UK ban on new customer discounts ‘could happen here’
09 November 2020
“Radical” plans to ban new insurance customer discounts outlined by UK regulators could be replicated here, actuarial firm Finity has warned...
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Hailstorm catastrophe losses rise to $300 million
09 November 2020
Insurance losses from October’s Queensland hailstorms have risen to $300 million as claims continue to be lodged from the event, the Insurance Council of Australia says...
D&O rates continuing to harden: Marsh
09 November 2020
The tough directors’ and officers’ market shows no signs of easing as rates again posted double-digit rises in the September quarter, according to the latest price tracker from Marsh...
Small business insurance complaints have doubled: AFCA
09 November 2020
The number of small business insurance complaints to the Australian Financial Complaints Authority more than doubled last financial year...
Property owner loses appeal over Melbourne fire cover
09 November 2020
The owner of a property destroyed in a major industrial fire in Melbourne two years ago has lost a court appeal against Swiss Re’s decision to deny cover...
Vero NZ trials affordable motor policy
09 November 2020
Vero and Good Shepherd NZ are trialling a new car insurance product aimed at improving financial security for Kiwis who might otherwise be excluded from the market...
Roundtable offers to help action bushfire inquiry ideas
09 November 2020
IAG and other members of the Australian Business Roundtable for Disaster Resilience and Safer Communities have offered to assist in implementing recommendations from the bushfire inquiry...
Queensland hailstorms losses top $110 million
02 November 2020
The Insurance Council of Australia has declared a catastrophe for hailstorms that have caused losses of more than $110 million in southeast Queensland at the weekend...
Finity reports insurer profitability ‘falling off a cliff’
02 November 2020
Australian insurers’ profitability has collapsed to a 20-year low, primarily as a result of falling investment returns but aided and abetted by a spate of catastrophe claims and COVID-19 disruption...
La Nina set to last until February
02 November 2020
The flood-inducing La Nina weather system is likely to continue until at least February, the Bureau of Meteorology says in its latest update...
Caravan parks ‘face closure over insurance issues’
02 November 2020
An inquiry into insurance issues faced by small businesses has been told the caravan park industry could be “brought to its knees” by a lack of affordable insurance cover...
NIBA’s code update will boost remuneration clarity
02 November 2020
The National Insurance Brokers Association Code of Practice update is set to include changes to provide clear disclosure around remuneration and greater clarity around services provided...
Inquiry calls for action as insurers report $6 billion natural disaster losses
02 November 2020
Insurance losses from Australia’s 2019-20 natural disaster season – the country’s worst natural disaster season on record – now total $5.94 billion from 315,638 claims, the Insurance Council of Australia says...
Controversial mine project loses another insurer
02 November 2020
Lloyd’s Apollo Syndicate Management will be ceasing its involvement with the Adani coal mine when the current construction liability policy expires in September next year, bowing to pressure from climate activists...
Australia's 2020 death rates significantly lower than predicted: actuaries
02 November 2020
This year’s pandemic control measures have saved many Australians from COVID-19 disease and fatality and have also reduced deaths from a number of other causes, the Actuaries Institute says...
Cybercriminals gain as businesses meet ransomware demands
02 November 2020
Almost one in three Australian and New Zealand organisations that fell victim to ransomware attacks in the past two years paid off the criminal groups responsible to regain access to their data...
Ai Group calls for government intervention on hard market
26 October 2020
Ai Group is urging the federal and state governments to act to address the persistent hard market which is leaving many businesses facing “insurance stress”...
Insurers expect COVID crisis to change industry
26 October 2020
More than 60% of senior insurance executives in Australia and the Asia Pacific believe business models will need to be reinvented post-COVID, according to a survey by global investment giant BlackRock...
Brokers’ self-reporting gaps worry compliance committee
26 October 2020
The number of brokers failing to self-report code breaches has been flagged as a concern by the Insurance Brokers Code Compliance Committee...
Agile insurtechs respond to crisis opportunities
26 October 2020
Agile fintech companies, including insurtechs, have been able to respond quickly to the COVID-19 crisis and make the most of the new opportunities it has presented, according to the latest EY FinTech Australia Census...