Daily
Federal Budget targets resilience, insurance issues
26 October 2022
The Federal Government’s first Budget since its May election has provided funding aimed at improving access to affordable insurance in areas prone to natural catastrophes and has formalised a commitment for annual spending of $200 million on resilience and mitigation...
Fraud victim loses claim dispute after failing to take precautions
26 October 2022
A small business that had $130,510 siphoned from its accounts by an employee will not be compensated for its losses after a dispute ruling determined that its insurer’s “segregation of duty” exclusion was correctly applied...
INsight podcast: farmers and flood cover
26 October 2022
Rural property owners' access to flood cover was the main discussion point on the latest edition of the Insurance News podcast...
Investment losses stymie profitability rebound: Optima report
25 October 2022
The insurance industry has made its first loss on investments in at least two decades leading to another year of low profitability as strong claims inflation also impacted results, the annual Finity Optima report says...
Coast from Townsville to Wollongong on severe rain alert
25 October 2022
Coastal areas from Townsville in north Queensland down to Wollongong, south of Sydney, may experience severe thunderstorms from tonight, with heavy rainfall and possible damaging winds and large hail...
'Insurance safety net': NSW acts on building defects cover after advisory report
25 October 2022
The NSW Government announced today it is considering a proposal requiring high-rise developers or builders to take out decennial liability insurance to cover potentially serious defects for up to 10 years...
Claimant loses dispute over delayed ceiling collapse
25 October 2022
A Victorian homeowner who alleged that last year’s earthquake caused his kitchen ceiling to collapse six weeks later has lost his dispute after an Australian Financial Complaints Authority ruling determined his insurer’s decision to deny the claim was valid...
IAG customer retention rates high despite rising premiums
21 October 2022
IAG says customer retention rates are the strongest it's seen despite premium increases put through in response to the high level of natural catastrophe claims and inflation impacts...
Too early to say if class action decline marks 'genuine shift'
21 October 2022
Allens says class action risk may be easing from record levels seen in recent years after litigation filings declined “materially” in the first nine months of the year...
White roofs gain favour as homebuyers turn green: QBE
21 October 2022
Australia has the highest uptake of solar panels in the world as sustainable housing fixtures gain popularity, though homebuyers have been undaunted by record floods in Brisbane, where the median house price jumped by a quarter in the year to June...
Damage caused by drug-growing tenants not covered
21 October 2022
A landlord whose home was damaged by tenants who produced drugs at the property has lost his appeal to have his insurer’s decision to deny the claim overturned...
'Nowhere for floodwaters to go': ICA declares catastrophe
20 October 2022
The Insurance Council of Australia has declared an insurance catastrophe for regions of Victoria, Tasmania and NSW impacted by flooding since October 12...
'Take responsibility': APRA’s Byres warns on backstops
20 October 2022
Consumers should take a degree of responsibility for their decisions and not rely on government backstops when things go wrong or risks will be under-appreciated and underinsurance problems will increase, Australian Prudential Regulation Authority Chairman Wayne Byres has said in his last official speech in the role...
WA doubles maximum builders warranty payout caps
20 October 2022
The WA Government will double the maximum payouts under its home indemnity insurance program in reforms to better protect property owners in cases of incomplete or defective building works...
Not proven: insurer forced to drop allegations over torched vehicle
20 October 2022
Complainants whose vehicle was stolen from their property and later found burnt out have won their dispute against their insurer, which alleged that they provided inaccurate statements to have the claim accepted...
AFCA set to consider more than 300 BI disputes
19 October 2022
The Australian Financial Complaints Authority has a backlog of more than 300 covid-related business interruption disputes that it is set to consider in the wake of the High Court decision against hearing further appeals in the industry test case...
HDI Global Specialty appoints Australia MD
19 October 2022
HDI Global Specialty SE has appointed Mark Fleiser as MD of its Australian branch following growth in the local operation...
QBE faces climate scrutiny again after annual scorecard
19 October 2022
QBE and other global insurers have again come under criticism over their climate record following the release of an annual scorecard measuring their efforts to move away from fossil fuel-related businesses...
INsight podcast: floods spread after latest deluge
19 October 2022
The High Court’s rejection of covid-related business interruption appeal applications and the impact of flooding, centred this time in Victoria, are among the main discussion points in the latest episode of the Insurance News podcast...
How much? Test cases could leave industry with $10 million bill, or more
18 October 2022
The Insurance Council of Australia has covered the bill for the Covid-19 business interruption test cases – but says it can’t reveal what the final total is...