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Critical Illness Standardisation - The Australian Perspective

This article from GenRe discusses the Critical Illness market in Australia and how they are moving toward standardisation:

"One way to simplify complex products is to adopt common definitions across the board. There is a groundswell of opinion in support of requiring the minimum standards industrywide to comply with the definitions, leaving companies free to be more generous should they wish. A Gen Re opinion poll found 69% of senior risk professionals in favour of minimum standardised definitions and even of them becoming mandatory. The Trauma Minimum Standardised Definitions Survey is available on the Gen Re website."

Gen Re feels that a move to standard definitions is not just window dressing; the serious underlying intention is to reduce the number of Trauma claims that are declined. There have been some high profile cases - take the ABC Four Corners investigation last year. But in recent years trauma has not generally been a significant number of claims. 

Click here to view full article.

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