Senate Inquiry to Shine Spotlight on Insurance Outcomes in Retirement System

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Chairing the committee, Liberal Senator Andrew Bragg emphasizes the need to align insurance with the expectations of Australians throughout their life cycle. He asserts that the legal framework and industry practices must be adapted to ensure a better customer experience and increased choice in insurance.

Areas of Focus

The inquiry has outlined specific areas related to insurance that will be examined:

• Regulatory and tax impediments to innovation and uptake of insurance products in retirement.
• The interaction of health insurance, life insurance, general insurance, and social security supports to retirement outcomes, including improving incentives and the sustainability of the retirement income system.
• The impact of climate change on insurance premium affordability and accessibility.
• The projected impact of climate change on insurance premiums for various types of coverage.

Senator Bragg highlights a concerning statistic regarding complaints about death benefits offered by super funds, which have risen by 136% in the past year. He acknowledges a systemic issue with these products that the government has yet to address.

The Insurance Council of Australia (ICA) has responded to the inquiry, noting that there is already a separate federal inquiry into how the industry responded to last year's floods. The ICA commits to reviewing the terms of reference to avoid duplicating the work being done by the House Economics Committee.

Meanwhile, the Council of Australian Life Insurers (CALI), representing the life insurance industry, welcomes the inquiry's focus on improving retirement outcomes and financial security for Australians. CEO Christine Cupitt states that life insurers are prepared to protect wealth and provide reliable and stable retirement income solutions.

"CALI will actively participate in any discussions surrounding these issues. Our goal is to ensure that the life insurance industry works in the best interests of Australians, allowing them to live healthy, confident, and secure lives throughout their lifetime," Cupitt adds.

Published:Friday, 8th Dec 2023
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Clear

Human Factors Identified as Leading Causes in Major Truck Accidents

14 Mar 2026: Paige Estritori

Recent findings from the National Truck Accident Research Centre's (NTARC) 2025 Major Incident Investigation Report have brought to light the significant role human error plays in major truck accidents across Australia. The report, supported by National Transport Insurance (NTI), indicates that human factors such as inattention, distraction, and inappropriate speed are the predominant causes of these incidents. - read more

AFCA Sides with Freight Company in Dangerous Goods Disclosure Dispute

14 Mar 2026: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently ruled in favour of a freight company in a dispute over the disclosure of transporting dangerous goods. This decision provides valuable insights into the obligations of transport companies regarding insurance disclosures. - read more

Navigating Rising Premiums: Challenges for Australian Insurers in 2026

14 Mar 2026: Paige Estritori

In 2026, Australian insurers are confronting a trio of significant challenges: escalating premium costs, persistent cyber threats, and a tightening labour market. These issues are reshaping the industry's priorities and strategies. - read more

The Future of Insurance: Australia's Insurtech Market Set for Explosive Growth

14 Mar 2026: Paige Estritori

Australia's insurtech sector is on the brink of a significant transformation, with projections indicating a surge from $377 million in 2025 to an impressive $4.2 billion by 2034. This anticipated growth, at a compound annual growth rate (CAGR) of 30.68%, reflects the increasing integration of digital technologies within the insurance industry. - read more

Addressing the Evolving Cyber Threat Landscape in the Insurance Industry

14 Mar 2026: Paige Estritori

The upcoming Insurance News conference, scheduled for March 19 in Sydney, is set to tackle the rapidly evolving landscape of cyber risks and the strategies insurers can employ to mitigate them. This timely event will feature a panel of experts, including QBE's Global Head of Cyber Services, Dominic Keller; WTW's Director of Cyber and Technology for the Pacific, Michael Parrant; and MGA's Broking Operations Manager, Trent Woodward. - read more

Click for more Insurance News