26 September 2023

PS Agencies unveil year of insurance data

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The Australian Prudential Regulation Authority (APRA) has published its biannual Life Insurance Claims and Disputes Statistics publication, covering 2021.

In a statement, APRA said the publication presented key industry and entity-level claims and disputes outcomes for 20 Australian life insurers writing direct business.

In a separate statement, the Australian Securities and Investments Commission (ASIC) said its MoneySmart life insurance claims its comparison tool had been updated with the latest data.

“The online tool compares insurers across cover types and distribution channels on four metrics,” ASIC said.

“There are the percentage of claims accepted, the length of time taken to pay claims, the number of disputes and the policy cancellation rates,” it said.

ASIC said the statistics were presented in a way that consumers should find to be readily acceptable.

APRA is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry.

It was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry.

ASIC is Australia’s integrated corporate, markets, financial services and consumer credit regulator.

It issues Australian financial services licences and Australian credit licences, while also providing business registration services and maintaining a range of professional and other registers, including the companies and business names registers.

APRA’s 10-page Life Insurance Claims and Disputes Statistics publication can be accessed at this PS News link and ASIC’s MoneySmart life insurance claims comparison tool at this link.

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