Farm Insurance NZ
APRA has acknowledged the challenges arising from an increasing number of TPD claims, noting complexities within the sphere, including those tied to mental health. Accordingly, APRA is engaging with life insurers to identify root causes of these challenges and to monitor the actions being taken to address them. The regulator stresses that the insurance industry must show proactive leadership in ensuring the sustainability of TPD offerings, ultimately leading to improved outcomes for customers.
The regulator emphasises its ongoing oversight of these matters to maintain the sector's prudential soundness and reassure policyholders about the reliability of their insurers when needed. Swiss Re, underlining its commitment to the Australian life market, has opted to halt new business quotes temporarily, intensifying efforts with existing partners to develop sustainable products, focusing particularly on TPD insurance sustainability issues.
This decision underscores the necessity to rethink product designs amidst the backdrop of shifting work environments, rising costs, and evolving societal demands. The conversation around TPD sustainability has gained momentum, with Acenda, another insurer, reporting significant spikes in claims related to mental illness and musculoskeletal conditions over the past five years.
Gerard Kerr, Acenda's chief executive for individual insurance, highlighted that rising TPD claims translate to higher premiums. He urged the industry to explore alternative TPD solutions that cater to changing customer needs, emphasising the correlation between increasing claims and premium hikes, affecting both potential and existing policyholders.
Published:Tuesday, 28th Oct 2025
Source: Paige Estritori
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Natural Disaster Preparedness: Insurance Tips for Farmers Facing Adversity In the heart of New Zealand's pastoral verdure, the significance of preparedness for natural disasters is paramount for the farming industry. The distinct landscape, while providing an idyllic backdrop for agricultural pursuits, is not without its challenges. Farmers are often at the mercy of nature's unpredictability, making disaster preparedness not just prudent but essential for the continuity of their livelihood. - read more
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Protecting Your Farming Future: Why Machinery Breakdown Coverage is Essential Farming is a vital part of New Zealand's economy and cultural heritage, representing a way of life for thousands across the country. With its unique landscapes and diverse climate, New Zealand farmers are renowned for producing a wide array of high-quality products that serve not only the nation's needs but also supply a multitude of international markets. - read more
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