insuranceNEWS.com.au - Analysis

Vulnerability, enforcement and affordability on the table in code review

Mon, 22 Apr 2024 04:24:18 GMT

It doesn’t seem long since the 2020 General Insurance Code of Practice was released, but since then the industry has dealt with Hayne royal commission repercussions, a pandemic and record-breaking east coast flooding that’s now the focus of a parliamentary inquiry...

Let battle recommence: standard term reforms remain contentious

Mon, 15 Apr 2024 03:40:34 GMT

Battlelines are again being drawn over the extension of standard definitions beyond flood and wider reforms, amid the latest consultation on an issue that has previously been kicked down the road...

AFCA’s warning: do better, or soaring complaints are here to stay

Mon, 08 Apr 2024 02:50:00 GMT

Complaints about general insurance are rocketing up and there’s no end in sight unless the industry “does a better job”, Australian Financial Complaints Authority member businesses have been told...

Strata practices report unleashes torrent of criticism

Mon, 25 Mar 2024 02:09:38 GMT

Allegations that a major NSW strata management firm has been charging excessive fees for insurance services without full disclosure of the arrangements have touched a nerve and triggered a torrent of criticism directed at practices within the sector...

Catastrophes and confusion kick-start standard cover review

Mon, 18 Mar 2024 03:20:27 GMT

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bitten the bullet and is moving ahead with work to standardise more natural hazard insurance definitions and make an outdated standard cover regime effective, as record catastrophes and policy complexities sharpen the focus on an issue talked about for years...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

Mon, 11 Mar 2024 03:01:21 GMT

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...

‘More work to be done’: the gender pay gap scorecards are in

Sun, 03 Mar 2024 23:00:36 GMT

For the first time, almost 5000 large Australian organisations bared all last week, revealing what they pay men and what they pay women, and the gender balance across their boards and workplaces...

Floods inquiry raises stakes for code review

Mon, 26 Feb 2024 03:21:59 GMT

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

Mon, 19 Feb 2024 02:43:18 GMT

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

Mon, 12 Feb 2024 02:16:03 GMT

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”...

Six ways to tackle soaring premiums: ICA’s pre-budget submission

Mon, 05 Feb 2024 02:07:42 GMT

Cost of living is considered the number one concern for many Australians, and it will be a key focus for the Federal Government as it prepares its May budget...

2023, a year in stories

Mon, 18 Dec 2023 02:14:08 GMT

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

Mon, 11 Dec 2023 00:44:07 GMT

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...

Broker Love: IAG opens up on next stage of turnaround plan

Mon, 04 Dec 2023 02:18:47 GMT

A few years back, IAG’s Intermediated Insurance Australia division was struggling by any measure, a self-proclaimed underperformer that recorded a more than $100 million loss in FY22...

Tectonic shift: risks go both ways in energy transition

Mon, 27 Nov 2023 02:08:36 GMT

Societies and economies across the world have begun, to varying degrees, and with varying success, the process of energy transition...

Greatest gift: ESL delight, but history dictates caution

Mon, 20 Nov 2023 00:51:10 GMT

The NSW Government’s surprise announcement that it intends to ditch the inequitable Emergency Services Levy was an early Christmas present for an insurance industry battling increasing affordability woes...

Never-ending story: broker code debate maintains momentum

Mon, 13 Nov 2023 02:45:19 GMT

The November 1 changes on remuneration disclosure to the National Insurance Brokers Association code of practice were intended to draw a line under a debate that’s raged for more than a year...

Will insurers opt out of optional flood cover?

Mon, 06 Nov 2023 01:52:26 GMT

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

Mon, 30 Oct 2023 03:18:33 GMT

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...

From the frontline: good and bad of an insurance career

Mon, 23 Oct 2023 03:17:42 GMT

The 2023 Insurance News Wellbeing Survey received thousands of frank and insightful opinions from brokers, underwriters, claims experts and other professionals who make up the sector...