Navigating Changes in Australia's Life Insurance Advice Landscape
Navigating Changes in Australia's Life Insurance Advice Landscape
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The conversation on the shifting dynamics in Australia's life insurance advice sector featured Zurich Australia's head of adviser channel, Kieran Forde, and Hayes & Co director, Katherine Hayes.
They engaged with editor Chris Dastoor to spotlight the current market conditions and future prospects for financial advisers in this domain.
Forde pointed out that while the retail life insurance market sees annual premium revenues of approximately $9.3 billion, its growth has been largely plateaued, propelled more by increasing prices than by acquiring new customers. Significantly, merely a third of financial advisers provide risk advice, and within this group, only a minority contribute to the bulk of new business generation.
Hayes brought attention to the hurdles faced by advisers, such as maneuvering through intricate regulatory changes and mastering the specialised knowledge required for risk advice. Their discussion emphasized the vital role of technology and the implementation of targeted training programs to empower advisers in offering high-quality risk advice.
The key takeaway from their discourse is the urgent requirement for an expanded adviser base engaging in risk advice and the integration of innovative measures to combat underinsurance and ensure the sustainability of the life insurance advice sector.
According to Swiss Re’s latest Sigma report, the growth of property and casualty premiums is moderating in both Australia and globally. This moderation is primarily driven by a slowdown in rate hikes. Additionally, the Trump administration's America First trade policy is putting further pressure on the insurance sector. - read more
The conversation on the shifting dynamics in Australia's life insurance advice sector featured Zurich Australia's head of adviser channel, Kieran Forde, and Hayes & Co director, Katherine Hayes. They engaged with editor Chris Dastoor to spotlight the current market conditions and future prospects for financial advisers in this domain. - read more
The Australian Securities and Investments Commission (ASIC) is appealing a Federal Court decision regarding the wording of a 'pre-existing condition' clause in certain HCF Life insurance products. The court previously determined that while the wording had the potential to mislead consumers, it did not constitute an unfair contract term under the current laws set out in the ASIC Act 2001. - read more
The Insurance Council of Australia (ICA) is urging the Australian Capital Territory (ACT) to adopt strata transparency regulations, aiming to enhance oversight of building repairs and maintenance by owners’ committees. This call was made during a parliamentary inquiry, where the ICA pushed for measures akin to recent legislative changes in New South Wales. - read more
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