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Insurance

Reporting season reveals insurance black spots

MARK SMITH  |  MONDAY, 26 AUG 2013
A spike in lapse rates and an increasing number of people claiming total and permanent disability (TPD) may lead to an overhaul of products and a surge in premiums some senior industry professionals think.

Suncorp Life set for overhaul after 76% profit plunge

LAURA MILLAN  |  THURSDAY, 22 AUG 2013
Suncorp will overhaul its life risk business after net profit after tax dropped 76% in the past year and accounts now for less than 10% of Suncorp Group.

Investment income fuels life insurance sector

ALEX DUNNIN  |  TUESDAY, 20 AUG 2013
Life insurance industry figures released today by the Australian Prudential Regulation Authority (APRA) paint a picture of a robust industry albeit one preparing for some adjustment.

Unclaimed life insurance up by $28 million

LAURA MILLAN  |  WEDNESDAY, 14 AUG 2013
The amount of unclaimed life insurance has increased by $28 million during the last year, according to the latest report by the Australian Securities and Investments Commission (ASIC).

Super funds need to clarify DisabilityCare to members

LAURA MILLAN  |  WEDNESDAY, 14 AUG 2013
Superannuation fund members are confused about DisabilityCare and funds should be sending out the message that the government's program doesn't cover all life insurance aspects.

AIA tackles spike in mental illness-related claims

JAMES FERNYHOUGH  |  TUESDAY, 13 AUG 2013
Life insurer AIA Australia has launched a paper exploring ways of getting employees suffering from mental illness back into work, after a spike in total and permanent disability (TPD) claims has put serious pressure on the life insurance industry.

CommInsure enhances adviser flexibility of life product

LAURA MILLAN  |  WEDNESDAY, 7 AUG 2013
CommInsure clients will be able to bundle insurance inside and outside superannuation, a feature that offers greater flexibility for advisers who may have clients that are cautious of their cash flow and want to pay for premiums via superannuation.

Suncorp Life profit to drop 75%

LAURA MILLAN  |  MONDAY, 5 AUG 2013
Suncorp Life net profit after tax (NPAT) is expected to drop approximately 75% due to increasing discount rates and the poor performance of the life insurance division.

The life insurance sustainability challenge

ALICE URIBE  |  FRIDAY, 2 AUG 2013
Australian retail and group insurance markets need a greater focus on risk selection so that insurers can return to sustainable long-term profitability, Alain Neemeh, executive vice president, Australia and Canada at Reinurance Group of America (RGA) ...

TAL puts focus on super in latest offering

JAMES FERNYHOUGH  |  WEDNESDAY, 31 JUL 2013
Life insurer TAL has announced changes to its Accelerated Protection offering, putting the focus on insurance bought through superannuation.