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Insurance

Adviser-led TPD claim admittance rates fall

KANIKA SOOD  |  TUESDAY, 20 APR 2021
New data from APRA and ASIC shows 81% of adviser-led TPD claims were admitted in 2020, down from 87% two years ago.

Honan launches reinsurance offering

ELIZABETH MCARTHUR  |  WEDNESDAY, 14 APR 2021
Honan has announced it will enter the reinsurance market through the launch of Honan Re.

APRA to overhaul offshore reinsurance standards

ANNABELLE DICKSON  |  FRIDAY, 9 APR 2021
The prudential regulator has commenced industry consultation on revisions to the prudential standards for life insurers to protect life insurance policy holders against the use of offshore reinsurers.

Time running out for claims licences

ELIZABETH MCARTHUR  |  FRIDAY, 9 APR 2021
ASIC says it has only received 15 applications for insurance claims handling and settling licences, with some so sloppy they will have to be resubmitted.

Junk insurance lands Westpac in court

KARREN VERGARA  |  THURSDAY, 8 APR 2021
ASIC is taking Westpac to the Federal Court, alleging it sold junk credit insurance to 384 customers that did not want it and whose accounts were unlawfully debited to pay for the premiums.

Risk inflows stagnant, satisfaction varies

ANNABELLE DICKSON  |  WEDNESDAY, 31 MAR 2021
Risk premium inflows experienced marginal decreases in the 12 months to December 2020 as the gap in consumer satisfaction grows, new research shows.

MetLife announces suite of product changes

ELIZABETH MCARTHUR  |  MONDAY, 29 MAR 2021
MetLife has made a range of product changes, attempting to address concerns about rising premiums.

Life Company of the Year named

ANNABELLE DICKSON  |  THURSDAY, 18 MAR 2021
The Association of Financial Advisers has announced the winner of its 2020 Life Company of the Year award, going to the same insurer four years in a row.

Court makes orders in ASIC versus TAL

KANIKA SOOD  |  WEDNESDAY, 10 MAR 2021
The Federal Court yesterday made orders in ASIC's December 2019 case against TAL, which stems from a Royal Commission case study.

Allianz to rectify past deficiencies

ELIZA BAVIN  |  WEDNESDAY, 10 MAR 2021
Allianz Australia has been ordered to rectify its past weaknesses in its risk culture, risk governance and risk management, which APRA told the court was persistent and serious.