Council of Australian Life Insurers (CALI) CEO Christine Cupitt reflects on the new life insurance landscape incorporating an updated Life Insurance Code of Practice, a new industry body and new industry players.

Life insurance got its start in Australia during the 1849 gold rush, according to Christine Cupitt, CEO of the Council of Australian Life Insurers (CALI). She says that in terms of its purpose, life insurance today is still important to individuals and families for the reasons it was back then.

“There was wealth being created in the goldfields community, but people were really exposed to dangerous work,” she says.

“They were always thinking about how to protect their families and I don’t think those values have changed. That shows that life insurance is really standing the test of time in terms of the value that people perceive.”

Scrutiny heralds tougher times

Despite its clear value, the life insurance industry started to hit some tougher times in the last few years, notably with the extra examination brought by the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

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