Fitch flags earnings hit for insurers as flood claims surpass $2.45 billion
28 March 2022
Fitch Ratings says the NSW/Queensland floods will impact insurers’ earnings as more bad weather is predicted for this week...
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Motor trades group seeks action over costs squeeze
28 March 2022
Motor crash repairers are seeking an urgent meeting with insurers over concerns that they are being squeezed by insufficient payments when supply chain problems are fuelling surging cost increases...
Last year's NSW, Queensland flood loss estimate lowered to $688 million
28 March 2022
Zurich-based catastrophe data company Perils has shaved its insured loss estimate for last year's NSW and Queensland flooding catastrophe to $688 million...
SCA puts focus on insurance in election priorities
28 March 2022
Making insurance affordable and accessible and addressing building defect problems are key planks in a Strata Community Association federal election campaign document outlining priorities for the next government...
BizCover survey reveals disconnect between SME cover and key concerns
28 March 2022
A recent survey of Australian small business has uncovered a disparity between the risks named by enterprise owners as most concerning, and their insurance coverage...
NZ research shows Queenstown region earthquake risk
28 March 2022
New Zealand research near Queenstown has confirmed the low seismicity western Otago area has the potential to create an earthquake similar in size to the powerful Darfield Canterbury event in 2010...
Flood losses rising as survey shows high levels of underinsurance
21 March 2022
Losses from the Queensland and NSW floods have reached an estimated $2.3 billion, while a survey undertaken for the Insurance Council of Australia has highlighted significant levels of underinsurance among affected communities...
Many SMEs going it alone at renewal time: Vero Index
21 March 2022
More than half businesses are renewing their insurance without receiving expert advice from brokers, with younger buyers particularly likely to complete their own reviews, the latest Vero SME Insurance Index finds...
Descartes flags parametric as solution for flood-prone regions
21 March 2022
Parametric insurance specialist Descartes Underwriting has called for a “rethink” in relation to how flood and other catastrophe risks should be placed in the wake of the latest flood disaster to hit the country...
ICA hosts Seroja, Victoria storm consultations
21 March 2022
The Insurance Council of Australia will this week visit WA communities affected by Cyclone Seroja and will also host consultations next week for policyholders impacted by Victorian storms in June...
Action sought for First Nations people hit by Youpla collapse
21 March 2022
Consumer and legal services say the Federal Government must take action to assist Aboriginal and Torres Strait Islander policyholders left without funeral plans after the collapse of Youpla...
Pressure builds for flood pool, but industry resists
14 March 2022
The Greens will move to extend the Federal Government’s cyclone reinsurance pool to include all flood risks, as experts call for a broader scheme in the wake of the Queensland/NSW catastrophe...
Flood losses pass $2 billion as PM quizzed on ‘penny-pinching’ insurers
14 March 2022
Insurers have received 135,697 claims related to the NSW/Queensland flood catastrophe, at an estimated cost of $2.035 billion...
Exclusion standardisation needed on perils: FRLC
14 March 2022
Reforms to standardise insurance definitions for natural perils should include a focus on exclusions and qualifications that can leave consumers exposed after they thought they were covered, the Financial Rights Legal Centre says...
Seismometers to be installed in New Zealand’s North Island
14 March 2022
A research project co-funded by New Zealand’s Earthquake Commission into an experimental earthquake warning system using low-cost sensors has been granted funding to install 20 seismometers across the lower North Island...
Time running out to tender for government insurer partnership
14 March 2022
Potential partners have until 1 April 2022 to apply for opportunities with the Defence Service Homes Insurance Scheme...
Flood catastrophe claims soar to 86,000
07 March 2022
The Insurance Council of Australia says the NSW/Queensland catastrophe could be one of the most significant flood events the country has ever faced...
ICA advisory group meets on out-of-home care market collapse
07 March 2022
The latest meeting of the Insurance Council of Australia Business Advisory Council focused on a crisis in the availability of physical and sexual abuse liability insurance coverage for out-of-home care providers...
Improved underwriting results lift industry profit
07 March 2022
Underwriting results for the general insurance industry returned to positive territory for the year to December, new figures from the Australian Prudential Regulation Authority show...
Flood frequency likely to increase as climate change worsens: IPCC report
07 March 2022
The United Nations-convened Intergovernmental Panel on Climate Change has flagged Australia faces more floods in the future unless it makes more efforts to reverse man-made carbon emissions sharply...