell on 30 June 2026.

Zurich Financial Services welcomed the announcement to formally review the Life Code.

Zurich chief executive Justin Delaney said the code plays an important role in holding insurers to a high standard.

"The decision to review the code and the industry's intention that it be registered with the regulator underline's a commitment to continually improving and achieving positive customer outcomes," Delaney said.

"Zurich looks forward to working with Mr Kell and the broader industry on this important task and contributing to evolving the critical safeguards the code provides to customers."

The code was first established in 2016 and was last revised and updated in July 2023, incorporating several changes across sales, underwriting, premium disclosures, claims, mental health, vulnerable customers, sanctions, clarity on navigating the code, and the introduction of new enforceable provisions.

The Council of Australian Life Insurers (CALI) said more Australians between the age of 18 and 34 are considering life insurance due to change in financial circumstances, witnessing a loved one face illness, or experiencing their own health challenge.

Despite the intention, the absence of accessible and affordable financial advice forced the demographic to seek "informal sources" such as friends and family (41%), social media (20%), and online forums (34%), the research found.

The research also revealed that 57% want more personalised advice, compared to 16% who just want basic information.

"We have a growing generation of Australians who are motivated to make smart financial decisions, but for many, professional advice is out of reach," CALI chief executive Christine Cupitt said.

"We need to be able to offer affordable, timely and personalised support. That's what the government's Delivering Better Financial Outcomes reforms are all about, and it's critical they stay on track."

CALI has advocated for more affordable, accessible financial advice, including the support of the federal government's introduction of a new class of adviser who can offer limited advice on life insurance products.

Under current laws, life insurers in Australia are legally restricted from providing personal advice to customers.

In December 2024, the government committed to reforming this framework to allow life insurers to offer straightforward advice when customers seek it.

Additionally, Cupitt highlighted the younger population deserve support to build "the right safety net" for their future.

"We welcome the government's commitment to reform, but action is needed now to close the gap between demand and delivery of financial advice," Cupitt added.

"The federal government's introduction of a new class of adviser would be a win-win for all Australians by increasing access to advice, while providing a clear pathway for those looking to enter the advice industry."

Meantime, financial advisers are, however, optimistic about the future of life insurance, with up to 82% expecting the sector to make up a greater share of their business over the next five years, CALI added.

This growth is fuelled by younger Australians, alongside factors such as intergenerational wealth transfer, larger mortgages, a shrinking adviser workforce, and increasing reliance on referral networks.

The findings come after CALI revealed payouts for mental health claims for total and permanent disability (TPD) insurance have ballooned over $2.2 billion.

The association also noted the trend is especially exacerbating among the younger generation, with claims increasing by over 700% for those in their 30s over the past decade.

Since the inception of the partnership in 2013, Hostplus said its members have enjoyed lower premiums, improved insurance terms, and a more personalised claims experience from the life insurer.

Hostplus currently provides more than 865,000 members with Death, Total and Permanent Disablement (TPD), and Income Protection insurance through the partnership. Group insurance is available to all eligible Hostplus members.

Hostplus chief executive David Elia said he believes the extension will deliver stronger outcomes for its members.

"Insurance in superannuation offers essential support during life's most challenging times," Elia said.

"Through our partnership with MetLife, we're transforming the insurance service model - moving toward a more personalised and member-focused experience.

"This extension provides a pathway to further strengthen our collaboration and deliver an innovative and enhanced offering to our members."

He added that the super fund remains committed to delivering lower premiums, along with improved claims processes.

Meanwhile, MetLife Australia chief executive Richard Nunn said the partnership reflected a shared vision to deliver "meaningful" insurance experiences.

"We're proud of our enduring partnership with Hostplus - we have a shared commitment to delivering seamless, personalised insurance experiences that uplift member outcomes," Nunn said.

"MetLife's vision to be the leading digital insurer, means we are focused on delivering insurance service excellence to support Australians throughout their life with sustainable life insurance cover."

The announcement follows significant changes to Hostplus' insurance offerings in August last year, which included an updated method in determining a member's premium.

CALI said mental health is now the leading cause of total and permanent disability (TPD) claims, making up almost one in three claims paid.

The $2.2 billion paid last year in retail mental health claims nearly doubles the amount recorded five years ago.

Further, mental ill health is also driving one in five income protection claims, with payouts totalling $887 million in 2024, CALI said.

CALI noted the trend is especially significant among younger people, with TPD claims for mental health increasing by 732% for those in their 30s over the past decade.

CALI chief executive Christine Cupitt said Australia's financial safety net, not just life insurance, is reaching a "tipping point".

"Every year we see a growing number of people, particularly younger Australians, leaving the workforce for good due to mental health conditions," Cupitt said.

"This should not be the story of young Australians experiencing mental ill-health. People are being left with little choice but to label themselves totally and permanently disabled, even where the medical evidence shows there is a chance they could return to work."

Cupitt said this was even more worrying considering a lump sum payout may not provide lasting financial security for those that are supposed to have "decades of potential working life still ahead."

"It's a square peg in a round hole and clear evidence that more needs to be done to build a mentally fitter community," Cupitt said.

"Insurers will always be there for the Australians who are most deeply affected by mental ill health but we are having to rethink how we better serve customers in the decades ahead."

Shine Lawyers confirmed the class action has been filed in the Federal Court of Victoria on behalf of hundreds of thousands of Australians who it alleges were charged excessive insurance premiums within AMP superannuation funds and insured by AMP Life.

The firm alleges that NM Superannuation Pty Limited and AMP Superannuation Limited (the AMP trustees) failed to act in the best interests of their members by providing them with expensive insurance policies, resulting in significant and unnecessary erosion of their retirement savings.

Shine Lawyers said the class action is open to individuals who held life insurance, total and permanent disability (TPD) insurance and/or salary continuance insurance through an AMP super fund between June 2019 and April 2024.

Shine Lawyers is encouraging affected members to register their interest, adding that many may not even be aware that their superannuation savings were eroded due to excessive insurance fees.

"This class action is about seeking justice and compensation for everyday Australians who trusted the AMP trustees to manage their retirement savings responsibly," Shine Lawyers special counsel and class actions practice leader Sarah Thomson said.

When addressing the class action AMP said it intends to defend the proceedings.

backd offers tailored, affordable options for workers not currently eligible for other types of cover, paying benefits of $100-$300 per day for income protection and up to $150,000 for life insurance, TAL said.

It will be offered directly to consumers through a range of organisations across the health and banking sectors, integrated into platforms that Australians use daily, it explained.

Employers will be able to provide life, income and illness protection through their payroll platforms via streamlined online registration with no underwriting and 100% digital claims processing.

It comes as Cover Genius estimates one million Australians are underinsured for death and total and permanent disability (TPD), while 3.4 million have no or insufficient income protection, especially among younger Australians.

"Cover Genius' data shows that Australians aged 25-44 are significantly more likely to purchase bite-sized life insurance and prefer to purchase it online," it said.

"And with a significant number of Australians employed under contractor, casual, or labour hire arrangements, millions of workers lack basic leave benefits and affordable insurance options through superannuation."

Cover Genius chief executive and co-founder Angus McDonald said younger generations typically don't have cover as they feel it is too expensive or fear the process is too complex.

"Solutions such as bite-sized life and income protection can also serve as a way to engage younger Australians who may not yet have seriously considered their needs but have come to appreciate the ease and value of purchasing embedded protection online for other things such as travel and music events," McDonald said.

"Making protection easy to understand, financially accessible and simple to access online through employers and other trusted partners is a logical next step in levelling the life insurance playing field."

According to NobleOak's recent study, only 30% of Australians are confident in their knowledge of "fully underwritten" policies despite half of these respondents holding a life insurance product.

Its research also found more Australians are prioritising life insurance, with two in five (60%) now holding some form of coverage, an increase from 55% last year.

Despite a growing appetite for life insurance, there is a lack of understanding and therefore rife underinsurance.

TAL group chief executive and managing director Fiona Macgregor believes life insurance cover should be tailored and simplified to improve uptake.

"At the core of our Cover Genius partnership is ensuring more Australians who want and need insurance can get it," Macgregor said.

"Life insurance is much more than death benefits. Last year, 74% of the 54,000 claims we paid supported the recovery of people with an illness or injury that prevented them from working.

"With backd, more Australians will get support critical to their recovery, addressing an important community need."

McDonald added the initiative can offer "the right cover, via the right channel, at the right price."

"Many people do not have life insurance either because they feel they cannot afford it, have not been offered it or think the process will be too complex," McDonald said.

"backd overcomes these issues, by giving employers a simple way to offer their employees easily accessible protection that suits their income and financial needs by simply embedding it into their existing HR or payroll platform."

The insurance cover for Virgin Money Super members will now be provided by TAL.

The fund, which is part of the Mercer Super Trust, said it regularly reviews its insurance arrangements to ensure members were getting value for money from their insurance.

As part of its negotiations with TAL, premiums paid by members will remain as they currently are until 30 June 2028.

Among other changes, members will also have increased maximum cover amounts of tailored insurance.

The maximum amount of death cover rises from $5 million to unlimited, for terminal illness it doubles from $2.5 million to $5 million, and the maximum for TPD will rise from $2 million to $3 million.

Zurich had held the mandate for some time, with it most recently renewed in 2022.

The change was effective in late April.

According to the most recent APRA statistics, Virgin Money Super has about $1.45 billion in funds under management. This is spread across about 127,000 member accounts.

From July 1, certain types of insurance will see premium reductions; GESB offers death, TPD and salary continuance insurance.

Premiums for death cover will be reduced.

For a 40-year-old male with death cover only, his premiums will reduce from 0.69c to 0.64c per $1000 of cover. A woman of the same age and with the same cover will pay 0.57c instead of 0.61c.

Meantime, premiums for TPD cover will either increase or remain as is, depending on members' individual circumstances.

A 40-year-old male with TPD only will now pay 0.99c per $1000 amount insured, up from 0.93c. A woman of the same age with the same cover will now pay 0.90c compared to 0.85c pre-July 1.

For members with both types of cover, the increase will be slight.

A 40-year-old male will pay $1.63 per $1000 amount insured, up from $1.62. A woman of the same age will pay $1.47 versus $1.46.

Members with salary continuance insurance will also benefit from a reduction, GESB said.

A 40-year-old male will pay $28.94 instead of $29.45, while a female of the same age will pay $36.54 instead of $37.19.

Meanwhile, GESB and West State Super will begin waiving premiums for members taking unpaid parental leave. The waiver will apply from the commencement of the members' unpaid parental leave until their return to work date or for up to 12 months.

The funds will also waive premiums for members following the payment of a financial hardship early release claim for up to 12 months. The waiver can only be applied once and the members' account must have a balance greater than zero following the withdrawal.

GESB's group insurer is AIA Australia.

From at least 1 July 2019 and to this day, ASIC claims Choosi only compared policies issued by Hannover Life Re despite promising it assesses a range of options.

"In reality, the comparison service was a distribution platform for funeral and life insurance policies issued by Hannover Life Re of Australasia Ltd (Hannover), from whom Choosi received substantial sales commissions," court documents show.

The only funeral and life insurance policies that consumers could compare via Choosi's comparison service were policies issued by Hannover, ASIC added, noting the exception of one occasion when Choosi added a single policy from another insurer.

ASIC counted at least 9478 life insurance policies sold during the period, while customers bought 4225 funeral insurance policies. Choosi in return reaped $61 million in commissions.

All policies were distributed by Greenstone Financial Services, a company associated with Choosi.

Choosi allegedly made the misleading representations on its website, social media, television commercials and advertorials.

For example, on its home page, Choosi said it works "with a range of popular insurance brands, so we can make their policies available to you" and that its "free comparison service lets you compare the benefits and prices of a range of popular insurer."

ASIC deputy chair Sarah Court said the regulator is acting to stop companies taking advantage of consumers trying to shop around for the best deals.

"We allege Choosi misled thousands of consumers into thinking they were comparing options from a range of insurers. We will contend people were led to believe they were making a sensible decision by comparing policies; however, they were denied genuine choice," she said.

"Consumers may have been encouraged to buy a funeral or life insurance policy when a cheaper or more suitable policy might have been available from other insurers that were not assessed.

"Comparison websites must provide a meaningful comparison service and not simply operate as a sales channel or distribution platform for companies."

If the court finds that Choosi contravened ss 12DB and 12DF of the Australian Securities and Investments Commission Act 2001, it could pay $16.5 million for a single contravention.

Under the partnership, which is expected to produce at least US$6 billion of new business flows for M&G and US$2 billion for Dai-ichi Life over the next five years, M&G will become Dai-ichi Life's preferred asset management partner in Europe.

Dai-ichi Life will buy 15% of M&G, giving it the right to appoint a director to the board. M&G said this will ensure a strong alignment of values.

"Consistent with M&G's strategy to deliver asset management and international growth, the strategic partnership with Dai-ichi Life HD will accelerate M&G's expansion in European private markets, while opening new potential sources of business flows in Japan and across Asia," M&G said.

"M&G will support Dai-ichi Life HD's access to public and private markets capabilities in Europe, for Dai-ichi Life HD's own investment requirements as well as the needs of its customers. Dai-ichi Life HD highly values the strong life insurance capabilities of M&G and, as part of the partnership, will work closely with M&G to enhance its own expertise in bulk purchase annuities."

Dai-ichi Life will also consider distributing M&G's products in Japan and Asia, and the two will consider collaborating on life insurance solutions in Europe and Japan. The partnership will also allow them to explore co-investing in new opportunities.

"Dai-ichi Life Holdings is delighted to enter into a strategic alliance with M&G, a highly regarded global player in the insurance and asset management industries, to collaborate and develop capabilities together in multiple areas, especially in Europe," Dai-ichi Life president and chief executive Tetsuya Kikuta said.

"We see our partnership with M&G acting as a spearhead to develop our presence across Europe and the UK, accelerating our strategy to become a global top-tier insurance group.

"M&G possesses not only a reputable and long-established life insurance business, but comprehensive asset management solutions in both public and private markets. With this alliance, we are bringing together our respective capabilities to create a mutually beneficial partnership that will create value over the long-term."

Likewise, M&G group chief executive Andrea Rossi said: "The strategic partnership with Dai-ichi Life Holdings and the associated c.15% investment is recognition of M&G's strengths and clear confidence in our leadership, strategy and long-term prospects."

"It brings together two highly complementary international businesses with shared growth ambitions who aim to deliver excellent client service and sustainable shareholder returns.

"It will enable us to further capitalise on the significant private market opportunities across Europe and enable even greater access to the Japanese and Asian market where we will benefit from Dai-ichi Life Holdings market-leading expertise."

About $5.7 billion was generated in insurance revenue, marking a 3% rise from the December 2024 quarter.

Life insurers managed to turn the $15 million after-tax loss into $332 million in net profit, partly driven by positive insurance service results, of which includes a bump in changes to liabilities for incurred claims of $475 million.

Across different products, individual disability income insurance (IDII), at the superannuation and ordinary business level, made $1.1 billion in revenues in the March quarter, holding steady on a quarterly basis and year on year.

Group disability income insurance made $697 million in revenues for the period.

Meanwhile, group lump sum risk made $1.4 billion in revenues, up 8% quarter on quarter. Individual lump sum risk, which earned $2.2 billion, was stable over the quarter and much of the past 12 months.

About five years ago, APRA feared for the viability of some life insurance products, namely IDII for accumulating losses of more than $3 billion at the time.

APRA's intervention into loss-making IDII products helped curb a disastrous outcome that ultimately led to turnaround in 2022.

In a statement to Financial Standard, APRA recently said that it continues to monitor developments around IDII but does not have any specific commentary on this.

As of late, claims handling has been a major, systemic issue for superannuation funds and insurers.

The Australian Financial Complaints Authority's (AFCA) latest Systemic Issues Insights Report found the claims-handling process is tarred by delays, miscommunication, and inconsistent decision-making in claims.

Inadequate resourcing and staff levels to deal with the volume of claims received in the industry, especially following natural disasters when claim volumes increase, has contributed to delays in processing and the quality of assessing claims, AFCA said.

In the 2024 financial year, AFCA received 1468 complaints about income protection insurance or IDII in total during 2023-24. Of those, 938 related to group superannuation and 530 came from retail insurance.

Delays in claim handling was the top issue in both retail and group income protection insurance.

Delays accounted for 27% of all received income protection complaints for superannuation and 22% for retail insurance complaints.

In May 2024, Zurich declined two trauma insurance claims advising the policyholders that their particular medical conditions were excluded, and no benefit was payable.

The corporate watchdog alleges these statements were false or misleading as the policy terms applicable held by the policyholders did not exclude their medical conditions and they were entitled to a benefit payment.

Following an assurance review, Zurich remediated the policyholders paying the entitlements with interests.

Zurich reported the matter to ASIC and paid the fine on 8 May 2025.

The two infringement notices have been published on ASIC's infringement notices register.

ASIC said insurance claims handling was a 2024 enforcement priority for the regulator, and failures by insurers to deal fairly and in good faith with customers is a 2025 enforcement priority.

The priority also seeks to enhance public confidence in the insurance industry by encouraging life insurers to "uplift" their claims handling processes and ensure consumers are not misled in any way, shape or form.

"Where the handling of a claim involves a legacy product or policy enhancements passed back to existing policyholders, insurers should ensure claims staff have an awareness of, and ready access to, the applicable policy terms and conditions," ASIC said.

Payment of an infringement notice is, however, not an admission of liability.

Zurich has been contacted for a statement.

The fine comes after the Federal Court's ruling of HCF Life Insurance at the beginning of the month - finding the insurer misled the public over a pre-existing condition term under its Recover products.

HCF Life Insurance was subsequently fined $750,000 for the incident.

According to Rainmaker's latest benchmarking data, a total of 43,000 claims were filed for death and TPD in the 12 months to June 2024 among group insurers.

This was split across death claims (13,000) and TPD claims (30,000), with 69% of the total claims accepted by the insurers.

The majority (76%) of death claims processed in just under two weeks and about 17% were settled between two weeks to two months during the period.

However, when it comes to TPD claims settlement, insurers are taking considerably longer.

Merely 14% are processed within two weeks, with 23% taking more than six months to complete, in comparison to 1% in death claims for the same period.

About 23% of TPD claims took two weeks to two months, while some 40% were processed in between two to six months.

The findings come as super funds make headlines for their systemic failures over death and TPD claims, including ASIC taking legal proceedings against AustralianSuper over the delayed processing of some 7000 death benefit claims in March.

Super Consumers Australia has also highlighted that a substantial number of Australians are unaware or do not understand the coverage of the default insurance in super.

Further, Rainmaker found that the group insurance market is highly concentrated with just three insurers holding a total market share of 88%.

TAL is the largest death and TPD insurer with a 45% market share. AIA is second with 23%, followed by MetLife with 19%.

There are a total of eight insurers serving the superannuation industry, including ART Life, Hannover Re, MLC, Resolution Life and Zurich.

The market research firm's latest Life Analysis report showed total new individual risk premiums dropped 18.5% over the year, falling to $1.11 billion. This includes policies covering death, total and permanent disability (TPD), trauma, and income protection.

Within that segment, lump sum new business fell 11.2% year-on-year to $809 million.

However, new lump sum sales edged up 1.3% in the December quarter to $203 million.

This was up slightly from the September quarter, but still down 5.3% from the same quarter a year earlier.

The attrition rate for individual lump sum policies rose to 10.5% in December, up from 10.1% a year earlier.

Disability income insurance new business slumped 33.3% over the year to $301 million, down from $451 million recorded in the year to December 2023. New business in the December quarter, however, rose 16.9% from $61 million in the September quarter.

Nevertheless, it remained 37.2% lower than the $113 million recorded a year earlier.

The attrition rate for disability income policies rose to 11.4% in December, up from 10.9% a year earlier.

"Discontinuances continue to climb from the 9.1% low recorded in December 2020 immediately prior to the release of a new range of disability income products following the APRA intervention and release of conforming products in 2021," DEXX&R said.

Group risk premiums ticked up 0.3% to $7 billion in the year to December, prompted by a re-pricing existing benefits, despite fewer super fund members holding default cover under Protecting Your Super reforms.

DEXX&R also flagged that Australia's five largest life insurance groups by in-force premiums at December were TAL ($5.06 billion, 31.3% market share, AIA ($3.45 billion, 21.3% share), Zurich/OnePath ($2.41 billion, 14.9% share), MLC Life ($1.83 billion, 11.3% share), and Resolution Life - the AMP legacy book now in run-off - with $1.26 billion or a 7.8% share.

Acenda said the new division will initially focus on supporting the development of new insurance propositions for more Australians.

The function will be headed by Lynton Pipkorn, who spent over a decade at Suncorp, including in roles such as group innovation manager across its banking, wealth, life, and general insurance businesses.

Pipkorn has also recently held roles at non-bank lender OSQO as chief product and distribution officer, and at Firemark Ventures, the venture capital arm of general insurer IAG, as director of emerging technology.

Acenda chief claims and transformation officer Andrew Beevors said the function will support embedding an "innovation mindset" at the insurer, delivering new ways to engage with customers with propositions that make life insurance more accessible.

"We're focused on delivering contemporary propositions and services that meet the individual life insurance needs of millions of Australians, including those who need access to simpler, more affordable means to protect themselves and their loved ones," he said.

He added that Acenda would continue to focus on leadership in individual advised markets and delivering scale in super fund partnerships, but also recognised the importance of "how we engage with existing as well as new customers."

"Our new dedicated innovation function will ensure that we foster a culture of innovation to identify and integrate meaningful customer propositions. We want to ensure our products and services continue to deliver for Australians as their needs evolve," he said.

In 2024, total DII disputes reached 1987 for advised customers, 366 for non-advised customers and a whopping 2896 for group super.

TAL received the largest number of disputes with 310 for advised customers, 246 for non-advised customers and 812 for group super, APRA's recently published life insurance and disputes tables show.

A total of 1711 of DII disputes were resolved during the period for advised customers, 316 for non-advised customers and 2572 were finalised for group super customers.

AIA Australia had the lion's share of resolved group super disputes at 996, finalising 91.1% of them in 0-45 days. AIA took 1.3 months on average to resolve these disputes, as did MetLife and ART Life.

TAL resolved a total of 691 group insurance disputes and took 1.3 months on average to do so, with 93.5% finalised in 0-45 days. TAL, however, took the longest on average to resolve 237 advised customer disputes at 2.5 months.

NobleOak also registered as one of the most sluggish to resolve a dispute at 2.1 months on average for advised customers, albeit from a small base of a total of six disputes.

In recent years, APRA put the microscope on DII, questioning its sustainability, profitability, pricing and actual benefits delivered to policyholders.

Otherwise known as income protection insurance, DII replaces policyholders' income in the event they are unable to work due to illness or injury.

APRA said DII made a turnaround in 2022 when it reported net profits after tax for five straight quarters. This followed an extended period of losses, with the sector losing $3.4 billion in the five years to 2019, resulting in APRA's intervention.

The latest statistics show that advised customers paid a total of $3.2 billion in annual DII premiums for 676,000 lives insured last year. TAL and Zurich Australia possess between 21-22% respectively of the advised market.

Some 4.3 million group super customers paid $1.8 billion in DII premiums. TAL holds 40.4% of this market, followed by ART Life with 20.3% and AIA Australia with 23.2%.

About 89,000 non-advised customers paid $154 million in DII premiums, with TAL holding 49.1% of this market.