Daily
Reform pain: ICA chief says Hayne will ‘stretch’ industry
15 August 2019
The large number of reforms spilling out of the Hayne royal commission will stretch the general insurance industry to its limits and create a “seismic shift” in the way it operates, according to Insurance Council of Australia CEO Rob Whelan...
Lloyd’s broker with many Australia links dies
15 August 2019
Bruce Copp, a London-based specialist Lloyd’s broker with close ties to Australian insurance professionals, has died at the age of 65 after a battle with cancer...
Investor says ASIC’s Coverforce records are wrong
14 August 2019
Private equity investor Pemba Capital Partners says Coverforce shares issued to Resilium owners including MD Adrian Kitchin are invalid and Australian Securities and Investments Commission company records should be corrected...
Allianz stung with $250 million extra capital requirement
14 August 2019
Allianz must put in $250 million in extra capital requirement after coming up short in a risk governance self-assessment test it undertook last year at the request of the Australian Prudential Regulation Authority...
QBE works on customer charter
14 August 2019
QBE is about to launch a new Customer Charter, which it says will deliver better and more consistent outcomes for clients during the claims process...
ICA calls for disclosures on high-risk buildings
13 August 2019
Information from high-risk building registers should be shared by governments with insurers to provide clarity on potential liabilities, Insurance Council of Australia Head of Risk and Operations Karl Sullivan has told a NSW parliamentary inquiry...
Insurers lose in appeal over indemnity claim
13 August 2019
The NSW Court of Appeal has overturned a decision by a Supreme Court judge who had ruled the Bank of Queensland was not entitled to seek indemnity for $6 million it paid to settle a class action filed by 192 investors...
Saving koalas: insurer launches campaign
13 August 2019
NRMA Insurance has begun a campaign to raise awareness of the plight of Australia’s iconic koalas, by pledging to plant a tree every time it sells a home insurance policy...
Is self regulation dead? CCI failure reveals size of challenge
09 August 2019
Consumer credit insurance failings highlight the challenges of industry self regulation as the financial services sector seeks to win back lost trust, Australian Prudential Regulation Authority Chairman Wayne Byres says...
400,000 NAB customers notified of 'junk insurance' class action
09 August 2019
In one of the largest court-ordered notices in the nation's legal history, more than 400,000 Australians were today notified they may be eligible for a class action accusing National Australia Bank of selling “junk” consumer credit insurance...
NSW reforms shine light on CTP insurer performance
09 August 2019
The NSW Government has endorsed reforms aimed at measuring and reporting on the performance of compulsory third party insurers...
Commercial pricing powers ahead in latest quarter
08 August 2019
Australia and New Zealand commercial pricing gains have accelerated in the second quarter, outpacing global increases, as property, financial and professional indemnity rates rose, Marsh says...
Asia exit boosts IAG’s ledger
08 August 2019
A lucrative business exit in Thailand helped IAG achieve a 16.6% rise in annual net profit to $1.08 billion as the sale offset a marked decline in the profitability of domestic insurance operations...
Water damage claims topping fire, burglary: Chubb
08 August 2019
The size of household internal water damage claims has risen 72% in the last five years and the issue is now a more common and costly risk for properties than burglary or fire, Chubb says...
Suncorp’s Marketplace CEO exits as strategy revamped
07 August 2019
Suncorp Marketplace CEO Pip Marlow will leave the business as the group shifts its strategy following the departure earlier this year of Michael Cameron...
Regulation bites: Allianz cans CCI
07 August 2019
Allianz has dropped all its consumer credit insurance business after a comprehensive review, saying it was no longer cost effective after a regulatory crackdown...
ICA explains its ‘crisis of confidence’ in building sector
07 August 2019
The Insurance Council of Australia has told an NSW inquiry into building standards why insurers have developed a “crisis of confidence” in the construction industry – and what can be done to bring them back to the table...
Spotlight on Suncorp as earnings season begins
06 August 2019
Suncorp kicks-off the insurance earnings reporting season tomorrow, with IAG to follow on Thursday and QBE next week as analysts look for updates on company strategies and the impact of rising premiums and falling interest rates...
A nation under threat: insurance leader calls for climate action
06 August 2019
The resilience of Australia is at stake as the effects of climate change take hold, Swiss Re’s local head Mark Senkevics has warned...
Anti-coal stance 'benefits insurers long-term'
06 August 2019
Insurers cutting back on cover to the coal sector may lose business in the short term, but the long-term benefits could be considerable, data and analytics company GlobalData says...