- Advancing the Life Insurance Code to Meet Modern Standards
The Australian life insurance industry is actively supporting the evolution of the Life Insurance Code of Practice to align with regulatory changes and evolving consumer expectations. This initiative underscores the industry's dedication to maintaining trust and delivering value to policyholders.
- Introducing Backd: A New Approach to Life Insurance for Young Australians
In a collaborative effort to make life insurance more accessible to younger Australians, Cover Genius and TAL have launched 'Backd,' an embedded life insurance product designed to integrate seamlessly into existing platforms.
- Regulators Call for Action on TPD Insurance Sustainability
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have recently convened a joint CEO roundtable to address mounting sustainability pressures in the Total and Permanent Disability (TPD) insurance market.
- Surge in Disputes Over TPD and Disability Insurance Claims
Recent data from the Australian Prudential Regulation Authority (APRA) reveals a notable rise in disputes related to Total and Permanent Disability (TPD) and disability income insurance (DII) claims. In the 12 months ending December 2025, life insurance claims for regulated funds totalled 117,219, a slight decrease from the previous year.
- Proposed Reforms in Mental Health Coverage by Australian Life Insurers
In a recent development, the Council of Australian Life Insurers (CALI) has put forward proposals to amend the Life Insurance Code of Practice, focusing on mental health coverage. These suggestions aim to address the growing prevalence of mental health claims while ensuring the sustainability of insurance products.
- APRA's Updated Capital Framework: A Boost for Longevity Products
The Australian Prudential Regulation Authority (APRA) has recently refined its capital framework for longevity products, including annuities, aiming to foster innovation and enhance financial security for retirees.
- Regulatory Review: Life Insurers' Progress on Premium Practices
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have provided an update on their joint review of life insurance premium practices. This review was initiated in response to concerns that frequent and substantial premium increases may not align with policy terms or policyholder expectations.
- Zurich Australia's Strategic Acquisition of ClearView Wealth Limited
Zurich Financial Services Australia (Zurich) has announced its intention to acquire ClearView Wealth Limited (ClearView) through a scheme of arrangement, valuing ClearView's equity at approximately AUD 415 million. This strategic move aims to strengthen Zurich's position in the Australian life insurance market.
- APRA's New Capital Framework for Longevity Products: What It Means for Retirees
The Australian Prudential Regulation Authority (APRA) has announced significant reforms to the capital treatment of longevity products, including annuities, aiming to bolster the retirement income market.
- Surge in Life Insurance Disputes Linked to TPD and Disability Claims
Recent data from the Australian Prudential Regulation Authority (APRA) reveals a significant rise in life insurance disputes, with total and permanent disablement (TPD) and disability income insurance (DII) claims accounting for 88% of all disputes in the 12 months ending December 2025.
- Signs of Revival: Australian Life Insurance Market's Upturn in Q2 2025
After enduring six years of decline following the Royal Commission, Australia's life insurance market is showing promising signs of recovery. In the second quarter of 2025, the sector experienced a 20.7% increase in new business volumes, marking a significant turnaround and offering a glimmer of hope for the industry's future.
- Zurich Australia Expands Life Insurance Market Presence with ClearView Acquisition
Zurich Financial Services Australia (Zurich) has entered into an agreement to acquire ClearView Wealth Limited (ClearView) through a scheme of arrangement, valuing ClearView's equity at approximately AUD 415 million. This strategic acquisition aims to bolster Zurich's presence in the Australian life insurance market.
- Swiss Re Suspends New Life Insurance Operations in Australia
Swiss Re Life & Health Australia has announced a suspension of new life insurance business activities in the country, effective October 2025. This decision stems from concerns over the sustainability of Total Permanent Disability (TPD) insurance products, which have seen a significant rise in claims, particularly related to mental health.
- APRA and ASIC Publish December 2025 Life Insurance Statistics
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released the Life Insurance Claims and Disputes Statistics publication for the 12 months ending December 2025. This report provides key insights into the performance and challenges within the Australian life insurance industry.
- Navigating Structural Changes in Australia's Life Insurance Sector
The Australian life insurance industry is undergoing significant structural changes, driven by a surge in mental health claims and mounting economic pressures. AIA Australia CEO Damien Mu has highlighted these challenges, noting that the current life insurance models are becoming unsustainable due to these factors.
- Enhancing Life Insurance Premium Practices: Insights from APRA and ASIC's Review
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have conducted a joint review into life insurance premium practices, highlighting the need for insurers to improve their approaches to premium increases to better align with policyholder expectations.
- Strengthening Mental Health Coverage: Insights from the Life Insurance Code of Practice Review
The interim report of the ongoing review of Australia's Life Insurance Code of Practice has highlighted significant concerns regarding the industry's handling of mental health coverage.
- Australian Life Insurance Industry Achieves Significant Underwriting Gain in Q4 2025
The Australian life insurance sector has reported a substantial underwriting gain of $279 million for the December quarter of 2025, a significant improvement from the $36 million recorded in the same period the previous year.
- Senate Enacts Ban on Genetic Testing in Life Insurance Underwriting
In a significant move to safeguard consumer rights, the Australian Senate has passed legislation prohibiting life insurers from using genetic test results in their underwriting processes.
- Interim Review of Life Insurance Code Calls for Enhanced Mental Health Coverage
The interim report of the ongoing review of Australia's Life Insurance Code of Practice has brought to light significant concerns regarding the industry's handling of mental health coverage.
- Surge in Mental Health Claims Among Young Australians Poses Challenges for Life Insurers
Life insurers in Australia are facing a significant increase in mental health-related claims, particularly from individuals in their 30s. This trend has raised concerns about the sustainability of insurance products designed to provide support for mental health issues.
- How Rising Insurance Premiums Are Impacting Australian Retirees
Recent reports have highlighted a concerning trend: escalating insurance premiums are placing significant financial strain on Australian retirees. Some individuals have experienced premium increases of up to 400%, making it increasingly difficult to maintain essential coverage.
- ASIC and APRA Push for Reforms in Life Insurance Premium Practices
The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have jointly called on life insurers to address issues related to premium increases, product design, and consumer disclosures.
- Regulatory Review of Life Insurance Premium Practices in Australia
In June 2025, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) provided an update on their joint review of life insurance premium practices.
- Ongoing Deficiencies in Direct Life Insurance Sales Practices Identified by ASIC
In August 2025, the Australian Securities and Investments Commission (ASIC) released findings from a review of direct life insurance sales practices, uncovering persistent deficiencies despite previous regulatory interventions.
