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A NOTE FROM THE PUBLISHER

14 December 2020

Dear reader...

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Act now on affordability, says SME ombudsman

14 December 2020

Australian Small Business and Family Enterprise Ombudsman Kate Carnell says action to improve insurance affordability is needed as soon as possible, with longer-term mitigation unable to deliver immediate relief...

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Expect flexible, usage-based insurance in 2021: EY

14 December 2020

Australian insurers are likely to introduce more flexible insurance offerings in the new year, including usage-based cover, as a focus on serving the demands of existing customers turns to luring new business...

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Halloween hailstorm losses hit $1.23 billion

14 December 2020

Zurich catastrophe data company Perils has estimated property and motor insurance losses from October’s “Halloween” hailstorms in Queensland at $1.23 billion...

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Insurers to seek rapid response on High Court appeal

14 December 2020

The Insurance Council of Australia will seek a rapid decision on the validity of business interruption exclusions citing the Quarantine Act if the High Court agrees to hear its appeal on the issue...

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AFCA ruling ‘in best interests of client’, says ABN

14 December 2020

Australian Broker Network has responded to a dispute ruling that went against the business after one of its authorised representatives was found to have breached its duty of care to a client and must pay compensation...

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D&O premium pool now ‘appears sustainable’: Marsh

14 December 2020

Marsh says there is a chance of new directors’ and officers’ insurance providers entering the market now that the premium pool “appears sustainable” after rate increases of over 100% in 2018 and last year...

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Insurers accused of abandoning alpine tourism sector

14 December 2020

Alpine resort operators say insurers have “over-reacted” to the growing bushfire threat, making insurance cover unaffordable or unavailable...

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Potential for add-on commissions to ‘jeopardise’ brokers’ independence

14 December 2020

The Insurance Brokers Code Compliance Committee has expressed concerns over the independence of brokers who sell add-on products to clients on behalf of insurers...

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KPMG expects renewed focus on M&A post-COVID

14 December 2020

The general insurance industry is likely to see an increase in merger and acquisition activities in the next 24 months, according to a new report from KPMG...

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Motor thefts hit five-year low amid COVID

14 December 2020

Motor vehicle theft fell 7% across Australia to the lowest level since 2015 in the year to September, as borders were closed and movement was restricted due to COVID-linked lockdowns...

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Cyber insurance cost set to go up: Axa XL

14 December 2020

Businesses can expect cyber insurance to become more costly as insurers respond to “unsustainable losses” and regulators seek to hold companies accountable for breaches, according to Axa XL...

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