- AXA Insurance for VicSuper Clients
- AIA Cancel and Replace Application Form
- Global Insurance Market Grows
- Medicare to Manage Compassionate Release of Super
AXA Insurance for VicSuper Clients
AXA Australia has signed a new agreement with not-for-profit super fund VicSuper to provide enhanced group insurance to its 250,000 members.
AXA’s Head of Group Insurance, Robert Bergin, said that, on average, members’ levels of insurance cover will increase by 33%, and that their premiums have also been reduced.
“We have been providing insurance cover to VicSuper members since 1994 and today’s announcement ensures this successful relationship continues,” he said.
Mr Bergin added that the new agreement meant members would benefit from a suite of additional features, including a new ‘Life Events’ cover. The new cover provides members with access to higher levels of cover following a major life event, like the purchase of a house, without the need for additional health evidence.
AIA Cancel and Replace Application Form
AIA Australia has designed a ‘Cancel & Replace Application form’ to assist advisers to cancel a client’s current cover to upgrade to the most recent version of its Priority Protection range.
The insurer said the new form included ‘female only’ questions so clients who took out a Crisis Recovery or Crisis Recovery Stand Alone benefit issued prior to Priority Protection PDS Version 9 (issue date 28 February 2011) and who want to upgrade to the current version of Priority Protection in order to be covered for Carcinoma in Situ of the Cervix Uteri can do so.
Policies that were issued after the February 2011 update and include the Crisis Recovery or Crisis Recovery Stand Alone benefit will have Carcinoma in Situ of the Cervix Uteri included as part of the policy.
Global Insurance Market Grows
The global insurance industry has trended back into growth, according to a study by reinsurer Swiss Re.
The ‘World Insurance in 2010’ sigma study, which assessed the performance of global insurance markets for 2010, found that life insurance premiums grew 3.2% to US $2,520 billion in 2010.
Growth was especially strong in Asian emerging markets with China becoming the sixth largest insurance market in 2010.
Daniel Staib, one of the authors of the study, said: “The dominating picture is that the industry is on the way back to the long-term growth trend.”
Medicare to Manage Compassionate Release of Super
Medicare will be responsible for the administration of the early release of superannuation on compassionate grounds after new legislation was introduced into Parliament last week.
The Australian Prudential Regulation Authority (APRA) is currently responsible for administering the early release of superannuation on compassionate grounds. However, the Government believes that this function does not fit well with APRA’s role as a prudential regulator.
Medicare, which has already been managing claims for the past six months, will take responsibility under delegation from APRA. The criteria for early release of superannuation on compassionate grounds will remain the same.
According to the Government, over $1.5 million was released in compassionate payments in the 2010-11 financial year, with an average amount of $11,316.
