Sustainability within group insurance was a key focus of the ASFA Spotlight on Insurance event and is a key focus of AIA. We remain resolute in the view that default insurance in super is the right policy setting to provide a financial safety-net to millions of Australians and their beneficiaries whose working life is cut short or interrupted due to illness or injury.

 

However, we believe that insurance needs to be reimagined to be fit for super to demonstrate its value to members and the system can be enhanced to ensure Sustainability, Suitability and Affordability into longer term.

 

We have commenced a program of work, leveraging the Actuaries Institutes work in relation to Individual Disability Income Insurance (IDII) and this has been refined and extended to Group Insurance.

 

As part of this program, we intend to take an industry leading position ensuring