PI turmoil set to persist, says Aon
19 August 2019
Securing professional indemnity cover will remain tough for building certifiers and other high-risk professionals as insurers look to cut their losses, according to an Aon report...
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Revised code ‘will help with Hayne transformation’
19 August 2019
The General Insurance Code of Practice will be a crucial tool in helping the industry embed Hayne royal commission reforms, the Insurance Council of Australia says...
ICA pushes for flood data access
19 August 2019
Access to local government flood data for Moreton Bay Regional Council and the City of Gold Coast would allow for more accurate pricing of premiums in the two Queensland precincts, the Insurance Council of Australia says...
Local company paves way as Australia-based Lloyd’s broker
19 August 2019
Lloyd’s has welcomed Wickshire as the market’s first Australian-based registered broker as rising technological uptake makes it easier to transact business from global locations...
Cost of fixing nation’s apartment crisis ‘in the billions’
19 August 2019
New research estimates that fixing defects in apartment buildings constructed in the last decade will cost $6.2 billion...
Insurers seek building faults transparency
19 August 2019
Calculating potential underwriting losses from poor construction remains impossible as governments prove reluctant to share information on building issues, Insurance Council of Australia Head of Risk and Operations Karl Sullivan has told a NSW parliamentary inquiry...
Radio Rentals class action affirms disclosure trend: Allens
19 August 2019
A recent Federal Court of Australia order in the Radio Rentals class action indicates insurers are increasingly going to have to disclose details of their clients’ insurance policies, law firm Allens says...
Townsville property insurance losses estimate now $1.22 billion
19 August 2019
Industry losses on property insurance from Townsville’s summer flood, which began on Australia Day, have reached $1.22 billion, according to Swiss modeller Perils estimates...
Bank wins appeal over indemnity claim
19 August 2019
The Bank of Queensland has won in its legal appeal to make an indemnity claim from its civil liability policy...
QC says insurers cutting defamation insurance capacity
19 August 2019
Anecdotal evidence suggests that insurers are reducing their capacity and availability for defamation cover amid an “explosion” in lawsuit damages, Victorian barrister David Gilbertson QC says...
Canterbury claims agency misled couple: NZ court
19 August 2019
The New Zealand High Court has ruled that Southern Response engaged in misleading and deceptive conduct in its handling of a Canterbury quake claim...
Local premium gains outpace global markets: Marsh
12 August 2019
Premium price gains in the Pacific region, including Australia and New Zealand, tripled the pace of global increases in the second quarter, a Marsh report shows...
Mould damage key issue as water claims rise
12 August 2019
Restoration company Steamatics CEO Oliver Threlfall says insurance industry costs are being increased by the way less reputable repairers are responding to internal water damage...
Insurance products in advocates’ firing line
12 August 2019
A joint submission to the Australian Securities and Investments Commission has included a range of insurance products the corporate regulator could target with its new product intervention powers...
NIBA’s annual broker market survey goes live
12 August 2019
NIBA’s annual Broker Market Survey is now live and brokers have received their own unique link with instructions on how to complete the survey...
Increased merger activity boosts transaction insurance
12 August 2019
The number of merger and acquisition deals in Australia and New Zealand using warranty and indemnity insurance jumped 37% last year compared to 2017, Aon says...
400,000 customers told of ‘junk cover’ class action
12 August 2019
More than 400,000 Australians have been notified they may be eligible for a class action accusing National Australia Bank of selling “junk” consumer credit insurance...
Calls for ‘coherent’ policy on climate change
12 August 2019
Swiss Re’s local head Mark Senkevics has called for a “coherent government policy” on climate change, warning that Australia is uniquely exposed...
EQC adopts ‘made in NZ’ risk tool
12 August 2019
New Zealand’s Earthquake Commission, EQC, is adopting locally developed risk-modelling software that helps users assess risks to buildings, infrastructure and people from natural hazards such as earthquakes, tsunamis and floods...
ICA criticises ACCC affordability report
05 August 2019
The Insurance Council of Australia has criticised the inquiry into northern Australia’s insurance affordability problem – saying it’s revisiting “flawed ideas” and failing to tackle the underlying issues...