Ex-Allianz manager wins $1.3 million bullying payout
22 July 2019
Allianz has lost a lawsuit over workplace bullying charges filed by a former manager, and must pay him $1.39 million in compensation...
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Property capacity contracting, premiums rising
22 July 2019
Australian property market capacity is contracting, while premiums are increasing for catastrophe-exposed and undesirable risks, Willis Towers Watson’s July update says...
Fair play more important than letter of the law: AFCA
22 July 2019
The Australian Financial Complaints Authority has warned insurers against relying on “legally sound” black-letter arguments for actions that create poor consumer outcomes...
Industry settles most NSW hailstorm claims
22 July 2019
About 72% of home building claims from last December’s NSW hailstorm have closed, according to the latest update from the Insurance Council of Australia...
‘Storm-chasers’ blamed for spike in post-storm claims
15 July 2019
RACQ Insurance’s payouts for damage from a hailstorm in Gympie may reach $50 million – 50% more than was expected – as a result of opportunistic “storm-chasers”...
Deferred sales not the answer for all add-ons: Finity
15 July 2019
Actuarial consultant Finity says proposed deferred sales model regulations for add-on insurance should be applied in some areas only, allowing new product design and distribution rules and intervention powers to provide wider protection...
Insurer ‘discriminated’ against child sex offender
15 July 2019
A tribunal has ruled NRMA Insurance engaged in discrimination when it rejected a child sex offender’s bid to buy public liability cover for his gardening business...
Disputes rise 20% in AFCA’s first half-year
15 July 2019
The Australian Financial Complaints Authority received 7969 general insurance disputes in the six months after its launch last November, up 20% from a year earlier when the Financial Ombudsman Service oversaw external complaints...
PI trouble drives hardening NZ market
15 July 2019
Rates in New Zealand are rising, fuelled by external factors including the professional indemnity crisis affecting Australia’s building industry, a Willis Towers Watson market update says...
Building code ‘needs rewriting for climate change’
15 July 2019
The next review of the National Construction Code in three years must include climate change provisions, according to the Australian Strategic Policy Institute...
Australian commercial rates maintain strong growth
08 July 2019
Commercial rates in Australia recorded double-digit rises last year, building on similar gains in 2017, according to Swiss Re’s latest Sigma report...
Dual fraudsters face 20 years in jail
08 July 2019
Josie and Alvaro Gonzalez face jail terms of up to 20 years for cheating Dual Australia out of $17.4 million between March 2011 and May 2013...
Refined pricing approach lifts reinsurers
08 July 2019
Reinsurance rates are stabilising at a higher level after years of natural catastrophe losses, according to a Willis Re report...
Ruling backs NZ insurers’ ‘fundamental ability’
08 July 2019
The Insurance Council of New Zealand says a ruling by the country’s highest court of appeal over an earthquake damage dispute has affirmed long-held legal principles...
Go above and beyond APRA’s cyber rules, Aon says
08 July 2019
Companies must go further than the prudential regulator’s new cyber-security standard if they are to protect their assets, Aon warns...
ICA plans meetings with Townsville flood victims
08 July 2019
The Insurance Council will convene one-on-one meetings between insurers or council representatives and policyholders and host a community forum for those affected by the Townsville floods...
CTP motor loss ratio blows out
01 July 2019
Compulsory third party motor vehicle cover produced an estimated ultimate loss ratio of 84.4% for the past accident year, the highest among the nine key business classes, according to the Australian Prudential Regulation Authority...
Fraud jury urged to ‘reject’ Josie Gonzalez evidence
01 July 2019
Former Dual Australia manager Josie Gonzalez, who is accused of defrauding the underwriting agency, cannot be trusted, the County Court of Victoria heard today...
Consumer survey puts royals on top
01 July 2019
The “royals” – personal lines mutual insurance companies run by motoring asssociations – occupy three of the top five spots in a Roy Morgan general insurance consumer satisfaction survey...
Insurers, intermediaries face ‘fight for customers’
01 July 2019
A struggle between insurers and brokers is likely to erupt as product manufacturers try to wrest control of customer interactions from intermediaries, a report warns...