Swiss Re Life And Health to pause new business in Australia
The decision followed intensifying concern about TPDs bespeaking a growth in claims.
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The insurance company Swiss Re Life & Health Australia has taken a big step by discontinuing all new business activities in Australia by October 2025 while the company reviews its portfolio of products and looks for ways to make TPD insurance more sustainable in the long run.
This decision is mainly influenced by the increasing concern around the rising TPD claims and their overall negative effect on the insurance industry.
As per the Council of Australian Life Insurers’ report, the Australian insurance industry suffered over AU$2.2 billion losses in the health-related TPD claims in 2024, which is almost double the amount of five years before.
The CEO of Swiss Re Paul Murray, commented that “the much discussed decision is to renew the industry and to protect the consumers in the long run.”
“The main concern around the industry is to retain the TPD – social value – providing financial support to Australians in the hardest times, and at the same time create a model, that can withstand economic downturns and population changes,” he stated.
Swiss Re indicated that it will be working solely with existing clients in the retail market, regulators, and industry groups in the redesigning process of the products that reflect the society’s changing needs.
On the other hand, no new clients for life insurance will be accepted in Australia until the market shows a gradual documentation of such an extinction of unsustainable product designs.
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