Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 111 - 120 of 380 results for "Insurance premiums"

Group insurance using shoddy data: Rice Warner

KARREN VERGARA  |  TUESDAY, 19 JAN 2021
... insurance, of which 86% are set on a default basis, according to ASIC. Members paid an estimated $4.1 billion in insurance premiums in the 2020 financial year alone. With the onset of regulatory reforms, it appears that insurers and super funds aren't ...

HESTA hikes group insurance premiums again

KANIKA SOOD  |  TUESDAY, 12 JAN 2021
... to 13.4% for the age groups below 67. Reilly said it was too early to say what impact COVID-19 would have on insurance premiums. "Changes to HESTA's insurance on 1 April 2020 were impacted by legislative change that meant fewer members were insured. ...

ASIC explores value for money in default group insurance

ELIZABETH MCARTHUR  |  MONDAY, 14 DEC 2020
... estimated that super members with default insurance will be paid up to 79 cents in claims for each dollar of insurance premiums they were charged over the six-year period to FY 2018-19. "Many Australians hold life insurance through their super fund. ...

Vision Super increases premiums

ELIZABETH MCARTHUR  |  TUESDAY, 8 DEC 2020
Vision Super and its group insurer MLC Life have increased the cost of insurance premiums by 17.8%. The $10.3 billion industry fund said that MLC Life had determined the 17.8% increase was required to continue to cover the cost of providing insurance ...

ASIC to improve default insurance

KARREN VERGARA  |  FRIDAY, 4 DEC 2020
... Danielle Press warned that trustees "may be contravening their legal obligations if they fail to ensure that insurance premiums charged to members are based on appropriate statistical assumptions." "While a high-risk occupational default may be appropriate ...

Super fund increases premiums

KARREN VERGARA  |  WEDNESDAY, 18 NOV 2020
... and to ensure we can continue to offer insurance cover for our members in their times of greatest need, most insurance premiums will increase from 1 January 2021," the fund said. In July last year, it announced some changes to income protection waiting ...

Sunsuper ups TPD premiums

KARREN VERGARA  |  WEDNESDAY, 11 NOV 2020
... protection cover, chief financial officer Jason Sommer said. "As a profit-for-members fund, we only increase insurance premiums as a last resort. In this case, it has been over six years since our last standard death and TPD premium increase and we're ...

Rest increases admin fees

JAMIE WILLIAMSON  |  MONDAY, 26 OCT 2020
... their administration fees go up next month and will no longer see the benefit of tax deductions related to insurance premiums. Rest has notified members their admin fees will rise from November 28, from $1.30 per week plus 0.10% to $1.50 per week plus ...

Industry fund hikes income protection premiums

ANNABELLE DICKSON  |  FRIDAY, 16 OCT 2020
Ahead of its proposed merger with Cbus, Media Super has announced an increase in insurance premiums for default and non-default income protection. The premiums will increase from 1 December 2020 and will apply to members who receive automatic default ...

Hostplus freezes premiums

ELIZABETH MCARTHUR  |  WEDNESDAY, 14 OCT 2020
As life insurance premiums continue to soar, industry fund Hostplus has managed to negotiate a premium freeze for members. The $48 billion super fund has secured a three-year freeze, which will maintain the current rate of death and total and permanent ...