NRMA-backed resilient home project launched
02 May 2022
The Bushfire Building Council of Australia has launched FORTIS House, a resilient home building project it has been working on in collaboration with NRMA Insurance and other partners...
Local
Cyber extortion debuts on list of top executive worries
26 April 2022
Cyber attack, data loss and cyber extortion have been ranked as the top three risks for directors and officers in Australasia by a significant margin, with regulatory risk coming in at number four, according to the latest Directors’ Liability Survey from Willis Towers Watson and law firm Clyde & Co...
Industry using 'shoddy' data practices, consumer advocate says
26 April 2022
The Financial Rights Legal Centre has called for regulatory oversight of general insurance claims reporting after a report it commissioned found issues with the data practices of insurers...
Australia has largest flood loss on record
26 April 2022
Zurich-based catastrophe data company Perils estimates insured losses from recent flooding in Queensland and NSW at $3.99 billion, taking over Brisbane’s 2011 event to be the largest flood loss on record for the Australian insurance industry...
In the latest edition of Insurance News magazine
26 April 2022
The lessons and challenges resulting from the catastrophic NSW and Queensland floods are the focus of the latest edition of Insurance News magazine, which has been mailed out to subscribers and will also be available online...
Quantity surveyors flag underinsurance solution
26 April 2022
The Australian Institute of Quantity Surveyors has again floated a solution to address “significant” levels of underinsurance among property owners...
NIBA fine-tunes code as brokers focus on start date
26 April 2022
The National Insurance Brokers Association has made some adjustments to the updated code of practice, which will come into effect from November...
Suncorp lobbies secondary schools to teach financial literacy
26 April 2022
Suncorp is calling on governments to introduce financial literacy as a standalone course across all secondary schools after research found the current traditional maths approach is failing young Australians, particularly teenage girls...
Kiwi scientists study 'ugly duckling' of geology to correct knowledge gap
26 April 2022
Faults in New Zealand’s common greywacke rocks, which have caused devastation in Christchurch, Kaikoura and Edgecumbe in recent years, are for the first time being studied, backed by Earthquake Commission funding...
Premium impact from floods is inevitable: KPMG
11 April 2022
The latest NSW/Queensland flood catastrophe, one of the worst to hit the east coast in recent years, will have an “inevitable” impact on premiums, KPMG Insurance Partner Scott Guse says...
Cost of floods hits $2.43 billion
11 April 2022
The Insurance Council of Australia now estimates the cost of recent east coast flooding at more than $2.43 billion from 173,346 claims lodged so far...
Class action BI cases deferred as High Court awaited
11 April 2022
Class action hearings related to business interruption insurance cover during the pandemic have been deferred while the process seeking High Court leave to appeal continues on the industry test case...
Lobby group seeks seat on cyclone pool board
11 April 2022
The board overseeing the new cyclone reinsurance pool should include policyholder representation from the Queensland region targeted by the new scheme, Northern Australia Insurance Lobby Co-Chairman Margaret Shaw says...
NZ Cyclone Dovi claims top $40 million
11 April 2022
Insurance losses from Cyclone Dovi, which traversed a swathe of New Zealand in February, have totalled $NZ44.43 million based on provisional claims...
Self-reported insurer code breaches up 27%
04 April 2022
The General Insurance Code Governance Committee says code subscribers reported 41,768 breaches during the 2020/21 financial year as the industry adjusts to new requirements in the latest version of the code...
'Covid wave' hits industry
04 April 2022
Significant numbers of insurance industry executives and staff around the country have been isolating with covid as Omicron levels rise...
Rising reinsurance costs could follow latest flood catastrophe
04 April 2022
Australian insurers have been told their reinsurance protection programs will likely become more expensive in the wake of the latest NSW/Queensland flood catastrophe...
Australia has 38% natural catastrophe cover gap: Swiss Re
04 April 2022
Australia has a natural catastrophe protection gap of 38%, larger than the UK and Switzerland, Swiss Re says, while warning that flood risk “deserves the same attention and risk assessment rigour” as hurricanes...
JobKeeper significant for BI claims payments: Sedgwick
04 April 2022
Whether JobKeeper is taken into account for business interruption insurance calculations will have a significant effect on possible claim payments, given the level of support received under the government program, Sedgwick Australia says...
Intermediary premium exceeds $17 billion in December half
04 April 2022
About $17.16 billion in general insurance premium was invoiced by intermediaries in the six months to December, the Australian Prudential Regulation Authority says in a regular update...