INsight podcast: La Nina gone, but clean-up challenges remain 29 June 2022 The end of the La Nina weather system that contributed to record-breaking floods in NSW and Queensland is the focus of the latest Insurance News podcast... Read More...
Floods become third costliest disaster as losses hit $4.8 billion 28 June 2022 Insured losses from the Queensland and NSW floods have risen to $4.8 billion, making the disaster Australia's third costliest extreme weather event on record, as claim assessments continue to be completed... Read More...
Northern lobby group to pursue wider affordability action 28 June 2022 The Northern Australia Insurance Lobby has changed its name and will take on a national focus as it seeks an expansion of government-backed reinsurance to other risks affected by affordability and availability problems... Read More...
'Unconscionable practices': complaints against ACBF top 1000 28 June 2022 More than 1000 complaints have been lodged against four Aboriginal Community Benefit Fund companies over “unconscionable practices” in relation to sales of funeral expense policies... Read More...
Flood claimants question 'like-for-like' replacements 27 June 2022 Victims of this year’s record-breaking floods are increasingly asking insurers to help make their properties more resilient as they rebuild – but policies usually specify like-for-like replacements... Read More...
Suncorp reviewing options for banking operations 27 June 2022 Suncorp has responded to speculation that it is looking at a potential divestment of its banking division by saying it is reviewing “strategic alternatives” for the business... Read More...
'Unfair': NSW budget ignores ESL 27 June 2022 The NSW budget missed the opportunity to tackle unfair insurance taxes and levies, the Insurance Council of Australia says... Read More...
Life insurers move to set up new peak body 27 June 2022 Australian life insurers have made a “collective” decision to set up a dedicated peak body to advocate on their behalf, following a “significant change” in the industry before and after the Hayne royal commission... Read More...
Insurers should ditch hiring rule book, recruiter says 27 June 2022 Insurers must rethink how they build teams or they will struggle to fill roles and create “massive holes” in servicing clients, Kona Recruitment says... Read More...
Blair Nicholls leads tech underwriting agency Clover 27 June 2022 Blair Nicholls has taken a new role as CEO at startup Clover Insurance Australia, a technology-led insurance underwriting agency focused on simplifying the placement of insurance for brokers which is set to go live late next month... Read More...
'Flowed into pockets of corrupt officials': JLT Specialty fined over Colombia commissions 27 June 2022 UK regulator the Financial Conduct Authority has fined JLT Specialty £7.88 million over “lax controls” that led to commissions it paid in relation to a business deal in Colombia ending up in “the pockets of corrupt officials”... Read More...
Like-for-like vs like-for-right 27 June 2022 Insurers have been at the vanguard of calls to “build back better” after Australia’s record-breaking floods catastrophe – and rightly so... Read More...