NIBA's weekly e-newsletter, Broker Buzz, is packed with the latest industry and product news, regulatory updates, forthcoming events and seminars.
The Australian Prudential Regulation Authority (APRA) has published its Life Insurance Claims and Disputes Statistics, covering a rolling 12-month period from 1 January 2019 to 31 December 2019.
This data is the is the result of a joint project between APRA and the Australian Securities and Investments Commission (ASIC), aimed at making it easier to compare life insurers’ performance in handling claims and disputes.
This is the fourth publication using the full data set since it was launched early last year. The publication presents the key industry and entity-level claims and disputes outcomes for 20 Australian life insurers writing direct business (i.e. excluding reinsurance).
ASIC’s MoneySmart Life insurance claims comparison tool has been updated with the latest data. The online tool compares insurers across cover types and distribution channels on four metrics – the percentage of claims accepted, the length of time taken to pay
claims, the number of disputes and the policy cancellation rates.
The PDF and spreadsheet version of the Life Insurance Claims and Disputes Statistics publication available on APRA’s website, provide additional detail and analysis.
ASIC is encouraging small businesses to contact their broker or insurer and ask whether their business interruption policy covers COVID-19 related losses.
ASIC consultation on implementing a deferred sales model for add-on insurance products
NIBA CEO, Dallas Booth has urged action on Design and Distribution Obligations (DDO) legislation
The Federal Court of Australia has found that TAL Life Limited breached its duty to act with utmost good faith under the Insurance Contracts Act