This report sets out the results of research into consumers’ experiences in buying life insurance directly. The products covered by the research include term life, accidental death, trauma, total and permanent disability (TPD) and income protection insurance.
The purpose of this paper is to discuss some of the factors that influence how insurers provide general and life insurance to consumers to assist consumers manage risk. It also discusses the size and composition of the general and life insurance industries, and the main...
At the request of the Royal Commission, this paper discusses recent and prospective reforms affecting the general and life insurance sectors. Many of the reforms enhance ASIC’s oversight and capacity to intervene in the industry.
An important feature of the modern life insurance market is that all products, except trauma or critical illness insurance, are sold both on an individual basis as well as a group basis. There are three sectors or sales channels for life insurance: through an advice...
Life insurance is a type of insurance which provides cover for death, disability, a health condition, some illnesses and injuries.
This background paper deals with the specific issues in relation to the four key forms of life insurance cover – term (death) insurance, total...
Climate change appears to be increasing the frequency and magnitude of extreme weather events, negatively affecting communities as well as posing long-term sustainability challenges to insurance (risk transfer) mechanisms.
This audit examined whether councils have been prudently managing insurable risks and procuring insurance that represents value for money. It also assessed councils’ risk assessment policies and practices, including risk identification, risk mitigation and evaluation of insurable risks.
This paper provides information on the interactions of Aboriginal and Torres Strait Islander people with financial institutions, including banks, insurers and superannuation funds.
This paper was prepared by Treasury in response to a request made by the Royal Commission.
The aim of the paper is to give the reader a guide to the law, regulation and practices in general insurance in Australia. It is a large topic. The importance of regulation in the work of the Commission means that the part dealing with regulation...
The function of insurance in our community is highlighted in Australian natural disasters. Insurance in natural disasters has been in sharp focus since at least 2010. The variety, frequency, severity of natural disasters and catastrophes in Australia create unique challenges for the community, policyowners and...
This report provides preliminary observations about northern Australian insurance markets drawn from our public consultation and information gathered from insurers, and an overview of the current focus of our inquiry.
The New Zealand government has received a report outlining the need for a wide range of reforms to speed up the resolution of outstanding Eathquake Commission (EQC) claims. The report reveals sizeable issues with staffing levels, data quality, record keeping and organisational culture and structure...
The issues paper describes the issues that MBIE has heard regarding insurance contract law and conduct in the insurance industry. We are looking for evidence to improve our understanding of these issues and inform our advice to ministers regarding what should be done about them....
Limited literature exists on how insurance companies incorporate a focus on environmental sustainability into their core business strategy and practices. The article is intended to contribute to the implementation of corporate sustainability practices by presenting a framework or blueprint for insurance companies to follow which...
To understand why people on low incomes do or do not take out insurance we need to understand their overall financial circumstances and the multiple risks they face.
This consultation paper outlines the content of the draft Insurance in Superannuation Code of Practice, the full text of which is included as Appendix 1.
The Australian Prudential Regulation Authority (APRA) today released a discussion paper on proposed changes to its general insurance statistical publications.
APRA proposes to publish more general insurance statistics, including data recently determined non-confidential. In doing so, APRA intends to improve the relevance of APRA’s...
Insurance cover has proved to be a headache for a number of Australians hit by the recent East Coast storms. Many homeowners were surprised to discover they're not covered for damage caused by the sea or flooding.
Confusion over insurance cover is a familiar...
A global clean energy transformation is underway—and it has significant implications for fossil fuel companies and their investors.
This new Ceres report, Assets or Liabilities? Fossil Fuel Investments of Leading U.S. Insurers , focuses on the risks to insurance companies—the second-largest type of institutional...