Farm Insurance :: News

Share this news item!

Superannuation Changes Shrink Insurance Coverage by Over a Third

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Recent findings uncover the significant consequences that successive government reforms, most notably the Coalition's initiatives aimed at fortifying superannuation, have had on Australians' insurance policies held within superannuation funds.

The investigation, conducted by the Association of Superannuation Funds of Australia (ASFA), has brought to light a startling 36% decrease in the number of individuals covered by life insurance within super funds for death benefits, along with a comparable decline in Total and Permanent Disablement (TPD) coverage.

ASFA CEO, Mary Delahunty, unveiled these findings ahead of a Sydney conference, emphasizing a worrying trend that smaller numbers of Australians now benefit from the safety net of group insurance tied to superannuation, leaving families potentially vulnerable.

The disruption is not just felt at the individual level but echoes across the economy. ASFA's research indicates the legislative reforms have resulted in approximately 5,000 death benefit claimants missing out on collective payouts amounting to A$655 million for the 2022-23 period alone.

The dive in insured lives aligns precisely with forecasts modelled by ASFA at the time these legislative adjustments took place, predicting that around 5 million policyholders could be affected.

Published:Wednesday, 28th Feb 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Queensland Farmers' Market Threatened with Eviction Over Insurance Dispute

01 May 2026: Paige Estritori

In south-east Queensland, the Three Creeks Farm Stall, a cherished farmers' market operating in Eileen Hose Park near Gympie, is confronting potential eviction due to a disagreement over public liability insurance requirements imposed by the Gympie Regional Council. - read more

Record Surge in Insurance Complaints Due to Claim Processing Delays

01 May 2026: Paige Estritori

Recent data from the Australian Financial Complaints Authority (AFCA) reveals a significant increase in complaints against insurance companies, with an average of 100 complaints per day. This surge is primarily attributed to delays in processing everyday claims, affecting both home-building and motor vehicle insurance sectors. - read more

Climate Change Contributing to Rising Home Insurance Premiums in Australia

01 May 2026: Paige Estritori

Insurance Australia Group (IAG) has released a report indicating that climate change is increasingly influencing the rise in home insurance premiums across Australia. The report highlights that the frequency and severity of extreme weather events, such as severe storms and hailstorms, are escalating, particularly in densely populated regions. - read more

Queensland Farmers' Market Threatened with Eviction Over Insurance Dispute

23 Apr 2026: Paige Estritori

In a developing situation in south-east Queensland, the Three Creeks Farm Stall, a popular farmers' market operating in Eileen Hose Park near Gympie, is facing potential eviction due to a dispute over public liability insurance requirements imposed by the Gympie Regional Council. - read more

Record Surge in Insurance Complaints Due to Claim Processing Delays

23 Apr 2026: Paige Estritori

Climate Change Contributing to Rising Home Insurance Premiums in Australia

23 Apr 2026: Paige Estritori

Click for more Insurance News

Farm Insurance Articles

Is Your Farm Under-Insured? Tips for Assessing Bushfire Insurance Adequacy

The threat of bushfires looms large over the vast expanses of rural Australia, shaping the reality of farming in this sunbaked landscape. The risk, always present, escalates as the climate warms and dry conditions persist. It's not a matter of if, but when the land will be tested by fire's wrath. In this environment, the armor of insurance isn't just recommended; it's critical for survival. - read more

How to Save Money on Your Farming Insurance Premiums

When looking for farming insurance, it is important to shop around for the best deals. Don't simply rely on the first insurance company that you come across. Take the time to research various companies and their policies. Compare them based on their coverage, premiums, and deductibles. - read more

Navigating Farm Succession: A Step-by-Step Guide for Rural Australian Families

Welcome to our comprehensive guide on navigating farm succession for rural Australian families. The journey of passing on a family farm from one generation to the next is both a critical and challenging milestone. Recognizing that every farm has its unique story and set of circumstances is fundamental to the process. - read more

Understanding Farm Equipment Insurance: What Rural Australians Need to Know

Farm equipment insurance is crucial for rural Australians who rely on their machinery for agricultural productivity. This insurance provides a safety net, helping to mitigate the financial risks associated with equipment loss or damage. - read more

Investing in Cybersecurity: A Crucial Step for Sustainable Farming

Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. In the context of agriculture, it involves safeguarding the digital solutions and technologies that have become intrinsic to modern farming operations. As technological advancements continue to revolutionize the farming landscape, the importance of cybersecurity in securing farm data and operations has become more pronounced. - read more

The Impact of Weather on Farm Insurance Rates: What You Should Know

Farming in Australia is a dynamic venture that requires careful planning and management. One of the crucial aspects every Australian farmer should consider is farm insurance. It provides a safety net against potential financial losses arising from various risks. These include natural disasters, damage to crops, livestock issues, and accidents on the farm property. - read more

Need a Quote?

Start your free farm insurance quote comparison here.

Knowledgebase

Insurance Claim:
Notification to an insurance company requesting payment of an amount due under the terms of the policy.

This website is owned and operated by Clark Family Pty Ltd (as Trustee for the Clark Family Trust) 43 Larch Street Tallebudgera QLD 4228, A.C.N. 010281008.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.