Professionals Insurance Online :: News
SHARE

Share this news item!

APRA Collaborates with Insurers on Total and Permanent Disability Challenges

APRA Collaborates with Insurers on Total and Permanent Disability Challenges

APRA Collaborates with Insurers on Total and Permanent Disability Challenges?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The Australian Prudential Regulation Authority (APRA) is actively collaborating with the life insurance sector to tackle pressing issues related to total and permanent disability (TPD) insurance.
This initiative follows the recent decision by Swiss Re to pause its new life insurance business in Australia until unresolved concerns regarding the sustainability, particularly around TPD products, are addressed.

APRA has acknowledged the challenges arising from an increasing number of TPD claims, noting complexities within the sphere, including those tied to mental health. Accordingly, APRA is engaging with life insurers to identify root causes of these challenges and to monitor the actions being taken to address them. The regulator stresses that the insurance industry must show proactive leadership in ensuring the sustainability of TPD offerings, ultimately leading to improved outcomes for customers.

The regulator emphasises its ongoing oversight of these matters to maintain the sector's prudential soundness and reassure policyholders about the reliability of their insurers when needed. Swiss Re, underlining its commitment to the Australian life market, has opted to halt new business quotes temporarily, intensifying efforts with existing partners to develop sustainable products, focusing particularly on TPD insurance sustainability issues.

This decision underscores the necessity to rethink product designs amidst the backdrop of shifting work environments, rising costs, and evolving societal demands. The conversation around TPD sustainability has gained momentum, with Acenda, another insurer, reporting significant spikes in claims related to mental illness and musculoskeletal conditions over the past five years.

Gerard Kerr, Acenda's chief executive for individual insurance, highlighted that rising TPD claims translate to higher premiums. He urged the industry to explore alternative TPD solutions that cater to changing customer needs, emphasising the correlation between increasing claims and premium hikes, affecting both potential and existing policyholders.

Published:Tuesday, 28th Oct 2025
Source: Paige Estritori

Share this news item:

Insurance News

APRA Collaborates with Insurers on Total and Permanent Disability Challenges
APRA Collaborates with Insurers on Total and Permanent Disability Challenges
28 Oct 2025: Paige Estritori
The Australian Prudential Regulation Authority (APRA) is actively collaborating with the life insurance sector to tackle pressing issues related to total and permanent disability (TPD) insurance. This initiative follows the recent decision by Swiss Re to pause its new life insurance business in Australia until unresolved concerns regarding the sustainability, particularly around TPD products, are addressed. - read more
Insuregroup's Remarkable Growth Reflects Surge in Truck Insurance Demand
Insuregroup's Remarkable Growth Reflects Surge in Truck Insurance Demand
28 Oct 2025: Paige Estritori
Insuregroup, a specialist insurance brokerage serving Australia's transport and logistics sector, has recently announced a significant milestone: processing over 10,000 insurance policies since its inception, with a 25% increase in policy volume over the past year. This growth underscores the escalating demand for comprehensive truck insurance solutions tailored to the unique needs of Australian freight operators. - read more
Envest Group's TLI Underwriting: A New Era for Heavy Motor Fleet Insurance
Envest Group's TLI Underwriting: A New Era for Heavy Motor Fleet Insurance
28 Oct 2025: Paige Estritori
Envest Group, a prominent player in Australia's insurance sector, has announced the launch of TLI Underwriting, a new agency dedicated to providing specialised insurance solutions for heavy motor fleet operators. This strategic move aims to address the unique challenges faced by larger transport businesses in Australia. - read more
NTARC Report Sheds Light on Human Factors in Major Truck Crashes
NTARC Report Sheds Light on Human Factors in Major Truck Crashes
28 Oct 2025: Paige Estritori
The National Truck Accident Research Centre (NTARC) has released its latest Major Incident Investigation Report, providing updated insights into the primary causes of significant truck crashes across Australia. The findings underscore the critical need for targeted interventions to enhance road safety within the transport industry. - read more
Declining Construction Insurance Premiums: A Boon for Australian Tradies
Declining Construction Insurance Premiums: A Boon for Australian Tradies
28 Oct 2025: Paige Estritori
In recent developments within the Australian construction insurance sector, tradies are witnessing a notable decrease in premium rates. This trend is largely attributed to heightened competition among insurers, leading to more affordable coverage options for professionals in the trades industry. - read more
Click for more Insurance News


Professionals Insurance Articles

Essential Insurance Solutions for Australian Professionals
Essential Insurance Solutions for Australian Professionals
In today's ever-evolving professional landscape, having the right insurance coverage is becoming increasingly important for Australian professionals. As more individuals step into freelance work and independent contracting, the need for tailored insurance solutions becomes crucial. Professionals in fields like IT consulting, engineering, and interior design face unique risks that necessitate proper protection. - read more
Protecting Your Professional Income: Understanding Income Protection Insurance
Protecting Your Professional Income: Understanding Income Protection Insurance
Income protection insurance is a financial safety net for individuals who are unable to work due to illness or injury. It ensures that you receive a percentage of your income during times when you cannot earn a salary, helping you maintain your lifestyle as you recover. This type of insurance offers peace of mind by providing financial support when it is needed most, allowing you to focus on recovery rather than financial pressures. - read more
The Importance of Professional Indemnity Insurance for Freelance Professionals
The Importance of Professional Indemnity Insurance for Freelance Professionals
Professional indemnity insurance is a vital safety net for freelance professionals. It is designed to protect individuals offering expert services or advice from claims of negligence or misconduct. Whether you're a consultant, designer, or engineer, having this insurance ensures that you're prepared for unexpected liabilities that could arise from your professional activities. - read more
How Cyber Insurance Can Protect You as a Freelance Professional
How Cyber Insurance Can Protect You as a Freelance Professional
In our digitally-driven world, cyber insurance has become an essential safeguard for anyone who operates online, particularly freelance professionals. At its core, cyber insurance is designed to help cover the risks associated with cyberattacks or data breaches, which can be devastating to both your reputation and your finances. - read more
Tailoring Income Protection for Medical Professionals
Tailoring Income Protection for Medical Professionals
Income protection insurance is a vital safety net for individuals across various professions, designed to provide financial stability if one is unable to work due to illness or injury. This type of insurance replaces a percentage of your income, alleviating the burden of regular expenses while you focus on recovery. For medical professionals who often have high earnings and extensive financial commitments, this coverage is particularly important. - read more


Your free insurance quote comparison starts here!
First Name:
Postcode:
All quotes are provided free and without obligation. We respect your privacy.

Knowledgebase
Deductible:
The amount you must pay out-of-pocket for expenses before your insurance company covers the remaining costs.

Quick Links: | Packaged Insurance For Professionals | Professional Indemnity Insurance | Professional Liability Cover | Public Liability Insurance For Professionals | Office Contents Insurance | Income Protection For Professionals | Stock Insurance | Commercial Vehicle Insurance | Business Insurance Packages | Insurance For Consultants | Insurance For Small Business Professionals
This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.
IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.