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‘Message to the industry’ as AAI penalised for discount failings

07 October 2024

New Zealand’s High Court has imposed a $NZ6.175 million ($5.59 million) penalty on AA Insurance for failing to apply multi-policy and membership discounts and guaranteed no-claims bonuses, and has warned financial services businesses must be held to high standards...

‘On a knife edge’: banks could act on uninsured homes

30 September 2024

Banks are considering calling in or refusing loans on uninsured homes, risking creating “climate ghettos” across the country, an expert told a Senate inquiry into the impact of climate risk on insurance...

Weather-driven shipping delays increasing marine risks

30 September 2024

Extreme weather is affecting shipping routes, extending voyage times and increasing risks for insurers, Axa XL marine hull and liabilities underwriter Ben Healey has told this year’s Claims Convention...

Insurer issues bushfire risk warning

30 September 2024

Youi has warned bushfire-prone homeowners to prepare after its research found only half of survey respondents were concerned about the risk...

Lawyers, consumer advocates press for strata action

16 September 2024

Consumer groups are pushing for a national inquiry into the strata management sector and a lawyers’ group has called for tougher state-level regulation following last week’s Four Corners program...

Webinar to tackle confusion over mutuals and trusts

16 September 2024

Insurance News and Picnic Labs will host a webinar this month examining the risk protection offered by discretionary mutual funds, and how they are sometimes confused with discretionary trusts...

ICA examines raft of code review proposals

09 September 2024

The Insurance Council of Australia says it is examining a code of practice independent review report that has proposed more than 100 changes across claims handling, enforcement, assistance for vulnerable consumers and other areas...