POWERED BY MOMENTUM MEDIA
Spike in insurance claims at Cbus Super
Cbus Super, the superannuation fund for blue-collar workers, has announced it paid out almost $300m in insurance claims over the last financial year, a rise of $40m from the year before.
Justin Arter, chief executive at Cbus, said the record was driven by an increase in members making total and permanent disability claims, while he warned new laws introduced last year are leaving many workers in hazardous industries without any cover.
“More and more people are struggling financially in the current environment and injury and illness magnifies the financial risk,” said Arter.
“For workers in hazardous industries, insurance through your super can be the difference between a worker losing their home or not when tragedy strikes,” he added. “It can mean the difference between providing a basic or comprehensive rehabilitation from injury.”
According to Arter, recent legislative changes mean Cbus is now one of the few funds offering automatic insurance to young or low account-balance workers in hazardous or high-risk jobs through their super.
“More and more we are seeing apprentices and young people on construction sites without any level of insurance cover,” he said. “That is why we are suggesting people check if they have the right insurance cover and whether it covers hazardous or dangerous occupations.”
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
