Riskinfo has shared thousands of stories over the past decade and Riskinfo Senior Journalist, Jason Spits, takes a look at the top stories covered during that time.
These stories have resonated the most with Riskinfo readers since it launched in mid-2008, around the same time as the Global Financial Crisis, – which has become the catalyst for a number of key regulatory changes that have taken place over the last ten years.
This brief trip down memory lane also serves to provide a great perspective to the current-day events and issues impacting both adviser and their clients, as well as helping to inform our readers about what further changes may lie ahead for you, your clients and the industry in which you work.
On August 27, 2008, the first Riskinfo weekly newsletter was sent to subscribers and the leading stories covered product enhancements from Zurich, an underwriting initiative from AIG and a poll asking whether trauma premiums should be tax deductible.
A decade later, Riskinfo has written close to 4500 news stories as it has documented the changing face of life insurance and financial advice during a period which saw the introduction of the FoFA and LIF regimes, a number of life insurance brands come and go, numerous inquiries and reviews as well as industry responses to those, and ongoing debates about commissions, professionalism, education, regulation and legislation.
Interestingly, these are the topics of the highest rating stories released by Riskinfo in the past ten years, and that should not be surprising to long term readers. As a trade-media outlet, Riskinfo has always been pro-life insurance and pro-advice and has sought, from day one, to provide news for the life insurance sector that was targeted and relevant. It is why Riskinfo does not cover other parts of the financial services and products market, nor other kinds of advice.
Reaching the ten-year milestone has also given Riskinfo an opportunity to take a backward look over the many stories written and to present a list of the top ten stories of the last ten years. Presented below, with links, are the most read stories over the past decade as well as the top five stories for every year since 2008.
In some ways this is an interesting review of history but in another way it marks the key issues – many which seem to recur – that the life insurance industry has had to tackle since 2008. Last of all, it is a measure of what you, as the reader, have considered important for your practice and profession.
So, thanks for your support, for opening our newsletter each week and clicking on the links to the stories, and for adding your thoughts through the comments section.
We look forward to bringing you more news each week so, to quote a line from that very first email, you can continue to be risk informed with Riskinfo.
Top Ten Stories Since 2008
- New Life Insurance Framework Announced (2015)
- Dover Financial Advisers to Close in One Month (2018)
- New Super TPD Definition Questioned (2014)
- Court Verdict Sends Warning to Advisers on Disclosure (2014)
- 20% Flat Commissions – Trowbridge (2015)
- Govt Confirms Existing Advisers Will Not Need Degrees (2016)
- Ban Upfront Commissions – FSI (2014)
- Critical Court Decision Removes TPD Distinctions (2016)
- Court Upholds Claim Denied by Pre-Existing Condition (2014)
- Start-Up Insurer Plans Move Into Retail (2018)
Top Five Stories By Year
- AFA Announces Adviser of the Year Finalists
- TOWER Acquisition
- Lifeline Announced For AIG
- Aon Announces Approved List Partners
- AFA Rising Star Finalists Announced
- Ripoll Inquiry Recommendations Released – No Silver Bullet
- AFA 2009 Adviser of the Year – Finalists Announced
- AMP in Takeover Bid for AXA
- AXA Agrees Sale to NAB
- NAB Buys Aviva Australia
- Government Bans Commissions – Risk Not Included… Yet
- AFA Adviser of the Year Finalists Announced
- Banning Risk Commissions in Super – Impact on Premiums
- Adviser Backlash on Banning Risk Commissions
- Risk Commissions in Super to be Banned – Cooper
- FoFA Verdict – Risk Commissions to Continue, But Not in Super; Opt-in Every 2 Years
- Draft FoFA Legislation – Concessions on Risk Commissions in Super
- Door Open for Volume Bonuses to Continue – FoFA Tranche 2
- AFA Adviser of the Year 2011 – Finalists Announced
- Risk Commissions in Super May Stay – Shorten
- FSC Churning Announcement – 5-Year Upfront Commission Restriction
- 2012 AFA Adviser of the Year Finalists Announced
- FoFA Bills Passed After Fiery Debate
- FoFA Compliance Delayed to 1 July 2013
- Risk Adviser Banned
- FSC Abandons ‘Churn’ Policy
- ASIC Commences Churn Inquiry
- Renewed Pressure on Risk Commissions
- Sinodinos Announces FoFA Amendments
- 2013 AFA Adviser of the Year – Finalists Announced
- New Super TPD Definition Questioned
- Court Verdict Sends Warning to Advisers on Disclosure
- Ban Upfront Commissions – FSI
- Court Upholds Claim Denied by Pre-Existing Condition
- Senate Takes Axe to FoFA Amendments
- New Life Insurance Framework Announced
- 20% Flat Commissions – Trowbridge
- Clawbacks Reduced to Two Years
- AMP First Insurer to Mandate Commission Reduction
- LIF Start Date Pushed Back to Mid 2016
- Govt Confirms Existing Advisers Will Not Need Degrees
- Critical Court Decision Removes TPD Distinctions
- LIF Reforms Delayed
- CommInsure Announces Product Updates, Other Changes
- Standard Trauma Definitions Announced
- Zurich Purchases ANZ’s OnePath Life Business
- AIA Moves Into Health Insurance Space
- CommInsure to be Sold to AIA
- BTFG Wins Back to Back Life Company of the Year Awards
- LIF Reforms Finally Confirmed