Members continue to empty super accounts

Super funds made payments to 129,000 members over the week ended August 2, APRA’s latest data on early release super show, bringing the total number of super member payments to about 3.9m. The total value of payments during the week was $1bn, $30.3bn overall since the scheme’s start on April 20.

Covid-19 forces ‘complete’ overhaul of APRA’s 2019-23 corp plan

APRA has had to completely overhaul its 2019-23 corporate plan, including super system improvements, since the onset of the covid-19 pandemic, chief Wayne Byres, told the House of Representatives Standing Committee on Economics yesterday (August 5). He said all policy initiatives had been suspended until September 30. “(O)ur aim has been to help steer the…

PHI members with hospital cover dwindle to 44%

Private health insurers keep losing members with hospital cover, particularly younger members, while older members are increasing the latest APRA figures for the year ended December 2019 show.

$9m paid under COVID-19 super ERS

In all, super funds have made $9bn in payments since inception on April 20, of the super early release scheme (ERS), newly released APRA figures show. According to APRA data submissions from 177 funds, the total value of payments during the week to May 10 was $2.7bn and the average payment, $7,546.

Several years to restore public confidence in finance industry: APRA

It will take several years to restore public confidence in the financial industry and its willingness to put people ahead of profits after revelations by the financial services royal commission (FSRC), APRA Deputy chair John Londsdale says. In the first APRA Insight for 2020, Londsdale said, in response to “commentary on whether the (FSRC) fixed…

Australian life industry performance in downward spiral

The Australian life insurance industry‚Äôs performance is in a downward spiral, regulator APRA’S latest data show. A $19bn increase in overall CY19 revenue on CY18, mainly driven by a favourable investment market, was offset by a $17.8bn rise in total expenses and $1.8bn increase in tax expense.

Younger members continue to abandon PHI funds

APRA’s latest quarterly private health industry (PHI) figures show younger members continue to abandon PHI funds. The biggest drop in 2Q20 on 1H20 was among 30-34-year olds, down 10,286 and the biggest net decline, taking into account movement between age groups, was in the 25-29 age group, down 11,649. In all, 11.2m people, or 44%…

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.

PHI rethink urgently needed: APRA

The sustainability of the private health insurance (PHI) industry, particularly not-for-profit funds, is under serious threat, APRA member Geoff Summerhayes warned Members Health Directors Professional Development Program today.