Daily
Industry ‘must take responsibility for failures’
31 October 2018
Companies must do more to prevent the kind of misconduct flagged by the Hayne royal commission, the Australian Prudential Regulation Authority says...
Reinsurance pricing not budging just yet
31 October 2018
The Australian reinsurance market remains very much in buyers’ favour despite the string of natural disasters that hit the Asia-Pacific region in the last few months, reinsurance broker Guy Carpenter says...
Genetic testing: Life industry changes tack
31 October 2018
After years of hanging tough on genetic testing, life insurers are set to make dramatic changes to the way they deal with the highly controversial issue...
Royal commission fallout: Fintechs ready to pounce
30 October 2018
Australia’s flourishing fintech sector sees an opportunity to make further inroads as their long-established rivals focus on overcoming misconduct issues uncovered by the royal commission...
Perth, Wellington, Bali make 1-in-100 disaster list
30 October 2018
An intense cyclone hitting Perth and a massive volcanic explosion covering Bali and Lombok with thick ash are among one-in-100 year Asia-Pacific catastrophes highlighted...
Don’t group brokers with problem-makers, says NIBA
30 October 2018
Insurance brokers should not be “tarred with the same brush” as financial services sectors exposed at the Hayne royal commission, the National Insurance Brokers Association says...
We failed customers over add-ons, says IAG
26 October 2018
IAG could have acted earlier after realising add-on cover sold by its Swann subsidiary was not meeting the needs of customers, Chairman Elizabeth Bryan said today...
Tough rules, cuts, penalties: Choice’s royal commission list
26 October 2018
Sales of add-on insurance at car dealerships and other “toxic” products and practices should be banned outright, Choice says today in a submission to the Hayne royal commission...
Farewell AMP, an insurer no more
26 October 2018
Once the giant of insurance in Australia and New Zealand, AMP has exited the sector altogether with the sale of its life business to international insurer Resolution Life for $3.3 billion...
TV program’s criticism absurd, says ICA
25 October 2018
Insurers today rejected suggestions the industry has focussed on maintenance issues and wear and tear to avoid paying claims for homes damaged in Cyclone Debbie in March last year...
First-home buyers boost LMI market
25 October 2018
QBE’s annual housing outlook paints a mixed picture, as Sydney and Melbourne see a correction but other parts of the country head into strong growth...
Drought crisis: ICA wants Canberra to support farm insurance plan
25 October 2018
Stamp duties on farm insurance products must go, the ICA said today as it outlined a five-point plan to spur the take-up of agricultural income protection covers...
Industry ‘tarnished’ by royal commission
24 October 2018
The reputation of Australia’s property and casualty (P&C) insurers has been “tarnished” by the Hayne royal commission, says S&P Global Ratings...
Cat losses: New Zealand is risky business
24 October 2018
New Zealand is the second-most exposed nation to natural catastrophe losses, according to Lloyd’s in-depth underinsurance study of 43 economies...
Wind-Jeannie arrives in time for cyclones
24 October 2018
Swiss-based catastrophe data company Perils has launched an Australian version of its real-time windstorm forecasting tool, which predicts property losses for insurers...
Premium role: Ex-Zurich chief to run funder
23 October 2018
Former Zurich CEO Raj Nanra has been appointed CEO at premium funder Macquarie Pacific Funding...
Senators condemn ‘reprehensible’ D&O cover
23 October 2018
Insurance policies that allow corporations and directors to be covered for workplace health and safety breaches are “utterly reprehensible” and should be outlawed, a Senate committee report says...
Crimestopper: Insurers invest in car theft crackdown
23 October 2018
Insurers have committed to funding the National Motor Vehicle Theft Reduction Council for another three years...
Cladding crisis ‘solution’ isn’t as easy as it seems
19 October 2018
A Victorian scheme to remove dangerous fire-prone cladding that covers hundreds of apartment buildings won’t have an immediate impact on strata premiums, according to a strata insurance expert...
ASIC to wield ‘every power’ against cheats and liars
19 October 2018
ASIC Chairman James Shipton warns businesses that fail to co-operate with the regulator face a tougher response under a crackdown on misbehaviour...