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Showing 31 - 40 of 68 results for "Disability Income"

APRA resumes life insurance intervention

ELIZABETH MCARTHUR  |  WEDNESDAY, 30 SEP 2020
... APRA will 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 ...

More clarity on life insurance best interest duty needed: Research

ELIZA BAVIN  |  FRIDAY, 25 SEP 2020
... Actuaries 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 ...

Life insurance at tipping point: Industry leaders

ALLY SELBY  |  FRIDAY, 31 JUL 2020
... is a fundamental need for change." Some of the challenges plaguing the industry, such as issues surrounding disability income, have been around since the 1990s, he said, also noting that life insurers had already seen evidence of reinsurers and other ...

Life insurance needs to prove value

ANNABELLE DICKSON  |  WEDNESDAY, 29 JUL 2020
... 90% of lodged claims were paid and the highest cause of claim was mental health at 25%. For income protection/disability income there were 5.8 million covers in force, 95% of lodged claims were paid and the highest cause of claim was accidents at 33%. ...

APRA intervention blindsided AFA, FPA taskforce

ELIZABETH MCARTHUR  |  TUESDAY, 28 JUL 2020
... of 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 ...

Life insurers fork out more for mental health

HARRISON WORLEY  |  MONDAY, 22 JUN 2020
... the number of claim benefits paid for mental health conditions has doubled. As has the total amount of retail disability income claim benefits paid out ($4.9 billion) through financial advisers when compared to the preceding five-year period. The analysis ...

COVID-19 deepens life insurer losses

KANIKA SOOD  |  FRIDAY, 29 MAY 2020
... March, 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 ...

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
... due to risks 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 ...

Life insurers lost $3.4b over five years: APRA

ELIZA BAVIN  |  TUESDAY, 3 DEC 2019
... an 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 ...