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Insurance

Annuities' capital settings due for change: APRA

KARREN VERGARA  |  FRIDAY, 28 FEB 2025
APRA's proposal to overhaul capital requirements for annuities is touted to be the most significant change for life insurers in more than a decade.

Life insurers enhance domestic violence response

MATTHEW WAI  |  THURSDAY, 20 FEB 2025
The Council of Australian Life Insurers (CALI) released new best practice guidance on family and domestic violence that sets new benchmarks for life insurers to better understand and engage with victim-survivors.

Treasury consults on genetic test ban in life insurance

JAMIE WILLIAMSON  |  WEDNESDAY, 12 FEB 2025
The industry can now provide feedback on the proposed ban on the use of adverse genetic test results in life insurance.

Resolution Life completes NZ$410m life business transaction

MATTHEW WAI  |  MONDAY, 3 FEB 2025
Resolution Life's trans-Tasman life insurer, Resolution Life Australasia, has completed the acquisition of Asteron Life New Zealand.

Colonial First State completes group insurance review

JAMIE WILLIAMSON  |  THURSDAY, 12 DEC 2024
Following a review of its group insurance arrangements, Colonial First State (CFS) has renewed its mandate with AIA.

MLC Life and Resolution Life Australasia to merge

ELIZA BAVIN  |  WEDNESDAY, 11 DEC 2024
The merger, which also includes a rebrand, is set to create one of the largest life insurance businesses in Australia.

NEOS updates medical definitions, labels

KARREN VERGARA  |  FRIDAY, 6 DEC 2024
NEOS has introduced several changes to one of its products that includes updated medical definitions and naming conventions, affecting new and existing customers.

Permanent disablement claims for mental health explodes

ANDREW MCKEAN  |  THURSDAY, 5 DEC 2024
Total and permanent disability (TPD) claims because of mental health for Australians aged 30 to 40 increased by 732% over the past decade, according to a new report by KPMG, commissioned by the Council of Australian Life Insurers (CALI).

Delaying DBFO imposes 'generational' consequences

MATTHEW WAI  |  THURSDAY, 24 OCT 2024
The Council of Australian Life Insurers (CALI) is urging the federal government to take action on processing the second tranche of its Delivering Better Financial Outcomes (DBFO) package, saying any further delay could result in "generational impacts."

TAL changes underwriting limits

KARREN VERGARA  |  MONDAY, 14 OCT 2024
TAL has introduced several changes to underwriting limits that reduces medical test requirements for new life, total and permanent disability (TPD), and income protection insurance applications.