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Showing 1 - 10 of 29 results for "Death claims"

ASIC, APRA target insurers' TPD product sustainability

KARREN VERGARA  |  MONDAY, 25 MAY 2026
... insurance risk management practices." Research from Rainmaker found TPD claims take much longer to process. Of the total death claims (13,000) and TPD claims (30,000) studied, the majority (76%) of death claims processed in just under two weeks and about ...

Cbus members to see 46% increase in insurance fees

ELIZA BAVIN  |  MONDAY, 4 MAY 2026
... said over the course of three years, it has paid out more than $1.1 billion, including 96% of TPD claims and 99% of death claims. "As access to other forms of support has tightened more members are turning to the insurance in super as a critical financial ...

Cbus vows faster death benefit payouts

KARREN VERGARA  |  TUESDAY, 16 SEP 2025
... impacted, 4366 of which took more than 12 months to be resolved and only 830 were resolved within 90 days. About 3600 death claims were impacted, 1946 of which took more than 12 months to be processed. Cbus estimated the financial loss impacting members ...

TPD claim settlements take 'considerably longer': Rainmaker

MATTHEW WAI  |  MONDAY, 12 MAY 2025
... group insurance research finds that total permanent disability (TPD) claims are taking much longer to process, while death claims appear to have more efficient processes in place. According to Rainmaker's latest benchmarking data, a total of 43,000 ...

Rest details internal program to reform death benefit processes

ANDREW MCKEAN  |  FRIDAY, 2 MAY 2025
... Daly said. He, like the spokesperson, also pointed to the structural challenges in the claims process, noting that death claims are often complex, and in the absence of a binding nomination, may require the fund to wait for more information from a claimant ...

Life insurers keep breaking their own rules: Report

ANDREW MCKEAN  |  TUESDAY, 1 APR 2025
... within the Code's required timeframes compared with the previous year. The report highlighted that the number of death claims taking longer than a year to resolve increased 24%, from 116 to 144. While representing only a small portion of total claims ...

AustralianSuper sued over death benefit delays

JAMIE WILLIAMSON  |  WEDNESDAY, 12 MAR 2025
... member deaths and a significant impact of the pandemic on staffing numbers saw a backlog relating to the processing of death claims emerge," the spokesperson said. 'We recognised this and developed a strategy with our service provider to clear the ...

AustralianSuper under investigation for delayed death benefit payouts

ANDREW MCKEAN  |  THURSDAY, 6 FEB 2025
... impacted, with 4366 taking more than a year to resolve and only 830 were resolved within 90 days. Approximately 3600 death claims were also affected, with nearly 2000 taking more than a year to process. A Cbus spokesperson said the fund was sorry delays ...

AustralianSuper to pay $4.2m for delayed claims handling

ELIZA BAVIN  |  THURSDAY, 21 NOV 2024
... elderly members and an increase in the death of members during the COVID period contributed to a significant growth in death claims, affecting assessment and payment timeframes. "Over the past 18 months AustralianSuper has undertaken a thorough review ...

ASIC flags 'consistently weak' claims processes

JAMIE WILLIAMSON  |  WEDNESDAY, 20 NOV 2024
... The regulator also said it has observed trustees that did not report on times for uninsured claims, despite most death claims within the review relating to members who didn't have insurance at the time of their passing. This meant most of their death ...
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