Financial Services Ombudsman quits
01 August 2011
The Financial Ombudsman Service Chief Ombudsman Colin Neave is stepping down from the top job, electing not to be reappointed for another two-year term…
Local
Insurers not impacted by flood inquiry report
01 August 2011
The general insurance industry doesn’t rate a mention in the Queensland Floods Commission of Inquiry interim report, despite months of ongoing backlash over the industry’s response to the…
ICA continues attack on mandatory flood cover
01 August 2011
The Insurance Council of Australia is intensifying its opposition to the Natural Disasters Insurance Review proposal to introduce compulsory flood cover…
Flood review: Claims pool better than insurance pool, says Allianz
01 August 2011
A flood claims pool that enables insurers to retain subsidised premiums and manage claims would be the most effective way to make flood cover available to high-risk properties, Allianz argues…
EQC forced into shorter reinsurance contract
01 August 2011
A reinsurer to the New Zealand Earthquake Commission has renewed on an annual instead of a three-year basis following claims from the Christchurch events…
Strata under pressure
01 August 2011
Developers, unit owners and retirees are being urged to take what strata insurance they can in Far North Queensland as the region faces continued market withdrawals…
Market uncertainty, rises ‘unjustified’
01 August 2011
Brokers are experiencing a “mixed bag” following the June 30 renewals, bringing into question whether the market really is going into a hard market…
Industry faces backlash over rising premiums, CEO warns
01 August 2011
CGU CEO Peter Harmer has identified a backlash against rising insurance premiums as the next major reputational issue facing the insurance industry…
Customers need clearer policies
01 August 2011
Global insurers are still struggling to meet customer standards of disclosure despite scoring high satisfaction ratings, according to an Accenture survey…
Queensland claims payout tops $1.6 billion
25 July 2011
Claims paid by insurers for the Queensland flood and Cyclone Yasi have risen to more than $1.6 billion…
Flood review: Actuaries call for temporary insurance pool
25 July 2011
The Institute of Actuaries of Australia has called for a temporary flood insurance pool, saying such a move will encourage flood mitigation and mapping…
Flood review: NIBA wants everyone to work on risks
25 July 2011
The National Insurance Brokers Association wants a “whole of nation” approach to natural disaster management, saying insurance is just one part of the solution…
NZ brokers resist call to ‘share the pain’ with lower commissions
25 July 2011
New Zealand insurance brokers are already “sharing the pain” of industry losses, and calls for lower commissions aren’t realistic, Insurance Brokers Association of New Zealand CEO Gary Young says…
Flood review: Cover deal shouldn’t include small business, say insurers
25 July 2011
Insurers and the Insurance Council of Australia contend that any plan to provide insurance assistance to houses at high risk of flooding should not be extended to small businesses facing flood risks…
Flood review: Industry commits to raise awareness
25 July 2011
Both the Insurance Council of Australia and IAG have set out plans to increase the level of flood awareness in the community…
Rates need to rise to pay for disasters – Levene
25 July 2011
Lloyd’s Chairman Lord Levene has called for rates to rise to sustain the insurance industry in light of the recent number of natural catastrophes…
Macquarie launches broking benchmarking survey
25 July 2011
Macquarie Relationship Banking has launched its Insurance Broking Benchmarking Survey, which will identify industry trends and provide comparisons…
Queensland on thieves’ radar
25 July 2011
Queensland motorist are facing an “unprecedented” number of profit-motivated thefts, according to the National Motor Vehicle Theft Reduction Council…
Manager warns of reinsurer impatience
25 July 2011
Vero NZ South Island Branch Manager Bryan Noonan has reportedly told local business owners reinsurers have “just about had enough” of Canterbury…
IAG, Suncorp to extend flood cover as NDIR debate intensifies
18 July 2011
Australia’s two largest personal lines insurers have announced significant widening of their flood cover offerings as the industry moves to counter the Natural Disaster Insurance Review’s push for…