Risk & Insurance

Risk & Insurance

AFCA sounds alarm on high insurance premiums

The complaints authority’s lead ombudsman says the life insurance industry is rapidly pricing itself out of consumers’ range and will encounter serious sustainability issues if it can’t harness innovation – just like the banks are facing with buy-now, pay later disruptors.
Risk & Insurance

Bert goes into bat for insurance commissions

Less than an hour after Labor’s Stephen Jones said insurance commissions were “a problem”, Liberal MP and ex-planner Bert van Manen called them a “perfectly valid form of remuneration”. Despite his endorsement, financial services minister Jane Hume says the government will also wait on the LIF review's findings before making a call on the issue.
Risk & Insurance

Insurance commissions should go: ALP

Shadow finance minister Stephen Jones said proving that a commission-based model can function without conflicts is an “enormous challenge”. While open to the findings of the 2021 insurance review, he made it clear the ALP has every intention of getting rid of commissions holus-bolus if elected in 2022.
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