The life insurance industry makes a significant contribution to the lives of Australians as part of the nation’s critical health and social settings.
This is recognised by the Productivity Commission, which believes life insurance forms an important part of Australia’s so-called risk protection system. This consists of a strong and broad insurance ecosystem that includes both private and publicly funded safety nets. The Productivity Commission has recommended that a generational review be undertaken of Australia’s risk protection and social insurance arrangements.
We support this recommendation and believe the time is right to do this important work, particularly with the national focus on the sustainability of Commonwealth programs such as Medicare and the National Disability Insurance Scheme. There is an opportunity to further contribute to the national economy and give Australians peace of mind about their future.