Risk Company Update

Zurich steps up on family leave entitlements

Zurich Australia employees will now have access to its Family Care Policy which provides paid leave for all circumstances relating to families, and the continuation of superannuation contributions on unpaid leave. The new policy is in place from December 21 and replaces Zurich’s Parental Leave Policy.

The updates are to reflect every family’s unique circumstances, including birth, adoption, surrogacy, IVF, miscarriage and stillbirth. Primary parents are entitled to 16 weeks’ paid leave, with requests available up to two years leave.

All leave, paid and unpaid, still has superannuation paid. Co-parents can access six weeks of paid leave plus additional unpaid leave. There are no tenure requirements for eligibility, and other forms of leave will still accrue as usual.

Hannover exiting group insurance

Hannover Re is to focus on reinsurance, backing out of the market on group life insurance through superannuation funds. There exist currently several large superannuation mandates with superannuation funds such as Equipsuper and Sunsuper. There is no date set for the exit.