Simon Swanson works the room at Clearview s annual roadshow.
A confluence of events has reduced the life insurance industry to a mere ‘blip’ on the radar, according to Simon Swanson, the managing director of ASX-listed financial services provider Clearview Wealth.
Delivering a statement at the house of representatives standing committee on economics recently, Swanson – whose group has circa $280 million in annual in-force premiums and $3 billion in FUM – pointed out that only around half the country’s eligible workers have income protection and life insurance levels “continue to fall” despite relatively high levels of household debt.
“In a few short decades, Australia’s life industry has unfortunately gone from a pillar of society to a small blip in financial services, despite offering products that are highly relevant to society,” Swanson told the committee.
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