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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.”
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