Michael Rooney

Investment Strategy

Media Super restructures insurance offering

A 150 per cent increase in premiums in three years has led to new options being developed including rehabilitation of members and the halting of selection against Media Super. Michael Rooney, deputy chief executive officer of Media Super, said the historical methods weren’t sustainable as the fund has experienced a 70 per cent increase in […]
Investment Strategy

Widespread call for hybrid TPD/IP insurance cover

Funds, insurers and consultants are calling for the creation of an insurance product that sits half way between TPD cover and income protection. Speakers and delegates at the third annual Conexus Financial/ AIA Group Insurance Summit, held in Sydney, found common accord not only that TPD was a major cause of soaring premiums, but it […]
Investment Strategy

TPD lump sums failing members’ mental health

People suffering mental health issues are being let down by a lump sum system that provides little to no incentives or support to return to work, industry delegates heard at the Group Insurance Summit. Michael Rooney, deputy chief executive Media Super, said there is a “clear problem” in having a product design that discourages people […]
Hedge Funds

Group insurance grapples with change

A combination of greater regulatory requirements, higher data standards and an increasing number of claims in group insurance have caused premiums to rise. According to a recent Conexus Financial/CommInsure roundtable, higher premiums are consequently here to stay. The Prudential Standard SPS 250 requires insurance records going back at least five years, covering claims, membership, the […]
Insurance

Rising premiums and tender differentiation

When Media Super switched from ING’s One Path last December to Hanover Insurance Group, it ended a relationship that began in 2008. At the time, One Path was the group insurer for Just Super, which merged with Print Super into Media Super, a $3 billion industry fund that primarily attracts workers in the media and […]
Custody

Indepth investment information required

Acting chief executive of Media Super, Michael Rooney, is frustrated by the lack of data transparency of some of its service providers as the fund takes greater control of risk monitoring. Rooney says the fund is in the process of obtaining more indepth investment information for its annual reports. This is part of a two-phase […]