Wayne Swan Apologizes Over Delayed Cbus Insurance Payouts

The Cbus chair and former treasurer faced Senate scrutiny over governance issues, union ties, and unresolved claims affecting thousands of members.

Wayne Swan, chair of Cbus and former Australian treasurer, apologized to 10,000 members for delays in processing death and disability insurance claims, calling the situation deeply distressing.
Cbus has resolved about 80% of the delayed claims and is working to address the remaining cases, citing challenges such as family disputes and probate processes.
The fund is under legal scrutiny, with ASIC suing Cbus over delayed claims and APRA imposing strict conditions on its license due to governance concerns and union links.
Swan defended the controversial appointments of CFMEU-linked directors to the Cbus board, asserting compliance with regulatory requirements while APRA reviews the fund’s governance practices.
Cbus has implemented measures to improve claims processing, including hiring a new chief risk officer, enhancing resources in claims and insurance teams, and reducing the backlog of unresolved cases.