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

Acenda's Workforce Reductions Post-Merger Raise Union Concerns

31 Mar 2026: Paige Estritori

In the wake of the merger between MLC Life and Resolution Life Australia, the newly formed entity, Acenda, has implemented significant workforce reductions, leading to union criticism over the consultation process. - read more

APRA Reports Significant Increase in Life Insurance Underwriting Profits

31 Mar 2026: Paige Estritori

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. - read more

IBISWorld Forecasts Surge in Life Insurance Mergers Amid Market Challenges

31 Mar 2026: Paige Estritori

According to a recent IBISWorld report, the Australian life insurance industry is poised for increased merger activity as companies strive to achieve economies of scale in response to market challenges. - read more

Australian Insurers Tackle Premium Affordability Challenges in 2026

31 Mar 2026: Paige Estritori

In 2026, Australian insurers are prioritizing premium affordability and insurability as they confront escalating claims costs, climate-related losses, and technology-enabled fraud. According to Gallagher Bassett's 2026 global claims study, these factors are significantly influencing pricing, underwriting, and capital allocation decisions. - read more

Medibank's Profit Surge Amidst Rising Health Insurance Premiums

31 Mar 2026: Paige Estritori

Medibank Private, one of Australia's leading health insurers, has reported a significant increase in its interim net profit, coinciding with a notable rise in health insurance premiums across the country. This development has sparked discussions about the affordability and value of private health insurance for Australian consumers. - read more

Click for more Insurance News