Daily
'Catch up and do better': regulators lay out expectations
03 November 2022
The industry has been put on notice to expect increased focus from regulators on a range of pressing issues including pricing failures, policy wording lapses, product designs, climate-fuelled weather events, risk oversight and claims handling delays...
Owners lose claim appeal over stolen jet ski left anchored in bay
03 November 2022
The owners of a stolen jet ski will not have their claim paid after a dispute ruling determined that their insurer was entitled to rely on policy exclusions related to the security of the vehicle’s storage...
Agile casualty product goes online
03 November 2022
Lloyd’s-backed underwriting agency Agile has launched its casualty offering on its online Powered By Agile (PBA) platform, opening it up to more brokers...
ICA releases roadmap targeting net zero emissions
02 November 2022
The Insurance Council of Australia has released a roadmap for insurers to meet emissions reduction targets and says it will advocate on behalf of members and their customers for policy settings that accelerate Australia’s transition to net zero...
Australia's insurtech community gets it right: Gallagher Re
02 November 2022
Gallagher Re says it's time for insurtechs to scrap the disruption agenda and embrace collaboration with incumbent insurers, and points to Australia as a shining example...
Allianz says 38% of home claims are now weather-related
02 November 2022
Allianz is urging Australians to be “weather ready” as around 38% of its claims for home, building & contents so far this year relate to severe weather events...
INsight podcast: governments act on insurance
02 November 2022
The Federal Budget and its focus on insurance is the main topic of conversation on the latest Insurance News podcast...
Conflicted remuneration: advice review recommends keeping commissions
01 November 2022
The Quality of Advice Review has proposed keeping general insurance commissions exempt from the ban on conflicted remuneration, with an additional layer of protection for consumers requiring brokers to first obtain written consent from retail clients for commissions...
SIRA begins performance audits at icare
01 November 2022
NSW’s State Insurance Regulatory Authority has kicked off a series of audits to address concerns about the performance of the Nominal Insurer, which is managed by icare, and the time it is taking to implement case management improvement initiatives...
'Get it done': insurer loses bid to cash-settle roof repair
01 November 2022
Homeowners who had repairs to their roof left unfinished by insurer-appointed builders have successfully appealed their insurer’s decision to cash-settle the claim after a dispute ruling required the repairs be completed...
Perils pegs southern Australia storm losses at $972 million
01 November 2022
Catastrophe data company Perils estimates losses from severe storms that lashed three southern Australian states with hail, heavy rainfall and wild winds a year ago at $972 million...
NSW gains $800 million funding; insurers link with Qld program
28 October 2022
The flood-hit NSW Northern Rivers region will receive $800 million in federal and state government funding for home-raising, retrofitting and buy backs, while in Queensland Suncorp and RACQ have entered into a partnership with the state’s $741 million program to improve household resilience...
Early 2022 floods top Australia’s costliest disaster list
28 October 2022
The estimate of insured losses from flooding in NSW and Queensland in February and March has risen to $5.56 billion, equalling Sydney’s 1999 hailstorm...
Farms and flood: underwriters explain reluctance, but direct insurer confirms cover
28 October 2022
Leading rural underwriters CGU, QBE and Allianz have explained why they don’t cover flood risks for farm properties, while direct insurer Achmea has said flood is built into its farm policies...
Mix and match: claimant loses appeal over partially damaged bedroom suite
28 October 2022
A complainant who sought to have his entire five-piece bedroom suite replaced after parts of it was damaged has lost his claims dispute after his insurer refused to cover the non-damaged items...
Commercial rates continue to moderate, cyber 'plateauing', Marsh says
27 October 2022
Marsh’s latest pricing monitor shows Australia commercial premium rates continue to moderate, as the pace of increase weakens after many quarters of record-breaking rises...
NSW coast sets extreme rainfall winter record
27 October 2022
The Actuaries Institute’s latest quarterly climate index shows the East Coast South region - which covers Sydney and most of the NSW coast - set a record for extreme rainfall in winter...
Electric vehicle strategies 'a looming imperative': Finity
27 October 2022
Electric vehicle sales in Australia are set to become a larger proportion of the motor market and developing strategies and underwriting approaches is a looming imperative for insurers, Finity says...
Family loses dispute over 'intentional' property fire
27 October 2022
Homeowners who sought compensation following a series of fires at their property have lost their claims dispute after an Australian Financial Complaints Authority ruling determined that the most serious blaze was likely intentionally lit by one of the inhabitants...
'Eye off the ball': BI wordings lapse stems from risk governance weaknesses
26 October 2022
The industry’s failure to update business interruption policy wordings to take into account pandemic-related legislative changes, leading to legal disputes after claims were declined, is most probably not a one-off risk management lapse, the Australian Prudential Regulation Authority says...