The life insurance sector has stabilised but the long-term claims outlook remains uncertain due to the extent of anti-selective outcomes that have risen from the opt-in changes for superannuation members under 25, according to KPMG.
Suncorp said it had raised the ASIC data with Asteron Life and had been “given comfort the statistics presented were not indicative of the experience of members of the Suncorp Master Trust (SMT)”.
What is more it said it did not believe the current TPD definition for SMT members has been a major concern to membership” with insurance-driven complaint volumes driven by the impacts of Protecting Your Super and Putting Members Interest First changes.
“Members are routinely referred to the disclosure material in fund welcome packs, insurance commencement letters, annual statements, and insurance-change communications. The SMT insurance policies and product disclosure materials include eligibility terms which outline members must be gainfully employed for a minimum of 15 hours or more each week in order to claim against the “occupational” TPD definition,” it said.