Insurer acts on discount breach
04 November 2024
A life insurer failed to provide promised discounts to policyholders for more than a year and discovered the error only after an “ad hoc” review of its internal processes...
Life Insurance
Adviser wins in dispute over commission arrangement
04 November 2024
A couple who demanded a partial refund of life commissions paid to their new financial adviser have lost a dispute after arguing they were not told about the remuneration arrangement...
Non-advised disability income tops claims chart
04 November 2024
Individual non-advised disability income insurance has a claims paid ratio of 113% and individual policies sold via personal advice have a ratio of 68%, according to the latest prudential data...
Minister, Lib frontbencher to front Q&A session with advisers
04 November 2024
Financial Services Minister Stephen Jones is expected to provide an update on planned advice reforms at an industry gathering next month in Brisbane...
HCF contract terms could mislead consumers, court says
28 October 2024
The Federal Court has found a “pre-existing condition” term in certain HCF Life policies was liable to mislead but did not breach unfair contract term laws, which were extended to insurance after the Hayne royal commission...
AFCA questions dispute ‘signposting’ as life complaints drop
28 October 2024
There were 1449 life insurance disputes lodged with the Australian Financial Complaints Authority in the year to June, down 24% from a year earlier...
Industry body calls for urgency on advice reforms
28 October 2024
Australians could face “generations of financial uncertainty” if the second tranche of advice reforms are not made law by the next federal election, life insurers have warned...
AFCA rejects mental health exclusion after bullying issue
28 October 2024
The Australian Financial Complaints Authority has told MetLife to reassess a complainant’s income protection claim after overruling its decision to apply a mental health exclusion...
CALI shuffles board roles
28 October 2024
The Council of Australian Life Insurers has announced MLC Life CEO and MD Kent Griffin will be its new co-chair, with three new directors also joining the board...
Gallagher acquires Sydney advice group
28 October 2024
Gallagher has bought life risk adviser Via Financial Group...
Zurich recruits local health services leader
28 October 2024
Antony Vriens has been appointed Zurich head of health services for Australia and New Zealand...
Industry ‘failing to keep up’ with customer needs
21 October 2024
Life insurers in Australia and other mature markets are struggling to meet customer expectations, according to Capgemini...
AFCA backs insurer’s 30% rise on ‘level premiums’
21 October 2024
A complainant who was refunded his annual premium following an insurer error has lost his bid for additional compensation over price rises...
Scor appoints Australia and NZ chief
21 October 2024
French reinsurer Scor has appointed Paula Bourke as life and health CEO for Australia and New Zealand...
Challenger on track after Q1 performance
21 October 2024
Challenger says it enjoyed “momentum” in the first quarter and remains on track for a normalised net profit after tax of $440-$480 million this financial year, as previously flagged...
Industry profit drops in June quarter
14 October 2024
The life industry reported lower earnings in the June quarter, according to Australian Prudential Regulation Authority data released today...
Medic worked overseas while lying to insurer, AFCA says
14 October 2024
A paediatrician who worked in Slovakia while receiving income protection payments for a rare disorder was fraudulently claiming the benefits, according to the Australian Financial Complaints Authority...
FAAA announces award finalists
14 October 2024
Financial Advice Australia Association has named the contenders for its annual excellence awards...
TAL raises testing thresholds to ‘simplify’ underwriting
14 October 2024
TAL has made underwriting changes to products sold through advisers or directly from TAL, removing the need for mandatory medical tests when clients want to increase sums insured...
CALI names female adviser program participants
14 October 2024
The Council of Australian Life Insurers has named this year’s winners under its annual female adviser support program...