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Showing 21 - 30 of 45 results for "disability income insurance"

APRA resumes life insurance intervention

ELIZABETH MCARTHUR  |  WEDNESDAY, 30 SEP 2020
... resume its intervention into the life insurance market to stem ongoing heavy losses in individual disability income insurance. APRA announced its intervention in December last year, highlighting flaws in individual disability income insurance product ...

More clarity on life insurance best interest duty needed: Research

ELIZA BAVIN  |  FRIDAY, 25 SEP 2020
... Institute Taskforce has made sweeping recommendations for broad changes to Australia's retail disability income insurance market, including providing examples of Best Interest Duty in life insurance. The report said ASIC included in RG 175 examples ...

APRA intervention blindsided AFA, FPA taskforce

ELIZABETH MCARTHUR  |  TUESDAY, 28 JUL 2020
... financial advice industry associations admitted to being blindsided by APRA's intervention on individual disability income insurance. Association of Financial Advisers chief executive Phil Kewin and Financial Planning Association of Australia chief executive ...

Life insurers fork out more for mental health

HARRISON WORLEY  |  MONDAY, 22 JUN 2020
... project is designed to help steer the local life insurance industry towards a sustainable and affordable disability income insurance product. "This is, of course, a key goal for the life insurance industry, and even more so, for Australian consumers ...

COVID-19 deepens life insurer losses

KANIKA SOOD  |  FRIDAY, 29 MAY 2020
... their NPAT was -$1.6 billion compared to a loss of $94 billion. Within the risk universe, individual disability income insurance was the worst hit, reporting loss of $1.4 billion for year to March, compared to a loss of $782 million in the year ending ...

Calls for disability insurance reform

ELIZA BAVIN  |  MONDAY, 10 FEB 2020
The Actuaries Institute has called for urgent reform of Australia's $5 billion disability income insurance sector. The institute said it has established a taskforce saying that failure to implement significant changes will reduce consumer access to ...

Future of life insurance in doubt: APRA

ELIZABETH MCARTHUR  |  FRIDAY, 17 JAN 2020
... and challenges hampering profitability. "For a fifth straight year, the performance of individual disability income insurance worsened taking losses over that time to more than $3 billion," it said. The profitability of individual lump sum insurance ...

Life insurers lost $3.4b over five years: APRA

ELIZA BAVIN  |  TUESDAY, 3 DEC 2019
... intervention into the life insurance market in response to ongoing heavy losses in respect of individual disability income insurance. The regulator announced a series of measures, including capital charges, which will require life insurers to address ...

Group insured, advised clients better off

HARRISON WORLEY  |  FRIDAY, 28 JUN 2019
... insurance was the top performer, scoring 98% admittance for death claims, 88% for TPD and 96% for disability income insurance, topping the pile across all three cover types. APRA's report said advisers could add value for policy holders by setting clear ...

Regulators name laggard life insurance providers

KARREN VERGARA  |  MONDAY, 1 APR 2019
... process claims at 9.7 months, followed by Westpac at 8.5 months and AIA Australia at seven months. Disability income insurance claims showed AMP takes about 3.2 months to process, followed by AIA Australia at 2.5 months and ANZ OnePath at 2.4 months. ...