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Life Insurance Australia
Life Insurance Australia :: News
Insurance News from Life Insurance Australia
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Insurance News
| Ensuring Insurance Availability and Affordability in the Face of Natural Disasters 03 Feb 2023: .financialservicesonline.com.au The Australian government is taking action to tackle the rising cost of insurance in areas prone to natural disasters. The insurance industry is working in partnership with the Albanese government to provide solutions that make insurance more accessible and affordable for households. - read more |
| Life Insurers Under Scrutiny: The Consequences of Failing to Meet Obligations 02 Feb 2023: .financialservicesonline.com.au The regulation of insurance claims handling and settling as a financial service under the Corporations Act 2001 in Australia has far-reaching implications for both consumers and life insurers. As per the Australian Securities and Investments Commission (ASIC), the handling of claims must be done efficiently, honestly, and fairly, and any breaches in these obligations can result in severe consequences for life insurers. - read more |
| Flood victims receive $6 million in compensation from insurance companies following complaints 27 Jan 2023: .financialservicesonline.com.au The recent flood disasters in Victoria and New South Wales have resulted in nearly $6 million in compensation to policyholders affected by the floods, according to the Australian Financial Complaints Authority (AFCA). Data from the AFCA revealed that 1,064 flood-related complaints were recorded as of December 31, with the majority of complaints related to home building insurance (74%) and home contents insurance (9%). - read more |
| Suncorp's AAMI and GIO fined for breaches of internal review timeframes 27 Jan 2023: .financialservicesonline.com.au The New South Wales State Insurance Regulatory Authority (SIRA) has recently imposed a fine of $100,000 on Suncorp's compulsory third party (CTP) brands AAMI and GIO for failing to meet their internal review timeline obligations. This marks the first time that a civil penalty has been imposed on CTP insurers under the Motor Accident Injuries Act. - read more |
| Undisclosed debt agreement results in rejected insurance claim 25 May 2022: . A motorist lost her insurance claim dispute after failing to disclose a debt agreement while renewing her insurance policy. - read more |
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Life Insurance Articles
| The importance of Income Protection Insurance for Employees While some people might think that income protection insurance is only for self-employed individuals, this is not accurate. This type of insurance is just as beneficial for employees, because accidents and illnesses can happen to anyone at any time. Workers' compensation provides only limited coverage, and most employees don't have much more than a few weeks' sick leave accrued. Of course, if you have more than one job, the situation becomes more of a concern if you are injured at one workplace resulting in being unable to work at either. - read more
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| Loss of income insurance: Case Study Rebecca is a single, self-employed graphic designer who works from home. Aged in her mid-30s, she has monthly commitments of a mortgage and car payments and the usual living expenses. - read more
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| Life Insurance: How much is enough? When considering life insurance, you're planning and preparing for an event that most of us would rather not think about. But life insurance represents a critical step in managing your personal finances and ensuring your family's well-being. - read more
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| How Much Life Insurance Do I Need? There are many different reasons to purchase life insurance (generation skipping tax, estate plan, estate preservation, surviving spouse needs, planning for your children's future and more). There is no right amount of life insurance, but here are some guidelines that might help you decide how much life insurance you need. - read more
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| Who Needs Disability Insurance? If you are like most people on this planet, you are not financially free. You would not be able to stop working and still support yourself and your family from your financial resources. Your continued ability to work to earn an income would therefore be one of your greatest assets. - read more
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Public Liability Insurance:
Insurance which provides protection against liability to third parties.
Insurance which provides protection against liability to third parties.