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Life Insurance Australia
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Insurance News from Life Insurance Australia
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Insurance News
| Insurers Eye AI for a Technological Future 12 Nov 2024: Paige Estritori The insurance sector is gearing up for a significant technological transformation with plans to integrate artificial intelligence (AI) extensively in the coming years. A survey conducted by Earnix highlights that over two-thirds of insurance companies are planning to deploy AI tools within the next two years. This trend marks a pivotal moment in the industry's journey toward modernization. - read more |
| APRA Explores Alternative Reinsurance Solutions Amid Market Challenges 11 Nov 2024: Paige Estritori The Australian Prudential Regulation Authority (APRA) is reshaping its approach to the reinsurance sector, focusing on enhancing premium affordability and availability for insurers. In an effort to modernize the reinsurance framework, APRA seeks comprehensive feedback from relevant stakeholders. - read more |
| Insurance Landscape: Future Trends and Insights 11 Nov 2024: Paige Estritori In its latest release, designed to enhance industry understanding, CGU has unveiled the third installment in its Strive guide series. This edition provides valuable insights for brokers, highlighting current trends and significant shifts impacting the insurance sector and the broader economic environment. - read more |
| Insurance Dilemma: Ignored Occupation Costs Claimant His Compensation 08 Nov 2024: Paige Estritori A recent case involving an Uber Eats driver has highlighted the critical importance of truthfulness when disclosing occupational details to auto insurers. The claimant's car crash claim was rejected due to an undisclosed delivery job, marking a significant case study on the enactment of insurance policy terms. - read more |
| Regulator Enforces Capital Boost on Insurer Over Compliance Issues 08 Nov 2024: Paige Estritori The Australian Prudential Regulation Authority (APRA) has compelled Pacific International Insurance to elevate its capital reserves by $10 million due to apparent inadequacies in the oversight of its intermediary arrangements. - read more |
| Insurance Dispute Settled with New Rulings 07 Nov 2024: Paige Estritori In a recent adjudication, a property owner faced a coverage denial due to damage attributed to rodents, offering a revealing insight into insurance claim disputes. When a strata property holder reported water damage from a damaged dishwasher hose, her insurance claim was thwarted by the involvement of rodents. - read more |
| Financial Sectors Grapple With High Reporting of Breaches 07 Nov 2024: Paige Estritori The landscape of financial services in Australia is facing challenges as recent disclosures highlight the magnitude of self-reported compliance breaches across industries. The Australian Securities and Investments Commission (ASIC) report for the last financial year has revealed that the insurance sector reported the second-highest number of breaches. - read more |
| Call for Stronger E-Scooter Insurance Regulations in NSW 07 Nov 2024: Paige Estritori The rapid increase in e-scooter usage across New South Wales has prompted renewed calls for improved insurance regulations to safeguard both riders and pedestrians. Genevieve Henderson, president of the Australian Lawyers Alliance NSW, is advocating for mandatory insurance policies that would cover private e-scooter owners and council-managed e-scooter sharing programs. - read more |
| Surge in Claims for Non-Advised Disability Income Insurance 06 Nov 2024: Paige Estritori Recent analysis reveals individual non-advised disability income insurance is leading the pack with a remarkable claims paid ratio of 113%. In stark contrast, individual policies acquired through personal advice boast a much lower ratio of 68%, as outlined by the latest prudential data. - read more |
| Controversial Fire Ruling: AFCA Endorses Claim Denial 06 Nov 2024: Paige Estritori A recent decision has stirred considerable attention as an Australian Financial Complaints Authority (AFCA) ruling supported RAC Insurance's denial of a fire claim amidst significant controversy and debate. - read more |
| Transparency in Premiums: ACCC Highlights Importance of True Costs in Renewals 06 Nov 2024: Paige Estritori In a significant move for consumer clarity, the Australian Competition and Consumer Commission (ACCC) has recommended that insurance companies prioritize transparency when displaying previous premium costs in renewal notices. According to the ACCC, the key disclosure figure should be the 'actual' amount paid in the past year by policyholders. - read more |
| Insurer's Overcharge: A Case for Rigorous Internal Audits 05 Nov 2024: Paige Estritori An overlooked discrepancy by a life insurance company led to thousands of policyholders not receiving promised discounts, having continued unchecked for over a year. This issue was unearthed following an unexpected internal audit, demonstrating the company's need for better oversight and auditing practices. - read more |
| Insurance Goes Speedy with AI-Powered Support 05 Nov 2024: Paige Estritori In a groundbreaking move, IAG has unveiled an innovative AI-driven tool designed to drastically speed up claims processing. This new utility aims to empower front-line consultants by facilitating quicker claims assessment. CASI, short for Claims Assistant Supporting Intermediated, integrates complex document content, such as product disclosure statements and policy language, to supply fast and precise answers to staff queries. - read more |
| Broader Solutions Needed for Insurance Affordability, Says ACCC 04 Nov 2024: Paige Estritori Amid escalating climate risks, the Australian Competition and Consumer Commission (ACCC) is calling for broader initiatives to improve insurance affordability. The ACCC has highlighted that while climate-related events become more pronounced, some Australians face insurance unaffordability, often leaving significant assets like homes and small businesses uninsured. - read more |
| AFCA Upholds Fair Evaluation in Insurance Claim Dispute 01 Nov 2024: Paige Estritori The Australian Financial Complaints Authority (AFCA) has directed MetLife to re-evaluate a policyholder’s income protection claim, focusing on justified interpretations of mental health exclusions. - read more |
| AIG Insurance Tangle Over Vacant Property Break-In Unravels 01 Nov 2024: Paige Estritori A landlord initially seeking compensation of $102,270 for theft and repair costs following a break-in at a vacant commercial property was awarded $45,724 after a protracted insurance dispute with AIG Australia. The issue revolved around discrepancies over a premium for an unoccupied building. - read more |
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Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
Life Insurance Articles
| The Savvy Consumer’s Guide to Purchasing Life Insurance in Australia As the landscape of finance and personal security evolves in Australia, the importance of being insured has never been more prominent. In a world of changing family dynamics, economic pressures, and higher living costs, life insurance stands as a bastion of support ensuring the well-being of loved ones in the event of unforeseen circumstances. - read more
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| Understanding Life Insurance: How to Determine Coverage Amounts Life insurance is a cornerstone of financial planning, offering peace of mind to you and security for your loved ones. It's a contract between you and an insurance company: in exchange for regular premiums, the insurer agrees to pay a sum of money to designated beneficiaries upon your passing. This vital tool ensures that your family's financial needs can be met during an incredibly difficult time. - read more
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| Trauma Cover: Calculating Adequate Protection for Life's Unexpected Moments The financial fabric of our lives consists of both planning and safeguarding against the unforeseen. Trauma cover, a lesser-known but crucial aspect of personal insurance, provides this protection by offering a lump sum payment upon diagnosis of specific serious illnesses or injuries. In the tapestry of financial planning, it acts as a vital safety net, ensuring that unexpected health crises do not lead to monetary distress. - read more
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| The Digital Age of Insurance: Keeping Costs Down with Online Quotes The horizon of the insurance industry has undergone a transformative shift with the advent of digital technology. With a few clicks, consumers can navigate the once-complex world of insurance policies from the comfort of their home. The digital landscape for insurance services offers unprecedented access to information, comparisons, and instant communication, fostering a more empowered insurance client. - read more
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| Life Insurance and Estate Planning: What You Need to Know Life insurance and estate planning are critical components of financial security. They ensure that your loved ones are protected financially when you are no longer around. By understanding these tools, you can take significant steps to secure your family's future. - read more
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How Pre-Existing Conditions Influence Life Insurance Premiums When it comes to life insurance, a pre-existing condition refers to any medical condition or illness that you have been diagnosed with before applying for a life insurance policy. - read more
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Trauma Cover: Calculating Adequate Protection for Life's Unexpected Moments The financial fabric of our lives consists of both planning and safeguarding against the unforeseen. Trauma cover, a lesser-known but crucial aspect of personal insurance, provides this protection by offering a lump sum payment upon diagnosis of specific serious illnesses or injuries. In the tapestry of financial planning, it acts as a vital safety net, ensuring that unexpected health crises do not lead to monetary distress. - read more
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Life Events That Should Trigger a Life Insurance Review for Aussie Families Life insurance is a cornerstone of financial planning for Aussie families, offering protection and peace of mind. But what happens when the bustling flow of life brings changes? This is where a life insurance review comes into play. A life insurance review is a thorough analysis of your existing policy to ensure it aligns with your current life circumstances and financial goals. - read more
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A Millennial's Guide to Life Insurance For many millennials, navigating the complexities of personal finance and future planning can feel like a bewildering journey. Among these financial responsibilities, life insurance emerges as a paramount consideration. More than just a safety net, life insurance can be the cornerstone of a sound financial strategy, providing peace of mind for both the policyholder and their loved ones. - read more
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Life Insurance and Estate Planning: What You Need to Know Life insurance and estate planning are critical components of financial security. They ensure that your loved ones are protected financially when you are no longer around. By understanding these tools, you can take significant steps to secure your family's future. - read more
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Knowledgebase
Subrogation:
An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party.
An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party.