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Voluntary Insurance – Are More Risk Controls Needed?

  • On 09/11/2016
With group insurance claims experience being higher than had been expected over recent years, superannuation fund trustees have been reconsidering benefit designs and policy terms in order to ensure sustainability of the fund’s insurance arrangements. One of the key insurance risks is the risk of anti-selection by a small number of members which results in […]
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Can we improve the delivery of group income-protection insurance?

  • On 02/11/2016
Superannuation funds face the risk of providing a second-class product in their efforts to offer income-protection insurance for as many members as possible. Rice Warner* believes that critical tests of whether a fund’s insurance is efficient is whether the cover is “adequate” and provided at a “reasonable” cost. A number of funds may fall short […]
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The death of poor life insurance practices

  • On 13/10/2016
The life insurance industry has become the centre of a number of investigations which are painful for participants but will lead to changes which will modernise it. Commission The first investigation was ASIC’s Review of Retail Life Insurance in late 2014. This was highly critical of the quality of financial advice provided to retail clients […]
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Australia’s relentless underinsurance gap

  • On 08/09/2016
Rice Warner’s recently-released Underinsurance in Australia 2015 report highlights once again the critical and relentless gap between the level of insurance needed and the level of insurance cover in place. Our latest research shows that the median level of life cover meets only 61% of basic needs, defined as the minimum required to pay all […]
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Insurance through superannuation

  • On 20/04/2016
Rice Warner research highlights the extent that superannuation funds are critical to providing life insurance cover for a high proportion of employees. Our statistics show that more than 70% of Australian life insurance policies – more than 13.5 million separate policies – are held through superannuation funds. Each year, there are about 17,000 disability benefits […]
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