Daily
Exclusive: Insurance Council CEO set to step down
30 January 2020
Insurance Council of Australia CEO Rob Whelan will step down after almost a decade leading the industry body...
PSC buys Australian Unity’s broking business
30 January 2020
PSC Insurance Group announced today it will acquire the general insurance broking business of Australian Unity for $1.56 million...
Suncorp takes a $300 million hit from January disasters
30 January 2020
Suncorp says costs from this month’s fire, hailstorm and rain disasters are expected to be capped at $300 million following reinsurance recoveries, amid an “unprecedented” start to the summer catastrophe season...
Coronavirus outbreak: exclusions could rule out cover
29 January 2020
The local insurance industry has warned that “broad exclusions normally apply” to pandemics and epidemics such as the current coronavirus outbreak...
Another leadership team executive quits IAG
29 January 2020
IAG Group Executive Strategy and Corporate Development David Harrington “has decided to leave” the company at the end of March, the insurer says today in a statement...
Unsustainable ‘honeymoon’ discounting under fire
29 January 2020
Life insurer ClearView has taken aim at its rivals for cutting premiums to unprofitable rates in the race to maintain customer numbers...
AUB announces 'good progress' on performance
28 January 2020
AUB has reaffirmed its full-year earnings guidance, with the business on track to deliver “toward the top” of its forecast of an 8-10% rise in adjusted after-tax net profit...
Suncorp must pay uninsured driver after collision with ambulance
28 January 2020
An uninsured driver whose vehicle was in collision with an ambulance will receive up to $15,000 after the Australian Financial Complaints Authority found in his favour...
Bushfires may boost reinsurance rates: AM Best
28 January 2020
Bushfires this summer could lead to increased reinsurance rates at renewals while underwriters will also be looking at their approach to managing exposure to the risk in future, AM Best says...
Bushfire, hailstorm losses top $2 billion
24 January 2020
Insured losses from bushfires and hailstorms since November have reached $2.16 billion as more claims from the events are lodged...
Genworth chooses KPMG partner as its next CEO
24 January 2020
Genworth Mortgage Insurance Australia has appointed KPMG Partner Pauline Blight-Johnston as MD and CEO...
IAG cuts earnings outlook as catastrophe costs mount
24 January 2020
IAG today lowered its earnings guidance for this financial year to account partly for the impact of this month’s hailstorm that severely damaged cars and homes in Canberra, Sydney and Melbourne...
Climate concern jumps up worry list
23 January 2020
Climate change and increasing weather volatility has surged into third place in an annual Allianz Global Corporate and Specialty survey of business risks facing the Australian insurance industry...
Uber driver loses dispute over claim
23 January 2020
An Uber driver whose insurer knocked back a claim because he hadn’t told them he was working for the rideshare company has had his complaint rejected by the Australian Financial Complaints Authority...
BEAR trap: insurers face tough conduct regime
23 January 2020
Treasury has released a consultation paper on plans to extend the Banking Executive Accountability Regime (BEAR) to insurers and other regulated financial entities as recommended by the Hayne royal commission...
Brokers flag uncertainty over bushfire business interruption cover
22 January 2020
Brokers are calling for a review of business interruption policy wordings following the devastating bushfires that ripped through tourist regions in NSW, Victoria, SA and Queensland...
Investments: brokers hold edge over insurers
22 January 2020
Listed brokers are poised to outperform their rivals in the coming months as the rate cycle eases from recent peaks, Macquarie Research says in a new report...
Underwriters 'will maintain a tough line until 2021'
22 January 2020
Rising premiums and reduced capacity from underwriters for some business risks are set to remain features of the insurance market until well into next year, Honan Insurance Group says...
Hailstorm losses top $300 million, catastrophe declared
21 January 2020
Hailstorms that dented cars and smashed windows in Canberra, Sydney and Melbourne over the past two days have caused losses estimated at $320 million...
AIG’s exit list grows as Asia Pacific CEO walks
21 January 2020
AIG’s Asia Pacific CEO Sachin Shah has left the company “to pursue other opportunities”, one year after he took on the position in January 2019...