Analysis
CrowdStrike outage a ‘stark reminder’ of cyber threat
22 July 2024
“This was not a cyberattack,” US cybersecurity firm CrowdStrike said on Friday, as it apologised for an outage that sparked global chaos...
Insurance and the metaverse: safeguarding virtual assets
15 July 2024
Insurers are venturing into the thriving digital landscape of the metaverse, covering virtual assets, safeguarding intellectual property and protecting the wellbeing of users and avatars...
‘We need to talk about relocation’
08 July 2024
An urgent national conversation about relocating the most at-risk homes is needed to address the growing threat of riverine flooding and rising sea levels, according to a new study...
‘There will be more’: code committee says first sanction not the last
01 July 2024
The General Insurance Code Governance Committee warns more sanctions for breaches are coming – and it wants to name insurers routinely in its reporting...
Build resilience to lower premiums: another industry message cuts through
24 June 2024
The Insurance Council of Australia and its members will be encouraged that another of its key recommendations to government is being acted upon, as a changing climate threatens the nation’s buildings and home premiums continue to rise...
‘Toxic’ fallout and digital dangers top Swiss Re risk rundown
17 June 2024
The number one emerging risk to property and specialty underwriting lines is the “cascading” fallout from flood, fire and other natural perils, according to Swiss Re’s latest Sonar report...
Five key takeaways from our strata seminar
03 June 2024
Insurance News held a half-day strata seminar in Sydney on Thursday, and more than 100 industry professionals attended...
Pooling in the same direction
27 May 2024
After many years of insisting the only solution to insurance affordability challenges is to reduce the risk, the industry and federal government now admit something else is needed...
Motor complaints take pole position
20 May 2024
Out of 28,698 general insurance complaints made to the dispute authority last year, 9565 related to comprehensive motor cover...
Intermediaries show ‘enduring strength’ in hard times
13 May 2024
The Australian economy has slowed as sustained high interest rates take their toll, but it’s a different story for brokers and other insurance intermediaries...
The ‘troubling’ trends on code breaches
06 May 2024
The General Insurance Code Governance Committee has released its latest statistics – and breaches have soared. insuranceNEWS.com.au has delved into the 38-page data and compliance report, which covers last financial year, to pull out the key trends...
AFCA examines its approach to disclosure
29 April 2024
Since October 5 2021, the duty of disclosure has no longer applied to consumer insurance contracts, as a raft of Hayne-inspired regulatory changes have been introduced...
Vulnerability, enforcement and affordability on the table in code review
22 April 2024
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
15 April 2024
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
08 April 2024
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
25 March 2024
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
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...
‘More work to be done’: the gender pay gap scorecards are in
04 March 2024
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
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...