INSURANCE

Satisfaction with motor vehicle insurers on the rise

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 4-Nov-16

A Roy Morgan Single Source survey has found that satisfaction among motor vehicle insurance policy holders was 82.1% in the year to September 2016, up from 80.1% over the same period in 2013, and well ahead of a decade ago (74.1% in 2006). Most of the largest insurers improved their satisfaction scores, with 96.8% of policy holders being at least fairly likely to renew their insurance with their existing company. These are the latest findings from the Single Source survey of over 50,000 consumers pa which includes detailed coverage of over 40,000 motor vehicle insurance policies.

CORPORATES
ROY MORGAN RESEARCH LIMITED, QBE INSURANCE GROUP LIMITED – ASX QBE, SUNCORP GROUP LIMITED – ASX SUN, YOUI PTY LTD, COLES GROUP LIMITED, SHANNONS, RACT INSURANCE PTY LTD, COMMINSURE, BUDGET DIRECT INSURANCE AGENCY PTY LTD, AUSTRALIAN PENSIONERS INSURANCE AGENCY PTY LTD

Super-size me: NAB banks on giant new fund

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Original article by Michael Bennet
The Australian – Page: 23 : 14-Jul-16

National Australia Bank’s MLC Super Fund has become the nation’s second-largest superannuation fund and the biggest retail fund after five separate funds were amalgamated. The enlarged MLC Super boasts some $A70bn worth of funds under management, and NAB has indicated that rationalising its super funds is likely to result in lower fees for members. The consolidation of its super funds will also enable NAB to separate its super and investment businesses from its life insurance arm, in which a controlling stake has been sold to Nippon Life.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MLC LIMITED, NIPPON LIFE INSURANCE COMPANY LIMITED, AUSTRALIANSUPER PTY LTD

Liberals hold all Top 10 seats for Private Health Insurance cover, and ALP only three of the Top 25

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 24-Jun-16

A Roy Morgan Single Source survey conducted since the last federal election in October 2013 shows that 61 per cent of Liberal Party voters have private health insurance, ahead of National Party voters (53 per cent), Greens voters (51 per cent) and ALP voters (47 per cent). Each of the Top 10 electorates where voters are most likely to have private health insurance are held by the Liberal Party. They include the seats of Berowra and Moore, where 82 per cent of voters have private health insurance. The seat of Perth is the highest-ranking ALP-held electorate, with 70 per cent of voters having private health insurance.

CORPORATES
ROY MORGAN RESEARCH LIMITED, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS

Besieged bank vows to improve process

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Original article by Michael Bennet
The Australian – Page: 7 : 11-Mar-16

The Commonwealth Bank has promised to thoroughly investigate recent allegations of unethical behaviour at its insurance business. Reports in the media outline allegations of doctors being under pressure to change their diagnoses of life insurance policyholders to match CommInsure’s commercial goals. Superannuation fund HESTA is reviewing its relationship with CommInsure.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COMMINSURE, HEALTH EMPLOYEES’ SUPERANNUATION TRUST AUSTRALIA LIMITED

Large rivals may spur nib M&A

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Original article by Tim Binsted
The Australian Financial Review – Page: 17 : 23-Feb-16

Australian-listed private health insurer NIB Holdings has posted a 2015-16 interim profit of $A43.4m, which is five per cent higher than previously. The group’s net premium revenue was up 10.5 per cent at $A781.3m, and gross margins rose from 13.4 per cent to 15.1 per cent. MD Mark Fitzgibbon says NIB would be open to acquisitions, particularly as Medibank Private and Bupa are becoming increasingly competitive.

CORPORATES
NIB HOLDINGS LIMITED – ASX NHF, MEDIBANK PRIVATE LIMITED – ASX MPL, BUPA AUSTRALIA PTY LTD, ONEPATH AUSTRALIA LIMITED, SOUTHERN CROSS HEALTH LIMITED, AUSTRALIA. DEPT OF HEALTH

Retailers hit with 10pc hike in insurance cover

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Original article by Ruth Liew
The Australian Financial Review – Page: 19 : 28-Jan-16

Figures from commercial insurance comparison website BizCover show that small-to-medium businesses continue to benefit from strong competition in Australia’s insurance market. The retail sector is an exception. An insurance policy for a retail business may cost around $A1,700. A non-retail company would pay $A1,000 for a comparable cover. BizCover’s Small Business Insurance Index rose by five points in the fourth quarter of 2015.

CORPORATES
BIZCOVER PTY LTD, ALLIANZ AUSTRALIA LIMITED, AIG AUSTRALIA, QBE INSURANCE GROUP LIMITED – ASX QBE

Surcharge may have to rise for high earners

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Original article by Joanna Mather
The Australian Financial Review – Page: 6 : 6-Jan-16

Private Healthcare Australia notes that the cost of private health insurance is now rising faster than growth in wages. This has resulted in many people being financially better off by paying the Medicare levy rather than taking out health insurance. Private Healthcare Australia has suggested that increasing the Medicare levy may be necessary to provide an incentive for people on high incomes to join a health insurance fund.

CORPORATES
PRIVATE HEALTHCARE AUSTRALIA LIMITED, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA, AUSTRALIAN MEDICAL ASSOCIATION LIMITED, AUSTRALIA. DEPT OF HEALTH

Health funds serve wish-lists to Ley

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Original article by Tim Binsted
The Australian Financial Review – Page: 17 : 4-Dec-15

Australian private health insurers must lodge submissions on the Federal Government’s review of the sector by 4 December 2015. Health insurers have proposed the introduction of a lifetime discount for people under the age of 30, in order to encourage a greater take-up rate among young people. Insurers are also concerned that the annual cost of medical devices and prostheses is significantly higher than it should be.

CORPORATES
BUPA AUSTRALIA PTY LTD, MEDIBANK PRIVATE LIMITED – ASX MPL, NIB HOLDINGS LIMITED – ASX NHF, AUSTRALIA. DEPT OF HEALTH

Staying fit can earn you Qantas flyer points

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Original article by Jamie Freed
The Australian Financial Review – Page: 9 & 14 : 24-Nov-15

Members of a new customer loyalty program will be rewarded for being physically active. Qantas has partnered with health insurer NIB Holdings to develop a new program, Qantas Assure, which will offer frequent flyer points to NIB customers. Members of the scheme will also receive extra points for meeting fitness targets which will be measured by wearable technology. The new scheme will be launched in the first half of 2016.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, NIB HOLDINGS LIMITED – ASX NHF, RESERVE BANK OF AUSTRALIA

Your insurer likes to watch

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Original article by Ruth Liew
The Australian Financial Review – Page: 7 : 10-Nov-15

MLC will undertake a pilot program in which selected life insurance customers will be issued with a device that monitors their fitness and sleeping patterns. Participants will be able to receive rewards for improving their health and fitness, such as a discount on their insurance policy. QBE Insurance Group already has a similar reward scheme for car insurance customers who use a tracking device to monitor their driving habits.

CORPORATES
MLC LIMITED, QBE INSURANCE GROUP LIMITED – ASX QBE, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, NIPPON LIFE INSURANCE COMPANY LIMITED, BIG CLOUD ANALYTICS, FITBIT INCORPORATED, NIKE INCORPORATED