MetLife will be fighting a group insurance war on two fronts in this quarter as both First State Super and Statewide put out their group insurance arrangments to tender. Michael Dwyer, First State’s CEO, says the tender documents are being drawn up to ensure “the best insurance possible” for members, a complex proposition given the insurer must deal with occupations as varied as policing, teaching and office administration.
Dwyer confirmed the 535,000-member fund is “one of MetLife’s larger customers”, but he would not comment on the size of the annual premium to MetLife. South Australia’s 175,000-member Statewide will go to market in this quarter, said Bill Watson, general manager business development and client services, for group insurance cover within Statewide and its master trust division, Auswide. No tender has been announced yet, and “at this stage no decision has been made on whether it will be an open or closed tender,” Watson added.
As Australian superannuation funds grow bigger, the balance of investments will gradually tilt towards offshore assets, says the CIO of Australia’s second largest fund Aware.
Ben HurleySeptember 10, 2021
