QBE vague on job cuts
QBE has declined to directly confirm reports it is in the process of cutting up to 700 jobs.
Instead, a spokesman said that QBE chief executive John Neal had already announced QBE's intentions to reduce its annual operating costs by more than $200 million in the coming years.
"This will be achieved through a wide range of initiatives as we work more closely across the 52 countries in which QBE employees are based.
"Our twin objectives are to further improve our business practices and to position the organisation for future profitable growth," the representative said.
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Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
