Ex-Reliance chief fails to overturn court order
10 October 2016
Former CEO and founder of Australian Reliance Andrew Donnelly has failed to overturn a court order freezing his assets…
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Commissions must fall, QBE chief warns brokers
10 October 2016
Reductions in broker commissions or disintermediation in some insurance classes may have to occur as insurers strive to run their businesses more efficiently, QBE Group CEO John Neal says…
Significant code breaches by brokers double
10 October 2016
The number of significant breaches of the Insurance Brokers Code of Practice more than doubled last financial year, an annual review has found…
ICA online hazard tool scores hits
10 October 2016
The Insurance Council of Australia’s updated natural hazards assessment tool is generating high demand online, with enhancements making it more user-friendly and improving data quality…
Soaring terrorism threat reveals ‘non-property protection gap’
10 October 2016
Australia is experiencing more terror attacks than ever, and insurers and governments are not adequately prepared for non-property-related damage, a conference has heard…
No finish line for cyber security: APRA
10 October 2016
Insurers and other financial institutions must keep tightening cyber security as threats become more sophisticated, the Australian Prudential Regulation Authority warns…
ICNZ puts Youi on probation, fines it $94,000
10 October 2016
Youi has been fined a maximum $NZ100,000 by the Insurance Council of New Zealand and risks expulsion if it again fails to meet best-practice standards…
‘Profit trumps growth’ in soft commercial property sector
10 October 2016
Commercial property insurers rate profitability as more important than growth because they believe premiums will stay depressed, according to the Australian Prudential Regulation Authority…
What’s new in Insurance News (the magazine)
10 October 2016
As interest rates plummet and investment earnings do much the same thing, Insurance News (the magazine) has taken a long look at the situation and what’s being done to deal with it…
FOS compares insurer disputes
03 October 2016
The Financial Ombudsman Service has released tables comparing insurers’ performance in relation to the likelihood of consumer disputes…
PI and PL claims payouts fall
03 October 2016
Insurers paid $1.73 billion in professional indemnity and public and product liability claims last year, down 15.7% from 2014, according to the Australian Prudential Regulation Authority’s National Claims and Policies Database.
Businesses urged to build on climate change responses
03 October 2016
Australian and international responses to climate change are paving the way for businesses to better understand and manage risks, and there is no time to waste, Investor Group on Climate Change CEO Emma Herd says…
Claims issues dominate code breaches
03 October 2016
Most code breaches last financial year related to claims, according to the General Insurance Code of Practice annual report…
SA counts cost of storm damage, power cut
03 October 2016
The Insurance Council of Australia is monitoring the impact of a severe storm that damaged property and left SA without power last Wednesday, while businesses are assessing interruption costs from the electricity outage…
Falling demand, reputation risk fuel SME nightmares
03 October 2016
Australian SMEs nominate lack of demand and overstocking as their major worry, while reputation risk is the fastest-growing concern, a Zurich survey has found…
Swollen seas will increase storm challenge, actuaries told
03 October 2016
Rising sea levels are likely to exacerbate the impact of severe storms as global warming continues, providing challenges for planners and insurers, according to Finity Principal Tim Andrews…
Forbes floods declared a catastrophe
26 September 2016
The Insurance Council of Australia has declared flooding around Forbes in central west NSW a catastrophe, after the Lachlan River inundated properties at the weekend…
Most businesses unprepared for cyber incidents: Aon
26 September 2016
Australian businesses should review their cyber defences to counter the growing threat of potentially costly data breaches, according to Aon’s latest Cyber Insights Report…
NZ brokers continue to face SSP data issues
26 September 2016
New Zealand brokers are still struggling to access crucial data lost during the outage at insurance technology company SSP…
SMEs have heads in sand on risk, survey finds
26 September 2016
Australian SMEs are leaving themselves unnecessarily exposed to the risk of “fatal business disruption”, according to a survey from accounting and advisory group Bentleys…