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Insurance News from Life Insurance Australia

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Insurance News

AFCA Criticizes Insurance Industry Over Delayed Dispute Resolution AFCA Criticizes Insurance Industry Over Delayed Dispute Resolution
20 Mar 2023: .financialservicesonline.com.au

The Australian Financial Complaints Authority (AFCA) has expressed its deep concern on the rising complaint numbers and poor industry response, leading to significant dispute resolution delays. The CEO and Chief Ombudsman, David Locke, warned that complaint numbers could reach 100,000 in the current financial year, an increase from 72,358 in the previous year. The surge in complaint numbers resulted from natural catastrophes, complaints about claims handling and an increase in banking sector-related scams. - read more
The Importance of Weather-Related Insurance Coverage for Australian Homeowners The Importance of Weather-Related Insurance Coverage for Australian Homeowners
20 Mar 2023: .financialservicesonline.com.au

As the weather in southern Australia continues to be a hot topic, homeowners are reminded of the importance of reviewing their insurance coverage. With bushfire warnings being issued due to extreme heat and wind, it's crucial to ensure that your insurance coverage includes weather-related risks. - read more
Cyber Liability Insurance: A Must-Have for SMEs in the Digital Age. Cyber Liability Insurance: A Must-Have for SMEs in the Digital Age.
16 Mar 2023: .financialservicesonline.com.au

Small and medium-sized enterprises (SMEs) in Australia should take cyber liability insurance more seriously, according to Jane Mason, head of product, channels and risk at insurance brokerage and consultancy BizCover. Cybercrime incidents in Australia are on the rise, occurring every seven minutes on average during FY22, one minute faster than the previous year. - read more
Life insurance industry hit hard by $6.6 billion investment losses Life insurance industry hit hard by $6.6 billion investment losses
10 Mar 2023: .financialservicesonline.com.au

The Australian Prudential Regulation Authority (APRA) has released its latest industry update, revealing a significant slump in net profit after tax for the life industry in Australia. The industry suffered a 59.3% decrease in net profit after tax to $500 million for the year ending December, primarily due to investment losses of approximately $6.6 billion. - read more
Strengthening Cyber Security: A Fundamental Priority for Australia Strengthening Cyber Security: A Fundamental Priority for Australia
07 Mar 2023: .financialservicesonline.com.au

The Australian Government is currently soliciting feedback until mid-April for the creation of a 2023-2030 Australian Cyber Security Strategy. The move comes after a roundtable discussion led by Prime Minister Anthony Albanese, who aims to make Australia “the most cyber secure nation.” - read more
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Life Insurance Articles

Why life insurance is a necessity in tough times Why life insurance is a necessity in tough times
With household budgets under pressure ... and consumer confidence weak, many families are wondering whether life insurance is worth the expense. Or maybe it is something they can do without? - read more
Understanding the Differences: Income Protection vs Total and Permanent Disability Insurance Understanding the Differences: Income Protection vs Total and Permanent Disability Insurance
Income protection insurance is a type of policy that provides financial support to individuals who are unable to work due to an illness or injury. The insurance company will pay a portion of the policyholder's earnings, which can be used to cover everyday living expenses and bills. This type of insurance is different from total and permanent disability insurance (TPD) in a few key ways. - read more
Life Insurance for Millennials: Why It's Essential. Life Insurance for Millennials: Why It's Essential.
As a millennial, you may believe that you're young, healthy, and have plenty of time to prepare for the future. However, it's essential to understand that life is unpredictable, and unexpected events can occur at any time. This is why it's essential to consider life insurance, particularly if you have financial responsibilities, dependents, or both. - read more
Life Insurance: How much is enough? 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
The importance of Income Protection Insurance for Employees 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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