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...

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 identify their life insurance needs and find appropriate and affordable...