The Australian Life insurance industry has recorded its fifth consecutive year of losses for Individual Disability Income insurance, yet the industry seems paralyzed when it comes to initiating change. Some insurers may be unsure exactly what to change; others are waiting for third parties to pave the way; most insurers fear the first-mover disadvantage. But, these delays are detrimental to insurers as well as insureds.
In this white paper Andres Webersinke, Managing Director of General Reinsurance Life Australia, gives a holistic view of the changes that are needed. It is a call to action to react now, and decisively, to ensure customers have access to important income protection cover in the future.
Gen Re is actively supporting the Australian industry in developing sustainable Disability Income insurance products. Contact our team to find out more about how we can help your business.