Brought to you by:

Analysis

Catastrophes and confusion kick-start standard cover review 

18 March 2024

The Federal Government has bitten the bullet and is moving ahead with work to standardise more natural hazard insurance definitions and make an outdated standard cover regime effective, as record catastrophes and policy complexities sharpen the focus on an issue talked about for years...

‘Notoriously hard balancing act’: industry fears slip-ups

11 March 2024

There’s no respite for Australian insurers, two years after record-breaking floods. The industry is dealing with an ongoing federal parliamentary inquiry into its response to those catastrophes while having to keep a close eye on an array of competing risks such as cyber threats and stiffer regulations...

Floods inquiry raises stakes for code review 

26 February 2024

The federal parliamentary inquiry into insurers’ handling of record flooding two years ago has put the spotlight on the code of practice review launched in November, and the effectiveness and enforceability of the document...

Cash settlement reforms on the cards after inquiry scrutiny

19 February 2024

Cash settlements weren’t given top billing in the terms of reference for the parliamentary inquiry into insurers’ handling of flood claims but they have proved a lightning rod for criticism during hearings in Canberra...

Mistakes were made, but flood inquiry must focus on future 

12 February 2024

It was one of the most absorbing exchanges of the Federal Government’s flood inquiry hearings so far. Independent MP Andrew Gee, who represents flooded constituents in Eugowra and other NSW communities, wanted Insurance Council of Australia CEO Andrew Hall to admit he was “embarrassed and ashamed”...

2023, a year in stories 

18 December 2023

The insurance industry never stands still, and while the year hasn’t been as turbulent as others in recent times, the team of journalists at insuranceNEWS.com.au has written about 3000 news articles during 2023...

Not so simple for insurers as advice changes loom 

11 December 2023

General insurers are set to provide “simple advice on less complex matters” under a new model, as outlined in the Albanese Government’s ambitious bid to reform financial advice regulations...

Will insurers opt out of optional flood cover? 

06 November 2023

Australia’s $6 billion flood catastrophe last year devastated many communities, and it may yet have a significant impact on how home insurance policies operate in future...

Battle to stop floodplain building finally gaining traction 

30 October 2023

A battle to stop building housing in the highest risk locations on Australia’s floodplains appears to be finally gaining traction with a NSW Government decision to prevent some proposed development in the Hawkesbury-Nepean Valley west of Sydney...

Floods tipping point galvanises government, industry 

16 October 2023

Last week’s Insurance Council of Australia Annual Conference was held a year after flood waters inundated towns in northern Victoria in a continuation of natural disasters triggered as torrential rainfall fell across eastern states during a third consecutive La Nina...

Householders a trouble area as investments provide boost 

25 September 2023

The annual Radar report shows householders was the only class to make a loss last financial year, a reversal in investment results drove overall profits higher and affordability pressures are a key issue for the industry...