New Senate Inquiry Into Insurance

Today, the Senate has voted to establish a new Inquiry to examine insurance.

This Inquiry, to be conducted by the Senate Economics References Committee, will examine how to better align insurance with the outcomes Australians expect throughout their life cycle.

The 2023 Intergenerational Report projects a 70 per cent increase in per capita expenditure on aged care over the next 40 years. Our Inquiry will examine the merits of an aged care insurance product to futureproof our aged care system.

In addition, the Inquiry will examine how to improve customer experiences and choice in insurance. Over the last 12 months, complaints about death benefits offered by super funds rose by 136 per cent.

There is a systemic problem with these products, which the government has failed to address. We must ensure that both the legal architecture and industry practice are fit for Australia’s future.

The Inquiry is due to report by 30 June 2024.

[Ends]