Jane Hume (Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology) | Hansard source

I recognise the numbers you have from the PBO; however, there are billions of dollars being paid every year in insurance premiums by those under 25 or those with balances below $6,000 for insurances that they don't know they have, that they don't necessarily need and that often they can't claim on.

The second part of your question was whether we have any data. The Productivity Commission has recognised that insurance is not necessarily good value for those that are young and have low balances. Indeed, Rice Warner, the actuaries, had some data to demonstrate that particularly young women, when they pay their insurance premiums, are often paying 330 per cent of the value that they get from those insurances.