AustralianSuper drops insurance fees

Mike Taylor

Managing Editor/Publisher, Financial Newswire

30 May 2023

Australia’s largest industry superannuation fund, AustralianSuper has reduced its insurance costs to members for a second successive year.

The fund announced that around 97% of its members who have insurance through superannuation would see a decrease of 11.8% in their insurance costs following an annual review of insurance pricing.

Commenting on the reduction, AustralianSuper chief member officer, Rose Kerlin said the fund reviewed its insurance offer every year including the products on offer, what they cost and the claims made during the previous year.

The review found that the claims acceptance rate for insurance through AustralianSuper was 97% for the 2022 financial year with over $427 million paid to members and their families.

Over the past 10 years to December 2022, the Fund paid over $4 billion across 62,600 insurance claims to help members and their families.

AustralianSuper noted that its insurer, TAL, has among the highest claims admittance rates, the quickest approval times and the lowest dispute rates in the Industry.

Insurance fees go towards those counted in the annual Your Future, Your Super performance test.