{"id":39868,"date":"2018-02-16T14:39:49","date_gmt":"2018-02-16T03:39:49","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=39868"},"modified":"2018-02-21T09:53:09","modified_gmt":"2018-02-20T22:53:09","slug":"super-fund-to-reduce-premiums-by-100-million","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/02\/16\/super-fund-to-reduce-premiums-by-100-million\/","title":{"rendered":"Super Fund to Reduce Premiums by $100 Million"},"content":{"rendered":"

AustralianSuper will reduce risk insurance premiums for its members by up to 20 per cent and reduce the overall levels of premiums paid by $100 million over the next financial year.<\/p>\n

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AustralianSuper Group Executive of Membership, Rose Kerlin<\/figcaption><\/figure>\n

The fund stated that insurance premiums for members would decrease from May this year by an average of 14 per cent for death cover, 6 per cent for TPD and 20 per cent for Income Protection, after the fund conducted its annual premium review.<\/p>\n

The overall reduction will result in 16 per cent reduction in total premiums paid by AustralianSuper which will drop from $600 million in the current financial year to $500 million for the 2019 financial year.<\/p>\n

AustralianSuper commented that it was able to make the reduction due to the size of the fund, which has 1.4 million members with some form of insurance from its total pool of 2.2 million members, when negotiating bulk rates with its insurer, TAL.<\/p>\n

The fund also has a\u00a0Premium Adjustment Model in place with TAL which takes into account claims experience over the past year and allows it to reduce premiums where possible.<\/p>\n

Group Executive of Membership, Rose Kerlin<\/strong>, said the premium reduction would apply to the Industry Division of the fund and there would be no premiums increases for any members or changes in their level of cover or definitions within the insurance offered.<\/p>\n

Earlier this year, the fund announced it would be offering superannuation without default insurance to short term employees to avoid erosion of fund balances due to insurance premiums (see: Super Fund Removes Insurance From New Product Offering<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

AustralianSuper will reduce risk insurance premiums for its members by up to 20 per cent and reduce the overall levels of premiums paid by $100 million over the next financial year.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,5622],"tags":[],"class_list":["post-39868","post","type-post","status-publish","format-standard","category-products","category-superannuation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/39868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=39868"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/39868\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=39868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=39868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=39868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}