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Showing 1 - 10 of 45 results for "disability income insurance"

Life insurers report another profitable quarter

KARREN VERGARA  |  FRIDAY, 30 MAY 2025
... changes to liabilities for incurred claims of $475 million. Across different products, individual disability income insurance (IDII), at the superannuation and ordinary business level, made $1.1 billion in revenues in the March quarter, holding steady ...

Life insurance premiums edge lower

ANDREW MCKEAN  |  TUESDAY, 6 MAY 2025
... attrition rate for individual lump sum policies rose to 10.5% in December, up from 10.1% a year earlier. Disability income insurance new business slumped 33.3% over the year to $301 million, down from $451 million recorded in the year to December 2023. ...

DII drives life insurance disputes: APRA

KARREN VERGARA  |  THURSDAY, 17 APR 2025
Disability income insurance (DII) continues to be a bugbear for the life insurance industry and is the most highly disputed product among advised, non-advised and group insurance customers, APRA statistics show. In 2024, total DII disputes reached 1987 ...

Insurance through superannuation stages a comeback

ANDREW MCKEAN  |  TUESDAY, 4 MAR 2025
... through superannuation led to $1.7 billion in death benefits and $3 billion in TPD payments in 2023-24. Disability income insurance (DII) also saw a decline post-reforms, though the drop was less pronounced than for death and TPD insurance. Still, coverage ...

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 ...
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