Six ways to tackle soaring premiums: ICA’s pre-budget submission
05 February 2024
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...
Analysis
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...
Broker Love: IAG opens up on next stage of turnaround plan
04 December 2023
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
27 November 2023
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
20 November 2023
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
13 November 2023
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?
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...
From the frontline: good and bad of an insurance career
23 October 2023
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...
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...
Is it time to reconsider comparison websites for home and motor?
09 October 2023
It’s a familiar scenario for people buying personal insurance online – your home or motor renewal comes through, and the premium’s up 10% or even 20%...
Jones sings industry tune, but consumer groups not in harmony
02 October 2023
There’s nothing like an overseas trip to bring people closer together, as apparently evidenced by the delegation of insurance leaders and Assistant Treasurer Stephen Jones, which has just returned from Europe...
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...
Reinsurance price rises likely remain on the cards after reset
18 September 2023
Frustrating and gruelling negotiations leading into last January’s reinsurance renewals remain fresh in the memory as the industry prepares for upcoming discussions, with early expectations suggesting further price increases but an overall smoother process...
Higher returns, higher risks: industry adjusts to new interest rate era
11 September 2023
The end of the era of “financial repression” will transform the general insurance industry as it achieves higher returns from investments, but further market hardening is still expected, a global report from Swiss Re warns...
You have been warned: bushfire threat builds as forecast worsens
04 September 2023
Australian home and business owners – and their brokers – should be well aware of the potential bushfire threat this spring and summer, but a new report from an insurer shows misunderstandings about the risks are still rife...
10 reasons why our industry is floody effective
28 August 2023
In an attempt to align the corporate regulator’s recent report on claims handling with insurer profits, Melbourne’s Herald Sun recently ran with the headline “Our insurers are floody useless”...
Hidden danger: are flexihose claim denials wearing thin?
21 August 2023
Insurers are increasingly under fire for relying too heavily on wear and tear exclusions to deny claims – and one example is a growing concern for brokers and their clients...
Home truths: heat rises on affordability problems
14 August 2023
Actuaries Institute and consumer group research reports have highlighted rising home insurance affordability problems in parts of Australia and set out proposals for action, as consensus rises on some issues while immediate solutions remain a challenge...