HESTA renews insurance partnership with AIA, drops | Australian Markets

Australian superannuation fund, HESTA, has lowered the charges for its members’ insurance cowl after renewing its partnership with AIA Australia.

This is the latest in a string of re-appointments for AIA, after first linking up with HESTA in 2018 and its latest partnership renewal coming into impact in 2023.

According to a assertion from HESTA, more than $186 million was paid out in insurance advantages to HESTA members in 2024.

“We’re pleased to continue our strong relationship with AIA Australia, which will support us in providing high-quality, long-term insurance protection at better value for our members,” HESTA chief government, Debby Blakey, stated.

“As a fund targeted on healthcare and group providers, guaranteeing easy entry to acceptable and reasonably priced insurance protection is essential and may present peace of thoughts to members and their households.

“It’s a great outcome for our more than one million members that we’ll be able to help cut insurance costs for them at a time when many Australians are experiencing higher prices.”

HESTA additionally stated the choice to re-appoint AIA Australia as its insurance companion adopted a tender course of that commenced in December 2024. The fund stated forward of the new settlement coming into impact subsequent yr, it should work carefully with AIA to finalise “pricing, product design, and [improved] terms and conditions” for members.

“We look forward to working closely with AIA to further enhance our insurance offering and deliver even better outcomes for our members in the years ahead,” Blakey stated.

“We also want to recognise the high-quality proposals received from a range of insurers as part of our tender process, and would like to thank them for their strong interest and their time and effort in submitting very competitive proposals.”