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Insurers' turn at banking royal commission

Some of Australia's largest insurers will be grilled by the banking royal commission about problems with the sale of life and general insurance products and the handling of claims.

Consumers will also give evidence during a two-week public hearing into insurance, which begins in Melbourne on September 10.

The hearing will focus on the sale and design of life and general insurance products, the handling of claims and the administration of life insurance by superannuation trustees.

It will also look at the appropriateness of the current regulatory regime for the insurance industry, the royal commission said on Monday.

Public submissions to the inquiry have included complaints about the insurance provided through superannuation.

The insurance premiums deducted by fund trustees from superannuation member accounts can be a key driver of balance erosion and reduce low income earners' retirement balances, the royal commission heard earlier this month.

The September hearing will include case studies about natural disaster insurance, which was dropped from the royal commission's June sitting into farming finance and financial issues affecting indigenous Australians due to time constraints.

AMP, Clearview, the Commonwealth Bank's CommInsure, Freedom Insurance, REST and TAL are set to be quizzed about life insurance.

The general insurance case studies have been listed as Allianz, IAG, Youi and Suncorp's AAI, whose brands include AAMI.

Austrlaian Associated PressBack to Breaking News

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