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...
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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...
ICA to engage with motor repair group over costs squeeze
04 April 2022
The Insurance Council of Australia will engage with the motor crash repair industry over concerns that businesses are being brought to the brink of collapse by insufficient payments and surging costs...
FRLC Insurance Law Service gains funding
04 April 2022
The Financial Rights Legal Centre says Federal Budget funding of $2.5 million over two years for its Insurance Law Service has come at a critical time...
Clarification
04 April 2022
An early version of the article Claims service delays hit new low after 'perfect storm', which appeared in The Broker on Thursday, contained comments from National Insurance Brokers Association CEO Phil Kewin in relation to broker feedback on claims...
Policyholders press issues in High Court BI appeal
28 March 2022
High Court appeal applications have been filed by two policyholders and one insurer participating in the industry business interruption test case, while separately The Star Entertainment Group is also seeking to overturn a previous decision...
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...
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...