Digital transformation ‘no longer optional’
29 June 2020
The COVID-19 outbreak and the subsequent switch to digital technology leaves Australian general insurers with no choice but to transform their operations, a leading consultant says...
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Pandemic to constrain industry premium growth: S&P
29 June 2020
The Australia general insurance industry is expected to suffer a two-percentage point drop in premium growth for the year to December because of the virus pandemic disruption, S&P Global Ratings says in a report released today...
Brokers don't have to explain 'inherently obvious' exclusions
29 June 2020
The Australian Financial Complaints Authority says it does not expect insurance brokers to explain “inherently obvious” exclusions to customers unless specific requests have been made to have the risks covered...
Insurer rejects ‘death of call centre’ claim
29 June 2020
Claims that the COVID-19 outbreak could lead to the “death” of insurance call centres have been refuted by leading insurer IAG...
FM Global urges action on supply chain weaknesses
29 June 2020
Australia’s geographic remoteness should not prevent moves to diversify supply chains as the coronavirus outbreak highlights risks from global shocks, FM Global says...
More rain: climate models point to a La Nina
29 June 2020
Climate models monitored by the Bureau of Meteorology are increasingly pointing to a La Nina event forming this year, raising the likelihood of above-average rainfall...
Australian claims platform gets Handdii entry into US market
29 June 2020
Property repair claims platform Handdii has entered into a partnership with California-based Hippo Insurance, giving the Australian outfit an instant entry into the US, the world’s biggest insurance market...
NZ home buyer repair scheme extended
29 June 2020
New Zealand’s Earthquake Commission has extended the deadline for owners of on-sold properties in Canterbury needing repairs to apply for government funding...
Businesses put on cyber attack alert
22 June 2020
Insurance experts and Australia’s defence department are urging businesses to check their cyber security measures are up to date after Prime Minister Scott Morrison warned last week that organisations are being targeted by a "sophisticated state-based cyber actor"...
D&O premium hikes worry ASX
22 June 2020
Stock exchange operator ASX has discussed the rising cost of directors’ and officers’ cover with London insurers amid worries the issue may undermine the attractiveness of the local securities market...
IAG says quota share programs will ease reinsurance pressure
22 June 2020
IAG expects there will be "some pressure around reinsurance costs" but believes its multi-year quota share programs will provide some relief...
Top CEOs 'underprepared' for climate-related financial risks
22 June 2020
A global survey of several hundred CEOs and CFOs at companies with $US1 billion or more in revenue has found more than half in the Asia-Pacific region believe their companies are underprepared for climate-related financial risks...
Kiwi SMEs consider BI cover
22 June 2020
About 20% of SMEs in New Zealand are considering increasing their business interruption cover, compared with 10% who are thinking about a decrease in cover...
EQC $6 billion reinsurance pricing meets expectations
22 June 2020
New Zealand’s Earthquake Commission has renewed its $NZ6.2 billion reinsurance program for a total premium of $NZ185.7 million...
Insurers give cautious welcome to BI test case probe
15 June 2020
The Insurance Council of Australia says the business interruption test case being considered by the Australian Financial Complaints Authority may provide clarity on claims relating to the coronavirus shutdown...
ACCC seeks input after relief clearance extended
15 June 2020
The Australian Competition and Consumer Commission has called for submissions by Tuesday next week on a draft authorisation allowing insurers to continue co-ordinating on COVID-19 SME assistance measures until the end of the year...
8500 sport cancellations threaten $1.1 billion annual spend
15 June 2020
Sport event organisers are warning COVID-19 is leaving a $1.1 billion hole in Australia’s economy after the cancellation of 8500 mass participation events...
Farmers criticise liability withdrawal on coal seam gas
15 June 2020
Queensland rural group AgForce is concerned farmers with coal seam gas infrastructure on their properties will struggle to obtain liability insurance after WFI said it will no longer provide the cover in those circumstances...
Adani insurers rule out future involvement
15 June 2020
The insurers named in a newspaper last week as being involved with the Adani coal mine have ruled out providing insurance for the next phases of the controversial project in Queensland...
Bushfire risk falls for next few years
15 June 2020
The recent devastating bushfire season represents a turning point for land management, with a concerted effort needed to manage the bushfire risk with careful prescribed fires and other future planning, a senior academic says...