Financial Services Council (FSC) has refuted consumer advocate Choice’s and its partner advocate Super Consumers Australia’s (SCA) super figures and their claim total and permanent disability (TPD) policies in super are nothing but junk, saying Choice’s figures are based on out-of-date 2016-17 data that ignore “significant” improvements after the Life Insurance Code of Practice came into force.
Category: Insurance Review
Public hearings start for bushfire inquiry
The House of Representatives Standing Committee on the Environment and Energy will start public hearings for its inquiry into vegetation and land management relating to bushfires.
APRA wants more insurance data transparency
APRA has proposed publishing greater breadth of industry-aggregate data for the general insurance (GI) and life insurance (LI) sectors. In a letter to industry today, APRA said it planned to determine all class of business data for GI and all product group data for LI as non-confidential, unless sensitive commercial reasons were determined. APRA…
Coronavirus exposure ‘insignificant’: Hannover Re
Hannover Re expects minimal exposure to losses from the coronavirus outbreak, CEO Jean-Jacques Henchoz said in a press conference call last week. Henchoz said it was too early to assess losses, Hannover Re’s management was confident the company had limited exposure to pandemic risk in Asia and business interruption losses related to infectious disease. According…
WTW reports strong earnings
Willis Towers Watson has reported strong 4Q19 and FY19 earnings as total revenue rose 13% on 4Q18, to $US2.69bn ($A4bn), and 6% on FY18, to $US9.04bn.
Court fines AMP $5.2m for insurance ‘churn’
Federal Court Justice Michael Lee has ordered wealth manager AMP Financial Advice Pty Ltd to pay a penalty of $5.2m for failing to prevent its financial planners’ churn clients’ insurance policies.
Aon widens cyber coverages
Aon has bought Canadian-based cyber security firm Cytelligence Inc to expand its coverages in the cyber market.
Insurance sector goes before HoR ctee
The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in Sydney on April 28 and 29, as part of its continued review of the four major banks and other financial institutions.
PHI ‘unsustanable’ alarmist: HCF CEO
A warning by APRA member Geoff Summerhayes the private health insurance (PHI) industry needs to change its business model or it will enter a “death spiral”, was this morning described as “incredible alarmist” by HCF CEO Sheena Jack.
Insurers slam Choice for spreading fear over ‘fire definitions’
ICA has slammed Choice for spreading fear among bushfire victims with accusations today major insurers AAMI, Coles, Youi and APIA have “confusing, unfair or unclear ‘fire’ definitions” in their home and contents policies, which can be relied on to deny claims.
AMP confirms CFO appointment
AMP Ltd has confirmed the appointment of James Georgeson as CFO from February 3. Georgeson has been AMP’s acting CFO since August 2019. He will now formally join AMP’s group leadership team, reporting directly to chief executive Francesco De Ferrari.
IAG rejigs for greater customer focus
IAG is stepping up its customer service function after MD and CEO Peter Harmer appointed Julie Batch chief strategy & innovation officer to lead a newly created strategy & innovation division which combines IAG’s existing strategy function with its customer labs division.
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