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Showing 1 - 10 of 41 results for "Disability income insurance"

Life insurance industry profits double, premiums rise: KPMG

ANDREW MCKEAN  |  TUESDAY, 17 OCT 2023
... impact of the decline in the number of IFAs, with a drop in the amount of people buying death and disability income insurance policies through advisers," Cummings said. "The economic pressures on consumers and rise in premium costs has contributed to ...

Treasury proposes upping supervisory levies

ANDREW MCKEAN  |  FRIDAY, 26 MAY 2023
... funding, from $20 million to $20.4 million. APRA will focus on the long-term sustainability of individual disability income insurance and improving decision-making through data support. In contrast, levy funding for general insurance dropped from $30.2 ...

Don't call it a comeback: APRA on IDII

CHLOE WALKER  |  TUESDAY, 10 JAN 2023
There may well be a light at the end of the individual disability income insurance (IDII) tunnel, but there's still a way to travel before the end is reached, according to APRA. Analysis of data to September 2022 shows IDII enjoyed a run of favourable ...

Insurers are 'fishing' for non-disclosures: ASIC

ANDREW MCKEAN  |  FRIDAY, 2 SEP 2022
An ASIC review of individual disability income insurance claims has determined that more work is needed by insurers to ensure customers are protected from unfair practices. ASIC has longstanding concerns about the potential consumer harm resulting from ...

AFA hits back at QAR submissions from Choice, ISA

CASSANDRA BALDINI  |  MONDAY, 11 JUL 2022
... called it a nonsensical suggestion. APRA data shows that there are 5.2 million Australians who have disability income insurance, the AFA cited. "This means that 38.5% out of 13.5 million working Australians have disability income insurance. A disturbing ...

APRA suspends IDII work, "disappointed" in industry

ELIZABETH MCARTHUR  |  FRIDAY, 25 MAR 2022
APRA has suspended its work on individual disability income insurance, which was causing huge losses to insurance companies, expressing disappointment in the industry's response. The regulator first announced it was intervening on IDII products in 2019 ...

APRA hones in on post-retirement products

KARREN VERGARA  |  TUESDAY, 23 NOV 2021
... products are coming to market - another chicken and egg-type impasse." Rowell highlighted how individual disability income insurance products have resulted in disastrous outcomes for consumers and insurers. She does not want to see super trustees designing ...

IDII pitfalls advisers should avoid

KARREN VERGARA  |  WEDNESDAY, 22 SEP 2021
Financial advisers must beware the pitfalls of problematic individual disability income insurance products and avoid circumstances that could land them in trouble with the financial complaints body. As part of a panel of experts at the Association of ...

Higher premiums a problem, not a trend: AFA

ANNABELLE DICKSON  |  TUESDAY, 21 SEP 2021
... time we all must collectively come together to get this right because income protection insurance or disability income insurance in particular is that is the core risk management tool consumers use to protect their most important asset - their ability ...

Actuaries Institute unveils IDII recommendations

KARREN VERGARA  |  MONDAY, 24 MAY 2021
The Actuaries Institute has released sweeping recommendations to help fix the individual disability income insurance (IDII) sector that is currently at "risk of failure". The final recommendations follow a 12 month-review, led by an appointed Actuaries ...
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