K63 Insurance and Superannuation Funds

Workers’ comp reforms being wound back

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Original article by Anna Patty
The Sydney Morning Herald – Page: 10 : 26-Jun-14

The New South Wales (NSW) Government in 2012 took drastic action to deal with a forecast deficit of $A4bn in the state’s WorkCover scheme. Seriously injured workers no longer received payouts for items such as hearing aids or prostheses. However, WorkCover has now managed to generate a surplus of $A1bn, and on 26 June 2014 NSW Finance and Services Minister Dominic Perrottet will unveil legislation to restore some of the benefits. Earlier in the year, the state parliament had received a study by PricewaterhouseCoopers as the actuary of WorkCover, which showed that even without the 2012 cuts the deficit would fall to $A500m by mid-2018

CORPORATES
NEW SOUTH WALES. WORKCOVER AUTHORITY, NEW SOUTH WALES. DEPT OF FINANCE AND SERVICES, PRICEWATERHOUSECOOPERS, AUSTRALIAN LABOR PARTY, THE GREENS NSW INCORPORATED

Super funds looking at 10pc-plus growth

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Original article by Clancy Yeates
The Australian Financial Review – Page: 20 : 20-Jun-14

Data from Chant West shows that the average Australian superannuation fund achieved a return of 1.1 per cent in May 2014, and 12.6 per cent in the first 11 months of the 2013-14 financial year. Director Warren Chant expects super funds to deliver a positive return for the fifth year in 2013-14, with a double-digit return likely for many funds. Shares, bonds and infrastructure are among the asset classes that have performed well in 2013-14

CORPORATES
CHANT WEST FINANCIAL SERVICES PTY LTD, SUPERRATINGS PTY LTD

Ban on financial fees

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 and 4 : 20-Jun-14

The Australian Government will wind back key measures of the Future of Financial Advice reforms, including the requirement that financial planners must act in the best interest of clients. Planners will also be barred from receiving up-front or trailing commissions for providing general advice to clients, while the requirement that clients must "opt-in" to receive financial advice will also be scrapped

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIAN BROADCASTING CORPORATION, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN CONSUMERS’ ASSOCIATION, NATIONAL SENIORS AUSTRALIA LIMITED, COUNCIL ON THE AGEING

QBE eyes up RSA’s Asia division

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Original article by Ruth Liew
The Australian Financial Review – Page: 23 : 6/19/2014

Australian insurance analysts have downplayed speculation that QBE Insurance Group could bid for the Asian arm of UK-based RSA Insurance Group. The business is expected to fetch up to $A500m, and media reports have identified QBE as a potential buyer. However, Ross Curran of the Commonwealth Bank says QBE is likely to focus on consolidating its existing operations instead of seeking acquisitions

CORPORATES
QBE INSURANCE GROUP LIMITED – ASX QBE, RSA INSURANCE GROUP PLC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AXA SA, SOMPO JAPAN INSURANCE INCORPORATED, ALLIANZ AG HOLDING, HANG SENG GENERAL INSURANCE (HONG KONG) COMPANY LIMITED, THE GOLDMAN SACHS GROUP INCORPORATED, REUTERS HOLDINGS PLC, CREDIT SUISSE (AUSTRALIA) LIMITED