- Reducing Life Insurance Cover? New AFCA Case Shows Why Warnings Matter
A recent Australian Financial Complaints Authority decision involving AIA Australia is a useful reminder that reducing life insurance or trauma cover is not always a simple cost-saving move. For families under pressure from rising household expenses, lowering a sum insured can feel practical in the moment.
- Major Life Code Changes Proposed for Australian Policyholders
The final report from the independent review of the Life Insurance Code of Practice has landed, and it could become one of the more important consumer protection developments for life insurance Australia in recent years.
- Life Insurer Sanctioned After Hundreds of Claim Handling Breaches
A recent sanction against an unnamed Australian life insurer is a timely reminder that the value of life insurance is tested most clearly at claim time.
- AFCA Upholds Insurer's Right to Adjust 'Level' Premiums
The Australian Financial Complaints Authority (AFCA) recently dismissed a complaint from a policyholder regarding significant increases in 'level' life insurance premiums. The complainant argued that they had been misled into believing their premiums would only experience marginal increases.
- APRA and ASIC Address TPD Insurance Sustainability Challenges
In a recent industry roundtable, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) convened with senior executives from 19 insurers and reinsurers to discuss the sustainability pressures facing Total and Permanent Disability (TPD) insurance.
- Hostplus and MetLife Strengthen Partnership to Enhance Member Insurance Benefits
Hostplus, a prominent Australian superannuation fund, has announced the extension of its group insurance partnership with MetLife Australia until June 2028. This renewed collaboration aims to elevate servicing models across claims and underwriting, ultimately delivering stronger outcomes for Hostplus members.
- Innovative TPD Insurance Products Launched to Address Affordability and Sustainability
In response to mounting affordability and sustainability pressures in the Total and Permanent Disability (TPD) insurance market, several Australian insurers have introduced innovative product options designed to better meet the evolving needs of consumers.
- Regulators Call for Action on TPD Insurance Amid Rising Mental Health Claims
In a recent joint CEO roundtable held on 15 April 2026, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) convened with senior representatives from 19 life insurers and reinsurers to discuss the escalating pressures on Total and Permanent Disability (TPD) insurance products.
- HESTA Announces Significant Insurance Fee Reductions and Enhanced Member Protections
HESTA, a leading Australian superannuation fund, has announced a series of changes aimed at providing more accessible and affordable insurance cover for its members.
- Challenger Achieves 11% Growth in Life Sales Amid Record Annuity Transactions
Challenger, a prominent Australian wealth management firm, has reported an 11% increase in life sales, reaching $5.1 billion in the December half of the financial year. This growth is primarily attributed to record annuity transactions, reflecting a rising demand for retirement income solutions among Australians.
- APRA's New Capital Framework Aims to Boost Retirement Income Products
The Australian Prudential Regulation Authority (APRA) has recently finalised amendments to its prudential standards concerning the capital treatment of longevity products, including annuities. These reforms are designed to strengthen the market for retirement income products, offering Australians more robust financial security in their later years.
- Australian Life Insurers Pledge to Improve Mental Health Claim Processes
In response to the growing prevalence of mental health conditions and their impact on insurance claims, Australia's life insurers have committed to developing a new industry action plan focused on mental health.
- Life Insurance Industry Sees Significant Rise in Underwriting Profits
The Australian Prudential Regulation Authority (APRA) has released data indicating a substantial rise in underwriting gains within the life insurance sector for the December quarter of 2025. This development marks a significant turnaround for the industry, reflecting improved performance and strategic adjustments by insurers.
- Insights from APRA and ASIC's 2025 Life Insurance Data Release
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have jointly released the Life Insurance Claims and Disputes Statistics for the year ending December 31, 2025.
- Swiss Re Suspends New Life Insurance Operations in Australia
Swiss Re Life & Health Australia has announced a suspension of new life insurance business activities in the country, effective October 2025. This decision stems from concerns over the sustainability of Total Permanent Disability (TPD) insurance products, which have seen a significant rise in claims, particularly related to mental health.
- Zurich Australia Announces Acquisition of ClearView Wealth Limited
Zurich Financial Services Australia has entered into an agreement to acquire ClearView Wealth Limited via a scheme of arrangement, valuing ClearView's equity at approximately AUD 415 million. This strategic move is set to bolster Zurich's presence in the Australian life insurance market.
- Australia Prohibits Use of Genetic Test Results in Life Insurance Underwriting
In a significant development for the Australian life insurance industry, the Parliament has passed the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2025.
- Rising Mental Health Claims Reshape Australia's Life Insurance Landscape
The Australian life insurance industry is witnessing a significant increase in mental health-related claims, with recent data indicating that these claims now account for nearly one-third of all total and permanent disability (TPD) claims paid.
- AIA Australia Highlights Need for Structural Reforms in Life Insurance Industry
AIA Australia CEO Damien Mu has raised concerns about the sustainability of the current life insurance model, citing rising mental health claims, increasing premiums, and ongoing cost-of-living pressures as key factors necessitating structural changes within the industry.
- Have Your Say: Life Insurance Code Review Open for Public Feedback
The independent review of Australia's Life Insurance Code of Practice has reached a pivotal stage, with the release of an interim report inviting public feedback. This review, initiated on 1 October 2025, aims to ensure the Code remains robust, relevant, and trusted by consumers.
- How Rising Insurance Premiums Are Impacting Australian Retirees
Recent reports have highlighted a concerning trend: escalating insurance premiums are placing significant financial strain on Australian retirees. Some individuals have experienced premium increases of up to 400%, making it increasingly difficult for those on fixed incomes to maintain essential coverage.
- Regulatory Update: ASIC and APRA's Review of Life Insurance Premium Practices
The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have jointly released an update on their review of life insurance premium practices.
- Australians Prioritise Life Insurance but Face Knowledge Gaps
Recent research indicates a growing emphasis on life insurance among Australians, with 60% now holding some form of coverage, up from 55% the previous year. This trend reflects an increased awareness of the importance of financial security.
