Tips Asuransi

Behind this week’s expose by Fairfax Media journalist Adele Ferguson and the ABC’s Four Corners program of the  insurance claims refused by Commonwealth Bank insurance arm, CommInsure , lies a bigger problem in the way the sector is regulated. Ferguson has stopped the music and regulators APRA and ASIC have got to stop passing the insurance regulation parcel between them. It’s time Australia got serious on “ conduct risk ” - the reckless misconduct in the management of a bank ASIC wants to regulate against. The  Four Corners  program exposed a disturbing culture within CommInsure that, according to the insurer’s ex-Chief Medical Officer, Dr Benjamin Koh, betrayed a drive for profit above people, the antithesis of the message given by Commonwealth Bank CEO, Ian Narev. There is an inherent conflict of interest in insurance. The more promises (insurance policies) an insurance company makes, the more profit it makes. The more promises (claims) it keeps, th...

A parliamentary inquiry is currently underway into Australia’s  life insurance industry , which has raised several issues including discrimination by insurers against people with  mental health problems . In our  submission to the inquiry , we argue comparable discrimination is possible based on genetics, with insurers denying applicants life insurance and raising premiums inappropriately based on genetic test results. There is a concerning lack of law over using genetic facts through the Australian existence coverage industry. Insurance companies are allowed to use genetic take a look at effects to discriminate towards applicants for life, everlasting incapacity, and earnings safety coverage (which all come under the life-insurance product category), with little unbiased oversight or client transparency. This discrimination can deter people from getting genetic tests and being concerned in scientific research that would prove useful for his or her desti...