Over 97 per cent of AustralianSuper members who have insurance through their account will see an average decrease of 11.8 per cent in insurance costs from 27 May.
In a media release, the fund said this is the second consecutive year it has decreased insurance costs.
This follows the fund’s annual review of insurance pricing which includes examining products on offer, what they cost, claims made and paid during the previous year, and economic conditions.
The claims acceptance rate for insurance through AustralianSuper was 97 per cent for the 2022-23 financial year, with over $427 million paid to members and their families.
Over the past ten years to December 2022, the fund paid over $4 billion across 62,600 insurance claims to help members and their families.