ASIC has released its review of the life insurance sector's handling of claims. The review found that, while life insurers are paying the considerable majority of claims, there are significant shortcomings in a number of areas of life insurance claims handling, and there is a clear need for public reporting on life insurance claims outcomes – at an industry and individual insurer level.

ASIC's review examined fifteen insurers, covering more than 90% of the market. The six-month review analysed three years' of data on the four major life insurance policy types - term life cover, total and permanent disablement (TPD), trauma, and income protection. ASIC worked closely with APRA during the review.