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Showing 41 - 50 of 68 results for "Disability Income"

Industry fund changes insurer

KANIKA SOOD  |  FRIDAY, 8 NOV 2019
... they wanted greater cover. Under the new arrangement with Chubb, members will be covered for 85% of their pre-disability income. The fund has set the default premium at 1.76% of the superannuation guarantee contribution. In a new addition, NESS has extended ...

Group insured, advised clients better off

HARRISON WORLEY  |  FRIDAY, 28 JUN 2019
... Trauma admittance rates were even, with both channels registering 87%, but the trend returned when it came to disability income protection, with advised clients having claims admitted in 95% of cases, and non-advised clients coming in at 85%. Accident ...

Regulators name laggard life insurance providers

KARREN VERGARA  |  MONDAY, 1 APR 2019
... longest to 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 ...

Australian retirement system weakens

JAMIE WILLIAMSON  |  MONDAY, 22 OCT 2018
... future. This includes contractors, self-employed, and anyone on any income support, be that parental leave, disability income or unemployed benefits." Knox added that the index should be used as a reference point by policymakers to learn from the most ...

Life insurance sector strengthens

KARREN VERGARA  |  FRIDAY, 24 AUG 2018
... Risk products recorded the following net profit: individual lump sum ($649m), group lump sum ($185m), group disability income insurance ($86m) and individual disability income insurance (-$74m). A separate report from KPMG shows the industry continues ...

Foreign owners take over life insurance: KPMG

KARREN VERGARA  |  TUESDAY, 21 AUG 2018
... announced in the 2018/19 budget are implemented, KPMG warned. The profitability of products such as TPD, trauma and disability income, continue to be an issue. Claims management initiatives alone are unlikely to be sufficient to restore these products ...

Disability income insurance an ongoing concern: APRA

KARREN VERGARA  |  TUESDAY, 10 JUL 2018
Disability income insurance (DII) continues to be a loss-making venture for life insurers as the prudential regulator undertakes a comprehensive review of its sustainability, pricing and the actual benefits delivered to policyholders. Otherwise known ...

Life insurance data improving: Regulators

HARRISON WORLEY  |  FRIDAY, 25 MAY 2018
... reaching 86%. Death cover achieved a 97% admittance rate across all distribution channels in the period, while disability income insurance claims were admitted in 95% of instances.

Life insurer profitably improving: APRA

KARREN VERGARA  |  FRIDAY, 2 MAR 2018
... contributed $1.1 billion to net profit after tax; group lump sum risk products meanwhile earned $273 million; group disability income insurance contributed $216 million (this was partially offset by net loss after tax of $60 million from the individual ...

Life insurer definitions clashing: Regulators

KARREN VERGARA  |  TUESDAY, 14 NOV 2017
... benefits and lives insured," the report said. Data clarity was also needed for income protection insurance or disability income insurance; reopened claims; voluntary discontinuances; and multi-benefit policies that are both inside and outside super. ...