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

Preparing for Summer Storms: Elders Insurance's Advice to Farmers

01 Jan 2026: Paige Estritori

As the Australian summer approaches, Elders Insurance has issued a cautionary advisory to farmers, emphasising the heightened risk of storm-related damages during this season. Recent data indicates a significant increase in insurance claims due to summer storms, underscoring the need for proactive measures to safeguard agricultural assets. - read more

New Partnership Offers Insurance Savings for Sustainable Farmers

01 Jan 2026: Paige Estritori

In a significant move towards promoting sustainable agriculture, WFI Insurance has partnered with AgCarE to offer premium reductions to farmers who achieve AgCarE certification. This collaboration aims to enhance financial, environmental, and social outcomes for Australian farmers and rural communities. - read more

IAG Highlights Climate Change's Impact on Rising Insurance Costs

01 Jan 2026: Paige Estritori

Insurance Australia Group (IAG) has issued a warning to Australians, indicating that home insurance premiums are expected to rise due to the increasing frequency and severity of extreme weather events, a trend attributed to climate change. This development underscores the pressing need for both mitigation and adaptation strategies to address the evolving risks. - read more

Insurers Flag Holiday Road Risks Amidst Freight Traffic Surge

01 Jan 2026: Paige Estritori

As Australia enters the summer holiday season, insurers and transport specialists are raising alarms about heightened road risks resulting from the convergence of increased freight activity and holiday travel. This period sees a significant uptick in both passenger vehicles and heavy trucks on the roads, amplifying the potential for accidents and safety incidents. - read more

Escalating Collision Risks Challenge Australian Fleet Operators

01 Jan 2026: Paige Estritori

Australia's transport and haulage sector is currently navigating a period of heightened operational risk, marked by an uptick in both the frequency and severity of motor collision claims. This trend underscores the pressing need for fleet operators to adopt proactive risk management strategies and leverage advanced insurance solutions to safeguard their operations. - read more

Click for more Insurance News