insuranceNEWS.com.au - All newsGeneral insurance and financial services news from Australia and around the worldhttps://www.insurancenews.com.au/en-auFinity/Insurance News market update available to downloadhttps://www.insurancenews.com.au/the-professional/finity-insurance-news-market-update-report-available-to-downloadhttps://www.insurancenews.com.au/the-professional/finity-insurance-news-market-update-report-available-to-download<p>A free digital copy of a 26-page market update report put together by actuarial consultants Finity and Insurance News can now be downloaded...</p>Mon, 28 Apr 2025 05:00:18 GMTPacific property rates decline 9% in quarter: Marsh https://www.insurancenews.com.au/local/pacific-property-rates-decline-9-in-quarter-marshhttps://www.insurancenews.com.au/local/pacific-property-rates-decline-9-in-quarter-marsh<p>Commercial property rates in the Australia-dominated Pacific region declined 9%, as a slide continued to gather pace, the latest Marsh Global Insurance Market Index shows...</p>Mon, 28 Apr 2025 04:51:45 GMTAlfred 'worst cyclone since Tracy'https://www.insurancenews.com.au/local/alfred-worst-cyclone-since-tracyhttps://www.insurancenews.com.au/local/alfred-worst-cyclone-since-tracy<p>Catastrophe data specialist Perils says Alfred is the largest cyclone loss event since Tracy hit Darwin in 1974, as insured losses pass $2.56 billion...</p>Mon, 28 Apr 2025 04:48:08 GMTWatchdog sets new date for RACQ, RAA deal findingshttps://www.insurancenews.com.au/corporate/watchdog-sets-new-date-for-racq-raa-deal-findingshttps://www.insurancenews.com.au/corporate/watchdog-sets-new-date-for-racq-raa-deal-findings<p>The Australian Competition and Consumer Commission is planning to next month release findings on the proposed IAG and Allianz acquisitions of motoring club insurance operations after previously extending the review timeframe...</p>Mon, 28 Apr 2025 04:45:27 GMT‘Absurd’: brokers continue to bag commission consent lawhttps://www.insurancenews.com.au/corporate/absurd-brokers-continue-to-bag-commission-consent-lawhttps://www.insurancenews.com.au/corporate/absurd-brokers-continue-to-bag-commission-consent-law<p>General insurance intermediaries have continued to attack new commission consent requirements, following an article published in our broker newsletter last week...</p>Mon, 28 Apr 2025 04:45:14 GMTReviews, disaster responses dent ICA resulthttps://www.insurancenews.com.au/local/reviews-disaster-responses-dent-ica-resulthttps://www.insurancenews.com.au/local/reviews-disaster-responses-dent-ica-result<p>The Insurance Council of Australia recorded an operating loss of $1.94 million last year as responses to reviews and late 2023 catastrophes added to expenses...</p>Mon, 28 Apr 2025 04:44:30 GMTChubb appoints Asia-Pacific accident and health chiefhttps://www.insurancenews.com.au/corporate/chubb-appoints-asia-pacific-accident-and-health-chiefhttps://www.insurancenews.com.au/corporate/chubb-appoints-asia-pacific-accident-and-health-chief<p>Janene Blizzard has been promoted to Asia-Pacific head of accident and health at Chubb...</p>Mon, 28 Apr 2025 04:44:16 GMTExecs prepare for charity sleepouthttps://www.insurancenews.com.au/the-professional/execs-prepare-for-charity-sleepouthttps://www.insurancenews.com.au/the-professional/execs-prepare-for-charity-sleepout<p>Insurance bosses will take part in the 20th annual Vinnies CEO Sleepout, held on one of the year&rsquo;s coldest nights to support Australians vulnerable to homelessness...</p>Mon, 28 Apr 2025 04:44:01 GMTSCA announces national code of ethicshttps://www.insurancenews.com.au/the-professional/sca-announces-national-code-of-ethicshttps://www.insurancenews.com.au/the-professional/sca-announces-national-code-of-ethics<p>The Strata Community Association says it will create a national code of ethics for the industry, addressing issues such as commissions and transparency...</p>Mon, 28 Apr 2025 04:41:10 GMTHowden hires former Rio Tinto exec to head surety businesshttps://www.insurancenews.com.au/the-professional/howden-hires-former-rio-tinto-exec-to-head-surety-businesshttps://www.insurancenews.com.au/the-professional/howden-hires-former-rio-tinto-exec-to-head-surety-business<p>Howden Insurance Brokers says Tony Cengic has joined as head of surety, based in Melbourne...</p>Mon, 28 Apr 2025 04:36:26 GMTOpportunity for ACT to act on insurance access: ICA https://www.insurancenews.com.au/local/opportunity-for-act-to-act-on-insurance-access-icahttps://www.insurancenews.com.au/local/opportunity-for-act-to-act-on-insurance-access-ica<p>The Insurance Council of Australia has outlined &ldquo;immediate actions&rdquo; the ACT government can take to help address rising insurance costs, particularly for small businesses and not-for-profit organisations...</p>Mon, 28 Apr 2025 04:34:57 GMTAI inaccuracy a ticking claim bomb, lawyer warns https://www.insurancenews.com.au/insurtech/ai-inaccuracy-a-ticking-claim-bomb-lawyer-warnshttps://www.insurancenews.com.au/insurtech/ai-inaccuracy-a-ticking-claim-bomb-lawyer-warns<p>Mistakes made by artificial intelligence may take years to be discovered and may cost insurers dearly due to unintended cover, Clyde &amp; Co partner Darryl Smith says...</p>Mon, 28 Apr 2025 03:49:42 GMTIA calls for ‘game-changing’ R&D frameworkhttps://www.insurancenews.com.au/insurtech/ia-calls-for-game-changing-r-and-d-frameworkhttps://www.insurancenews.com.au/insurtech/ia-calls-for-game-changing-r-and-d-framework<p>An increase in long-term funding is essential for research and development in Australia to match global competitors, the insurtech peak body says...</p>Mon, 28 Apr 2025 03:49:23 GMTUS fires and storms drive second highest Q1 loss: Aon  https://www.insurancenews.com.au/international/us-fires-and-storms-drive-second-highest-q1-loss-aonhttps://www.insurancenews.com.au/international/us-fires-and-storms-drive-second-highest-q1-loss-aon<p>Global insured losses from natural disasters were the second highest on record for the first quarter, according to Aon, with an estimated $US53 billion ($83.04 billion) paid out by insurers...</p>Mon, 28 Apr 2025 03:48:39 GMTExtreme weather knowledge gap ‘threatens energy transition’https://www.insurancenews.com.au/international/extreme-weather-knowledge-gap-threatens-energy-transitionhttps://www.insurancenews.com.au/international/extreme-weather-knowledge-gap-threatens-energy-transition<p>Unmodelled extreme weather risks are a &ldquo;defining challenge&rdquo; for renewable energy markets, according to sector underwriter GCube Insurance...</p>Mon, 28 Apr 2025 03:47:49 GMTSwiss Re names new CROhttps://www.insurancenews.com.au/international/swiss-re-names-new-crohttps://www.insurancenews.com.au/international/swiss-re-names-new-cro<p>Bernhard Kaufmann has been appointed group chief risk officer at Swiss Re, replacing the retiring Patrick Raaflaub from October...</p>Mon, 28 Apr 2025 03:47:37 GMTNZ severe storms added to Perils databasehttps://www.insurancenews.com.au/local/nz-severe-storms-added-to-perils-databasehttps://www.insurancenews.com.au/local/nz-severe-storms-added-to-perils-database<p>Catastrophe data specialist Perils has added severe convective storms in New Zealand, Japan and Europe to its industry exposure database...</p>Mon, 28 Apr 2025 03:45:01 GMT‘Save eight hours a week’:1Fort attracts $11 millionhttps://www.insurancenews.com.au/insurtech/save-eight-hours-a-week-1-fort-attracts-11-millionhttps://www.insurancenews.com.au/insurtech/save-eight-hours-a-week-1-fort-attracts-11-million<p>US insurtech 1Fort has raised $US7.5 million ($11.72 million) for its artificial intelligence platform, which it says saves brokers up to two hours per submission and increases their bind rate by up to a fifth on average...</p>Mon, 28 Apr 2025 03:37:31 GMTScouts ACT calls for public insurance optionhttps://www.insurancenews.com.au/regulatory-government/scouts-act-calls-for-public-insurance-optionhttps://www.insurancenews.com.au/regulatory-government/scouts-act-calls-for-public-insurance-option<p>A government-backed insurance scheme should be established in the Australian Capital Territory to provide affordable cover to community organisations, says Scouts ACT, as insurance costs reach a quarter of its operational budget...</p>Mon, 28 Apr 2025 03:28:15 GMTDirector fined over invalid home indemnity insurance https://www.insurancenews.com.au/regulatory-government/director-fined-over-invalid-home-indemnity-insurancehttps://www.insurancenews.com.au/regulatory-government/director-fined-over-invalid-home-indemnity-insurance<p>A WA director who misused his father&rsquo;s building contractor credentials has been fined $20,000 after pleading guilty to several offences, including invalid home indemnity insurance...</p>Mon, 28 Apr 2025 03:09:52 GMT