The Australian Prudential Regulation Authority (“APRA”) is Australia’s regulator of banks, insurance companies and most superannuation funds. APRA regularly publishes data and statistics that provides insight into the management of Total & Permanent Disability (“TPD”) claims made by injured people against their superannuation funds.
In the latest figures released by APRA, 12% of TPD claims were declined and a further 27% remained undetermined. This meant that they remained open at the end of the relevant reporting period. Of the claims that were declined, 37% were declined because the contractual definition of the TPD policy was not met. Claims were also declined due to exclusion clauses or because the claim was determined to be fraudulent. The estimated average duration for assessment of a TPD claim was 5.6 months.
ASIC’s Moneysmart website revealed the superannuation funds that accepted the highest proportion of TPD claims were Asteron, TAL and CommInsure. Conversely, Hannover Re, AMP and OnePath declined the highest number of TPD claims.
A TPD claim can be worth hundreds of thousands of dollars to an injured worker. To increase the chance that a TPD claim will be accepted, and to minimise any delays, it is important all injured workers speak to a Solicitor with specific expertise in TPD claims.
If you have sustained an injury, Toby Tancred can help. He can provide you with legal advice, investigate your matter and represent you if you need to commence legal proceedings. Toby Tancred is a Law Society Personal Injury Accredited Specialist and has been recognised by Doyle’s Guide as a Recommended Work Injury Compensation Lawyer for two years running. Doyle’s Guide has also named Toby Tancred Solicitor as a Recommended Asbestos & Dust Diseases Compensation Law Firm. Toby Tancred has the experience, knowledge and ability to help all injured people in difficult times.