Daily
360 Construction agrees to buy Ensurance Underwriting
25 March 2020
Underwriting agency 360 Construction and Engineering has agreed to buy Ensurance Underwriting for $1.1 million, it was announced today...
Calls for travel premiums to be refunded
24 March 2020
Australia’s $1.2 billion travel insurance industry is under pressure to refund premiums paid for cover that will go unused as a result of the shutdown on travel...
Summer losses pass $4.5 billion, but pandemic could hinder claims work
24 March 2020
Insurance losses from catastrophes since the start of the last bushfire season have raced past $4.5 billion, and there are concerns that COVID-19 restrictions could slow down some of the hundreds of thousands of claims...
SUA acts on virus vacancy worries
24 March 2020
Concerns that commercial policy exclusions for unoccupied premises will be triggered by coronavirus shutdowns have caused underwriting agency SUA to address the issue in the Lloyd’s market...
When a flood isn’t: AFCA makes insurer pay
24 March 2020
A Townsville resident who had an IAG insurance policy that specifically excluded flood damage has been told he can claim for repair costs after 10cm of water inundated his business property...
Coronavirus fallout: brokers brace for upheaval
20 March 2020
Insurance brokers fear the next few months, or probably longer, could be very challenging as the worsening coronavirus outbreak in Australia inflicts heavy damage on the economy...
RACV suspends travel cover; Allianz considers changes
20 March 2020
RACV has today suspended sales of new travel insurance policies in the wake of unprecedented government restrictions aimed at slowing the spread of coronavirus...
Toilet visit cost owner his car and his claim
20 March 2020
A man who left his car running at the front of his business while he went inside to lock up and use the toilet has lost an appeal to have his insurance claim paid after the vehicle was stolen and destroyed...
UK regulator tells insurers how to behave in crisis
20 March 2020
UK regulator the Financial Conduct Authority has laid down its expectations of insurers as the coronavirus pandemic begins to bite businesses and consumers alike...
Floods push summer catastrophe bill to $3.5 billion
19 March 2020
Losses from floods and storms in Queensland and NSW earlier this year have risen dramatically to more than $466 million from 56,418 claims – pushing the total summer catastrophe bill towards $3.5 billion...
Withdrawn: did ASIC step in over FSC’s pandemic statement?
19 March 2020
The Financial Services Council has withdrawn a recent statement it made on behalf of the life industry stating that existing policies have no exclusions for pandemics...
Lloyd’s closes Underwriting Room to prevent virus spread
19 March 2020
Lloyd’s has closed its iconic Underwriting Room following advice from the UK Government on slowing the spread of the COVID-19 virus...
Confusion fears over ASIC product guidance
19 March 2020
Proposed regulatory guidance for new product design and distribution rules is inconsistent with the legislation and likely to cause confusion, insurers and brokers have warned...
Another virus risk: home working raises cyber worries
18 March 2020
Businesses face increased cyber risks that may not be covered by insurance as they send staff home to work on unsecured personal devices and criminals step up attacks using scams and malware...
Landlord wins in dispute over drug contamination
18 March 2020
A landlord has won a dispute with his insurer over a claim for damage to his property caused by methamphetamine contamination...
Insurers win access to boat crash alcohol test
18 March 2020
AIG and underwriting agency NM Insurance have won access to the results of a blood alcohol test taken after a boating accident triggered a claim for $341,000...
Global travel ban: what it means for insurers
18 March 2020
The fallout on Australia’s $1.2 billion travel insurance industry is likely to be more acute after the Federal Government raised its travel advisory to a maximum Level 4 “Do Not Travel” global restriction...
Pandemic: Finity predicts insurance impacts
17 March 2020
Various classes such as travel insurance, personal accident and workers’ compensation will be affected directly and indirectly by the worsening coronavirus outbreak in Australia, actuarial firm Finity says...
UAC postpones Melbourne expo as virus lockdown bites
17 March 2020
The Underwriting Agencies Council has postponed its Melbourne expo and is keeping a “watching brief” on future events as the coronavirus pandemic halts more large-scale industry gatherings...
‘Innocent non-disclosure’ wins $140,000 dispute for claimant
17 March 2020
Tokio Marine & Nichido Fire Insurance must pay a commercial claim for hail damage to the roof of a property, despite the claimant’s failure to properly disclose the property’s age and condition...