Senate Inquiry to Shine Spotlight on Insurance Outcomes in Retirement System

8

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

Strengthening Agricultural Insurance: Rural Affinity and Munich Re's Renewed Partnership

10 Feb 2026: Paige Estritori

Rural Affinity has renewed its partnership with Munich Re Specialty - Global Markets under a new five-year agreement, continuing a collaboration that began in 2006. This renewed alliance aims to support Rural Affinity's efforts to expand its agricultural insurance offerings across Australia and introduce new products leveraging technology and innovation. - read more

AFCA Mandates Insurer Payout for Engine Overheating Incident

10 Feb 2026: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently ruled in favour of a truck owner whose insurance claim was initially denied following an engine overheating incident. This decision underscores the complexities surrounding insurance claims related to driver negligence and mechanical failures. - read more

AFCA Supports Insurer in Truck Theft Claim Denial

10 Feb 2026: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently upheld an insurer's decision to deny a truck theft claim, citing misrepresentation of the insured's insurance history. This ruling highlights the critical importance of accurate disclosure when obtaining insurance coverage. - read more

AFCA Sides with Freight Company in Dangerous Goods Disclosure Case

10 Feb 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

Australian Insurers Falling Behind in Risk Preparedness

10 Feb 2026: Paige Estritori

Recent findings from PwC's Insurance Banana Skins Survey highlight a concerning trend: Australian insurers are trailing their global counterparts in risk preparedness. The survey, which gathered insights from 698 insurance executives across 42 territories, indicates that Australian insurers scored 6.6% lower on the Preparedness Index compared to the global average. - read more

Click for more Insurance News