Two-tier marketplace emerging for property 22 April 2021 A two-tier marketplace is set to emerge for property this year with conditions starting to ease for good risks while “challenged” areas remain difficult, Willis Towers Watson says... Read More...
Job well done: ASIC praises insurers for COVID response 22 April 2021 The corporate regulator has reviewed the responses of general and life insurers to customers suffering hardship during the COVID-19 pandemic, and was pleased with what it found... Read More...
Suncorp's 'meth damage not malicious' stance upheld in claim dispute 22 April 2021 A landlord has lost a claim dispute with Suncorp after her tenants smoked methamphetamine, causing dangerous chemical contamination of the walls, ceilings and other surfaces... Read More...
Auto & General to tweak fire cover terms after Choice lambast 22 April 2021 Auto & General Insurance, which underwrites brands Budget Direct, Virgin Money and ING, says it is making changes to its home insurance after being singled out in a scathing rebuke by Choice for what the consumer group describes as unfair fire definitions... Read More...
Underwriting margins in focus as low interest rates persist: Fitch 19 April 2021 Australian general insurers, like their peers in the Asia Pacific region, will be looking to strengthen their underwriting earnings to make up for dwindling investment returns caused by the persistent low-interest rate environment, according to Fitch Ratings... Read More...
AUB sees strong demand for non-equity Alliance 19 April 2021 AUB Group says the launch of non-equity network, The Insurance Alliance, provides a new business opportunity and complements its existing offerings for brokers... Read More...
AFCA backs exploration of UK test case model 19 April 2021 The Australian Financial Complaints Authority has supported consideration of a UK-style legal test case model for issues with wide-ranging impacts, amid scrutiny over the insurance industry’s approach to business interruption matters... Read More...
Advisers push for ‘bold’ reforms to cut costs 19 April 2021 Advisers have called for “bold and fundamental changes” to the legislative and regulatory framework governing the sector, including the classification of advice into either general information or personal advice... Read More...
Annual actuaries summit gets underway next week 19 April 2021 The Actuaries Institute is holding its month-long annual summit from Tuesday next week until May 21... Read More...
Australia ‘can lead the way in insurtech’ 19 April 2021 Australia could lead the world’s insurtech charge, thanks to its innovative and collaborative industry and conducive regulatory environment, a company founder says... Read More...
Aon-WTW deal still to clear regulatory hurdles 19 April 2021 Aon’s proposed US$30 billion merger with Willis Towers Watson is still awaiting regulatory clearances as the European Commission considers commitments lodged this month to address competition concerns, while authorities in other countries are also completing reviews... Read More...
Insurtech trends: using data to create dynamic insurance 19 April 2021 Like the prolonged soft insurance market cycle, the macro-economic cycle was an extended one and it took the largest recession since the Great Depression, triggered by a global pandemic, to bring the economy down... Read More...