Life insurance


Journal article

The Australian moratorium on genetics and life insurance: evaluating policy compared to Parliamentary recommendations regarding genetic discrimination

In 2018, a Parliamentary Joint Committee recommended an urgent ban be implemented on the use of predictive genetic test results in life insurance underwriting in Australia. This article evaluates whether the moratorium meets the Parliamentary Committee recommendations, and finds that it falls short in key...

The Australian superannuation industry

Initially only available to employees in certain industries and professions, superannuation coverage is now more or less universal – a consequence of decades of ongoing reform. This resources provides an overview of Australia's superannuation system.

The future of insurance in superannuation

This report examines the role of insurance in superannuation, and explores the benefits of the system and potential enhancements.

Mental health discrimination in insurance

The PIAC’s Mental Health and Insurance Project has been tackling systemic problems in the way insurers design, price and offer policies and assess claims to the detriment of people with past or current mental health conditions. This report outlines the progress that has been made...

The perceived value of insurance for low-income households

This report provides an extensive analysis of how low-income households both value insurance and what they consider when making their insurance decisions. The findings point to both practical barriers, such as cost, for low-income households, as well as attitudinal differences in the perception of how...

Annual industry data and compliance report 2018−19

Providing a snapshot of the life insurance industry and its compliance with the Life Insurance Code of Practice, this report shows life insurers need a stronger commitment to their code compliance obligations.

The impact of climate change on mortality and retirement incomes in Australia

In terms of public policy, this report suggests that the wide-ranging consequences of climate change on mortality, public health and the economy mean that system-wide policy responses (across the health system, aged care services, emergency services, and other social services) are necessary to mitigate the...
Briefing paper

AI and personal insurance: snapshot paper

This paper examines the potential use cases of AI across the insurance industry, compares these with the reality of how AI is used today, and explores the arguments for and against such applications, looking in particular at the ethical concerns associated with data collection and...

What's the risk? Access to insurance for people living with health conditions

This report identifies the opportunity for further ongoing collaborative work between insurers and industry representatives, consumers and advocates, and government and regulatory bodies, to improve the insurance experiences of people living with health conditions.

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry: final report

The central task of the Royal Commission was to inquire into and report on whether any conduct of financial services entities might have amounted to misconduct and whether any conduct, practices, behaviour or business activities by those entities fell below community standards and expectations. The...

Restoring trust in Australia’s financial system

The Federal Treasurer, Josh Frydenberg, has released this Australian government’s response to the Royal Commission.

Options for greater involvement by private sector life insurers in worker rehabilitation

This inquiry was initiated to examine options for greater involvement by private sector life insurers in worker rehabilitation, including support after return to work, with particular reference to the interaction of Income Protection (IP) insurance and Total and Permanent Disability (TPD) insurance with State, Territory...

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry: interim report

The Commission’s work, so far, has shown conduct by financial services entities that has brought public condemnation. Some conduct was already known to regulators and the public - some was not. Why did it happen? The answer seems to be greed – the pursuit of...

The sale of direct life insurance

This report summarises the findings and recommendations from ASIC's review of the sale of direct life insurance products in Australia, including term life, accidental death, trauma, total and permanent disability (TPD) and income protection insurance.

Consumers’ experiences with the sale of direct life insurance

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.
Briefing paper

Some features of the general and life insurance industries: background paper 26

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...
Briefing paper

Group life insurance: background paper 28

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...
Briefing paper

Reforms to general and life insurance: background paper 27

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.
Briefing paper

Life insurance: background paper 29

Life insurance is a type of insurance which provides cover for death, disability, a health condition, some illnesses and injuries.

Life insurance industry: report

The life insurance industry is a significant part of the financial services sector in Australia. It has a noble purpose in providing financial protection to policyholders in times of need and financial distress. Despite this, there are sections of the industry that can and must...
Discussion paper

Insurance in superannuation code of practice - consultation paper

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.

Life insurance claims: an industry review

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...

Review of retail life insurance advice

Executive summary ASIC has a focus on life insurance advice because it is of critical importance to the long-term financial wellbeing of Australian consumers. Life insurance is a key product through which consumers manage risk for themselves and their families. Quality financial advice helps consumers...