With energy prices rising, switch to a cheaper plan
Compare Prices Now

Australia’s best and worst performing insurers

Posted: 19 December 2016 12:29 pm

ranking evaluation rating

Survey ranks how companies handle and process claims.

A new study into the claims performance of Australian insurance companies has uncovered the businesses which received the highest and lowest satisfaction ratings, according to financial advisers.

Adviser Rating's 2016 Adviser Sentiment Life Insurance Report identifies and ranks life, income protection, trauma, and disability (TPD) insurers based on the efficiency of their claims process.

Real Insurance (-45%) and CommInsure (-42%) received a substantial number of negative scores, furnishing them the moniker of poorest-performing insurers.

St Andrew's Life (-10%), MetLife (-9%), Allianz (-9%) and Clearview (-5%) also ranked below par.

Australia's best-performing insurer was Asteron Life. More than a quarter (27%) of Aussie advisers were satisfied with the way they handled claims, giving the company the highest ranking among its peers.

AIA (24%) wasn't far behind, followed by TAL Life (23%), Zurich Australia (23%) and One Path (22%).

"The perspective of financial advisers is a valuable consideration when determining the best life insurance policies, as these professionals are at the frontline of the claims process, acting on behalf of clients," Adviser Ratings managing director Angus Woods said.

The Australian Securities & Investments Commission's (ASIC) industry review of life insurance claims identified shortcomings in handling procedures and denial rates, particularly for TPD and trauma cover.

As well as this, underinsurance is still plaguing Australians, particularly working families with children.

Submissions from Australia's leading superannuation bodies to a parliamentary inquiry into the life insurance industry found the level of disability cover and basic life insurance to be inadequate.

Purchasing or switching insurance policies? Research and compare to make an informed decision.

Note: The credibility of the information may or may not be 100% accurate given that Adviser Ratings are 100% adviser based and they are commenting on direct product.

Latest life insurance headlines

Picture: Shutterstock

Get more from Finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

2 Responses

  1. Default Gravatar
    WarrenApril 26, 2018

    What’s th e rating for suncorp income protection. I dont see it in the chart

    • Default Gravatar
      AshApril 27, 2018

      Hi Warren,

      Thank you for visiting Finder.

      The list and ratings are for life insurance providers. You may check our list of income protection insurance. Suncorp Bank is not included as we do not have access to the policy that they offer.

      You may still know more about Suncorp Bank income protection policythrough our review page. It can cover up to 75% of your income and a maximum benefit of $10,000 every month.

      I hope this helps.

      Let us know if there is anything else that we may assist you with.


Go to site