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Summer catastrophes sink industry earnings

2 December 2019

The industry’s underwriting profit fell by more than half to $1.9 billion in the year to September as costs from the Sydney hailstorm and Townsville flood last summer severely dented earnings...

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Wivenhoe class action: dam operators found negligent

2 December 2019

Flood engineers hired by the operators of the Wivenhoe and Somerset dams failed to follow guidelines, which ultimately contributed to the severity of the 2011 Brisbane floods, the NSW Supreme Court ruled last Friday...

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‘Heatwaves and fire risk’ weather ahead: BOM

2 December 2019

Summer is likely to start off hot and dry, with much of eastern Australia gripped by the same climate influences that gave us a warmer and drier than average spring, the Bureau of Meteorology predicts...

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Great Barrier Reef needs insurance, law firm says

2 December 2019

Global law firm Clyde & Co today flagged parametric insurance as a key risk management tool that could help protect the Great Barrier Reef from long-term climate change effects...

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Dangers of dipping into swimming pool sharing

2 December 2019

Swimming pool owners are being urged to check their liability insurance before they take advantage of a new sharing economy app called Swimply which is being dubbed the “Airbnb of swimming pools”...

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NRMA Insurance settles discrimination case

2 December 2019

NRMA Insurance has settled a case lodged by a child sex offender who successfully claimed the insurer “discriminated” against him when it refused him insurance because of his criminal record...

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‘Onus of proof’ on insurer, AFCA rules in disclosure dispute

2 December 2019

CommInsure has no grounds to decline a claim from a complainant who did not disclose her partner and co-policyholder has a criminal record, the Australian Financial Complaints Authority has ruled...

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Allianz wins appeal in ‘double insurance’ lawsuit

2 December 2019

Lloyd’s must contribute equally to a $1.025 million injury payout that Allianz made to a road worker who was hit by a car when he was on duty...

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‘Silent cyber’ looms as key challenge for insurers: Aon

2 December 2019

Insurers in Australia and globally are under pressure to more clearly define whether so-called “silent cyber” risks fall under traditional property and casualty policies, according to Aon...

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Victorian builders seek halt to cladding prosecutions

2 December 2019

Victoria’s construction industry wants the state Government to suspend prosecuting builders for installing flammable cladding in a bid to encourage voluntary reporting of affected properties...

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SME insurers ‘missing untapped revenue streams’

2 December 2019

Australia’s small-and-medium enterprises, including insurers, are losing out on sizable untapped revenue from cross-border trade due to poor confidence in managing exchange rates, a new survey finds...

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