Australian Life Insurers Advocate for Evolution of Code of Practice to Meet Consumer Needs
Industry Supports Updating Life Insurance Code to Reflect Regulatory and Consumer Shifts
0
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
Australian life insurers are advocating for the evolution of the Life Insurance Code of Practice to keep pace with regulatory changes and shifting consumer expectations.
The Council of Australian Life Insurers (CALI) has emphasised the importance of the code in maintaining trust between insurers and the Australians they protect.
Christine Cupitt, CEO of CALI, stated, "For the life code to remain strong, relevant and trusted, it must continue to meet the needs of Australians, keep pace with regulatory change and reflect what the community expects from our industry." This sentiment underscores the industry's commitment to adapting its practices to better serve consumers.
The Life Insurance Code of Practice sets enforceable conduct and best practice benchmarks for the industry. As consumer needs and regulatory landscapes evolve, insurers recognise the necessity of updating the code to provide appropriate protections, especially for individuals experiencing vulnerability, financial hardship, or mental ill-health.
For policyholders, this initiative signals a proactive approach by the life insurance industry to enhance transparency, fairness, and responsiveness to consumer needs. It highlights the importance of ongoing dialogue between insurers, regulators, and consumers to ensure that life insurance products and practices remain aligned with societal expectations and provide meaningful protection.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
The National Roads and Motorists' Association (NRMA) has raised concerns about Australia's crude oil supply, identifying it as a significant challenge amid ongoing Middle East conflicts. This situation has potential implications for transport costs and motor insurance exposures in the coming months. - read more
AustralianSuper, the nation's largest superannuation fund, has informed its members of impending increases in insurance premiums, set to take effect from May 30, 2026. This development is particularly noteworthy for those holding life, total and permanent disability (TPD), and income protection insurance through their superannuation accounts. - read more
Health insurers are calling on the Australian government to exempt low-income seniors, including those on the Age Pension, from the proposed changes to the Private Health Insurance Rebate. The concern is that requiring these individuals to pay hundreds of dollars more each year to maintain their private health insurance could lead some to downgrade their coverage or abandon it altogether. - read more
The International Union of Marine Insurance (IUMI) has recently highlighted the resilience of marine insurers in the face of escalating conflicts in the Middle East. Despite the challenging geopolitical landscape, insurers continue to provide essential coverage for cargo, hull, liability, and offshore energy sectors, ensuring that global trade flows remain protected. - read more
Recent findings from KPMG's annual review of the general insurance industry reveal a concerning trend for Australian businesses: insurance premiums are on the rise, while industry profits are experiencing a downturn. This development is largely attributed to the escalating costs associated with natural disasters. - read more
