MetLife has released their Value of Life Insurance report, which draws on global and local research to address the ongoing misperceptions around the value of life insurance. The report provides policy makers, regulators, industry participants and other stakeholders with information about the positive impact and contribution of the sector.
The Value of Life Insurance report also connects the industry’s value to a reduced financial burden on governments and taxpayers who would otherwise need to fund social programs to support those impacted by illness and injury, or families left behind following the death of a loved one.
Richard Nunn, CEO of MetLife Australia, said: “Life insurance serves a noble purpose by providing a vital safety net should the worst happen, but we need to make its value easier for people to understand. The industry is under the microscope, facing significant regulatory change and shifting consumer expectations. Now is the time to work together to adapt, educate and remain relevant.”
MetLife hopes the report will contribute to productive conversations across the life insurance industry and especially with those making policy and regulatory decisions. It is also intended as a further step towards increasing financial literacy for Australians.
UniSuper has surpassed $100 billion in funds under management and officially opens to new members outside the higher education and research sector, thus widening access to the fund.
CEO Kevin O’Sullivan said: “Hitting $100b in FUM, including over $12b in our sustainable options, as we open our doors to all Australians, marks a significant milestone for UniSuper.
“Since announcing our intention to open to a wider market in early May, the response from existing and prospective members has been extremely positive. This is a real testament to our member focus, consistent strong performance and low fees. This powerful combination, and our growing scale, will be even more important as regulatory change and industry consolidation continue to reshape the super sector.”
Mercer has successfully completed the transition of all TAL Superannuation and Insurance Fund (TSIF) members to Mercer Super.
The successor fund transfer (SFT) of the $1.1 billion TSIF marks the expansion of Mercer Australia’s relationship with TAL, which encompasses services across superannuation and investment consulting.
As of 1 June, 23,000 accumulation members of TSIF have joined Mercer Super, with a further 15,000 risk only (retail insurance) members joining the existing Accelerated Protection division of Mercer Super.
Head of Mercer Super, Tim Barber, said: “Mercer has enjoyed a strong relationship with TAL over the years, and we’re pleased to be taking it to the next level by creating a future for their fund within Mercer Super.”