DISABILITY – AUSTRALIA

Insurers face big loss from income policies

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Original article by Michael Roddan
The Australian Financial Review – Page: 23 : 5-Jun-20

The Australian individual disability insurance sector has lost a combined $5 billion over the past five years. Australian Prudential Regulation Authority executive member Geoff Summerhayes warned in late 2019 that individual disability insurance products may soon become unviable in Australia if the industry did not take suitable action. However, despite his warnings and the sector’s ongoing losses, individual disability insurance providers are continuing to sell unsustainable products during the COVID-19 shutdown.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CLEARVIEW WEALTH LIMITED – ASX CVW, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP

O’Dwyer lashes out at ‘tricky’ insurers

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Original article by Andrew White
The Australian – Page: 21 : 27-Jul-17

Financial Services Minister Kelly O’Dwyer has criticised the way life insurance providers have handled requests by superannuation fund members to opt out of life and disability coverage via their super fund. O’Dwyer says life insurers have been "tricky" regarding the issue of opting out. She also argues that life insurers must demonstrate that the products they offer have value to super fund members, and notes that such coverage may not necessarily be relevant to people under the age of 25.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, FINANCIAL SERVICES COUNCIL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AMP LIMITED – ASX AMP, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MACQUARIE GROUP LIMITED – ASX MQG, SUNCORP GROUP LIMITED – ASX SUN, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ