Australia should reimagine its retirement ecosystem so people can easily access targeted support to plan their futures and fund their lifestyles by having greater work flexibility and access to equity in their homes, if they can and wish to do so, a paper published by the Actuaries Institute says.
New research shows that among non-retirees, features deemed very important when selecting a retirement income product include having an income that will last for life (52%), receiving guaranteed minimum payments (47%), and having flexible access to capital (43%).
The life insurance sector in Australia has expressed strong support for the Federal Government's recent move to initiate a consultation paper aimed at gathering public opinion on the application of genetic test results in insurance policies.
Suncorp Group Limited's (SGL) underwriting profitability is expected to see a modest deterioration over the next 12 to 24 months as higher natural hazard costs and rising reinsurance expenses offset strong premium rate increases, says Fitch Ratings.
Australia has released its 2023-2030 Australian Cyber Security Strategy, which outlines its vision of a cyber secure Australia. The strategy also details how the country will get there.
The life insurance industry says that it welcomes the federal government's announcement of a consultation paper to seek community feedback on the use of genetic test results by insurers.
The Australian Treasury has released a consultation paper seeking feedback on both the impacts of life insurers utilising genetic test results in underwriting on genetic testing and research, as well as a range of potential policy responses.
The Insurance Council of Australia (ICA) has released an updated version of its climate change roadmap, outlining the industry's commitment to achieving net zero emissions by 2030 for operations and 2050 across the entire value chain.
Governments, insurers and communities in Australia must work together to avoid creating two classes of Australians - those who can insure against risk and those who can't, according to Mr Andrew Hall, CEO of the Insurance Council of Australia (ICA).
The Financial Advice Association Australia (FAAA) has announced the 2023 winners of the inaugural FAAA Awards across six professional categories.