Swiss Re Suspends New Life & Health Business in Australia
Addressing Rising TPD Claims and Ensuring Sustainability
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.
Swiss Re Life & Health Australia has announced a pause on accepting new business in the country, effective October 2025.
This decision comes as the company seeks to address the escalating concerns surrounding Total Permanent Disability (TPD) insurance claims and to enhance the long-term sustainability of its product offerings.
The move is a response to the significant increase in TPD claims, particularly those related to mental health conditions. In 2024, Australian insurers paid over AU$2.2 billion for mental health-related TPD claims, nearly doubling the amount from five years prior. This surge has raised alarms about the viability and sustainability of current TPD insurance models.
For real estate professionals, this development underscores the importance of reviewing existing insurance policies and staying informed about changes in the insurance landscape. The pause by Swiss Re may lead to shifts in the availability and terms of TPD coverage, potentially affecting the protection strategies of individuals and businesses within the real estate sector.
Swiss Re's decision also highlights the broader challenges facing the insurance industry in balancing consumer protection with economic sustainability. As the company collaborates with existing clients, regulators, and industry groups to redesign products that better reflect changing societal needs, real estate professionals should remain vigilant and proactive in ensuring their insurance coverage aligns with their specific risks and requirements.
In conclusion, Swiss Re's suspension of new Life & Health business in Australia serves as a critical reminder for real estate professionals to regularly assess their insurance needs and to stay abreast of industry developments that may impact their coverage options.
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.
Vero has entered the residential strata market with a new nil-commission product, initially launching in Far North Queensland and Darwin before a planned national rollout. The move is significant for owners corporations, strata committees and managers because these northern regions are among the most challenging areas in which to secure affordable and suitable building cover. - read more
Delta Insurance’s move onto Ebix Australia’s Sunrise Exchange is more than a technology update. For Australian small businesses, including domestic and home service operators, it points to a broader shift in how specialist insurance products are being accessed, compared and placed through the broker market. - read more
New industry research has underlined just how central brokers have become to Australia’s general insurance market, with broker-placed business accounting for $35.6 billion in gross written premiums in the year to 30 June 2025. That represents about 46% of all general insurance written in Australia, within a total market of $77.9 billion. - read more
NEOS has moved further into digital underwriting with the implementation of UnderwriteMe’s Decision Studio, a technology designed to improve how medical data is captured and assessed across its life insurance products. The development, announced in late June, reflects a broader shift in the Australian life insurance market: insurers are looking for faster, more consistent ways to assess applications without losing sight of fairness, accuracy and customer experience. - read more
Domain’s latest FY27 housing market forecast, covered by Property Update on 25 June 2026, points to a more fragmented Australian property cycle than many landlords have faced in recent years. Rather than a broad national upswing, the outlook suggests performance will increasingly depend on city, dwelling type, affordability and local supply conditions. - read more
No comments yet. Be the first to share your thoughts.