FSC appointment puts focus on underinsurance

AIA Australian chief executive Peter Crewe has been appointed to the board of the Financial Services Council (FSC), helping to further address Australia’s underinsurance problem.

Mr Crewe has more than 26 years of experience across life insurance, fund and superannuation industries including his current role as chief executive of AIA Australia, which he has held since 2011.

He said the new role on the FSC board will “provide an opportunity to ensure that life insurance takes on greater prominence in Australia.”
“While there have been improvements recently, underinsurance is still a big issue for Australia,” said Mr Crewe.

“We are trying to address this as a business, and I look forward to working with Greg and my fellow directors to ensure that the standards that are agreed by the FSC for the provision of life insurance benefit all Australians.”

Mr Crewe first joined the AIA Group in 1994 and held a variety of senior executive roles throughout the Asia Pacific region before becoming chief executive of AIA Australia at the end of 2011.

He is also currently a board member of the Australian Science Media Centre, a not-for-profit organisation for the news media.

Chairman of the FSC Greg Cooper said Mr Crewe brings significant Australian and international experience in the life insurance industry to the board.

“Peter brings extensive Australian and International experience in the life insurance industry to the FSC board,” Mr Cooper said.

“He will be part of a critical stage in the growth of Australia’s financial services industry as it expands from $2 trillion today, to $3 trillion by 2020.”

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