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
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Clear

Queensland Farmers' Market Threatened with Eviction Over Insurance Dispute

23 Apr 2026: Paige Estritori

In a developing situation in south-east Queensland, the Three Creeks Farm Stall, a popular farmers' market operating in Eileen Hose Park near Gympie, is facing potential eviction due to a dispute over public liability insurance requirements imposed by the Gympie Regional Council. - read more

Record Surge in Insurance Complaints Due to Claim Processing Delays

23 Apr 2026: Paige Estritori

Recent data from the Australian Financial Complaints Authority (AFCA) reveals a significant increase in complaints against insurance companies, with an average of 100 complaints per day. This surge is primarily attributed to delays in processing everyday claims, affecting both home-building and motor vehicle insurance sectors. - read more

Climate Change Contributing to Rising Home Insurance Premiums in Australia

23 Apr 2026: Paige Estritori

Insurance Australia Group (IAG) has released a report indicating that climate change is increasingly influencing the rise in home insurance premiums across Australia. The report highlights that the frequency and severity of extreme weather events, such as severe storms and hailstorms, are escalating, particularly in densely populated regions. - read more

Insuret and ATL Unite to Strengthen Truck Fleet Insurance Services

23 Apr 2026: Paige Estritori

In a significant development for Australia's transport insurance sector, Insuret and ATL have merged to create a unified platform dedicated to fleet and trucking insurance. This strategic consolidation under the Envest underwriting group aims to provide comprehensive coverage and innovative solutions tailored to the evolving needs of the transport industry. - read more

Broker Held Accountable as Insurer Rejects Truck Damage Claim

23 Apr 2026: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently ruled that a broker breached its duty of care, resulting in the denial of a truck damage claim by the insurer. This case underscores the critical importance of brokers thoroughly understanding and communicating policy exclusions to their clients, particularly concerning driver experience requirements. - read more

Click for more Insurance News