Daily
SIRA proposes workers' comp COVID cost-sharing plan
10 November 2020
The NSW State Insurance Regulatory Authority has proposed spreading COVID-19 workers’ compensation costs across the state scheme amid uncertainty about the potential volume and size of possible claims...
That’s Christmas sorted: insurance board game launched
10 November 2020
That awkward Christmas Day after-lunch slot when everybody’s slumped on the couch but can’t agree what to watch might just have been dealt with – thanks to a new board game from IAG subsidiary NRMA Insurance...
Insurers’ earnings likely to fall further, Fitch warns
06 November 2020
Australian insurers are set for more pain in the coming months as earnings continue to take a hit from the virus-linked recession, Fitch Ratings warns in a new report...
General insurance complaints up 17%, AFCA figures show
06 November 2020
General insurance disputes received by the Australian Financial Complaints Authority increased to 19,103 last financial year, according to its annual review published today...
Hailstorm dominates Suncorp disaster costs
06 November 2020
Suncorp says natural hazard costs across Australia and New Zealand for the first four months of the financial year are estimated at $348-408 million following last weekend’s destructive hailstorm...
Farmer’s $42,000 shed kit not covered by property policy
06 November 2020
A NSW woman whose farm shed kit was damaged in a bushfire before it could be constructed on a newly laid concrete slab has lost her claim dispute...
D&O, COVID spark another record jump in insurance prices
05 November 2020
Commercial rates in the Australia-dominated Pacific market set a new record for the second straight quarter, rising 33% in the three months to September, according to the latest pricing report from Marsh...
COVID support clouds claims visibility: Genworth
05 November 2020
Genworth Mortgage Insurance Australia has strengthened its claims reserving due to reduced loan delinquency visibility caused by COVID-19 restrictions and government and lender support packages, and with an uneven economic recovery expected...
Crawford buys insurance-focused Australian law firm
05 November 2020
Global claims management group Crawford & Company has acquired Australia’s HBA Group, a law firm with a significant presence in the insurance industry servicing underwriters, brokers and other insurance-related businesses...
Three excesses in one day: skier loses dispute over multiple charges
05 November 2020
A driver whose wheel arch was dented and his rear door scraped by a ski while in a carpark at an Alpine resort has lost a claim dispute after his insurer charged multiple excesses...
IAG awaits test case outcome before BI update
04 November 2020
IAG will await the results of a legal test case before updating the market on possible business interruption claims losses, despite some investor concerns about the need for more immediate disclosure...
Insured disputing renewal price told new quotes 'irrelevant'
04 November 2020
A homeowner who complained new customers were being offered home and contents cover for hundreds of dollars less than he was charged at renewal has lost a dispute over his annual premium increase...
Emergence forms in-house cyber claims response team
04 November 2020
Cyber specialist Emergence has formed an in-house Incident Response and Cyber Claims team to work for policyholders if they are victims of an event, as risks faced by businesses and households continue to increase...
Royal commission findings a 'significant step', roundtable says
04 November 2020
Recommendations from the bushfire royal commission are a significant step towards achieving vital investment in mitigation to protect communities, IAG MD and CEO Nick Hawkins says...
Queensland hailstorm losses reach $195 million
03 November 2020
Insured losses from Queensland hailstorms have climbed to an estimated $195 million and the figure is expected to continue rising over coming weeks as residents and businesses assess damage and file claims...
icare criticised for lack of compliance on contracts
03 November 2020
NSW state insurer icare has failed to comply with transparency requirements over contracts for a number of years, a new report from the NSW Information and Privacy Commission has found...
UK Supreme Court to hear BI appeal this month
03 November 2020
The UK Supreme Court will this month hear appeals brought by insurers and the regulator over a business interruption test case decision handed down in September...
Claimant who 'changed mind' over trip wins dispute
03 November 2020
A 72-year-old woman who cancelled a family trip to South Australia due to health concerns over the coronavirus outbreak and later lodged an unsuccessful claim with AIG for travel losses has won in her complaint filed against the insurer...
No end in sight to hard market, broker CEOs warn
30 October 2020
Lack of capacity and high prices are set to remain key issues for brokers, with no end in sight as difficult circumstances persist and discussions take place remotely, company CEOs told the National Insurance Brokers Association convention today...
Allianz pays $10 million to customers hit by travel insurance 'failings'
30 October 2020
The Australian Securities and Investments Commission says it has secured $10 million in remediation from Allianz Australia and subsidiary AWP Australia for travel insurance that was “potentially mis-sold” to 31,500 customers...