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Commercial rates fall 2% in first drop since 2016

Wed, 24 Apr 2024 06:21:12 GMT

Australian commercial premium rates have declined for the first time since 2016, falling 2% in the first quarter, according to Marsh’s latest Global Insurance Market Index, released today...

Homeowners lose fight against $1.5m slip damages

Wed, 24 Apr 2024 05:52:27 GMT

A woman who was awarded more than $1.5 million in damages after slipping on a driveway at an open house inspection has had her compensation upheld in an appeal court...

No payout for firm after director’s son writes off Ferrari

Wed, 24 Apr 2024 05:20:19 GMT

An Australian Financial Complaints Authority panel has backed an insurer’s decision to decline a business’ claim for damage to a Ferrari 448 that was crashed by a company director’s son...

INsight podcast: insurance implications of shopping centre stabbings

Wed, 24 Apr 2024 04:58:33 GMT

The insurance impact of the fatal stabbings at Sydney’s Bondi Junction Westfield is the main topic of discussion on the latest Insurance News podcast...

Broker denies misuse of millions in client funds

Tue, 23 Apr 2024 06:04:25 GMT

Former broker Renato De Maria today pleaded not guilty to charges he issued inflated insurance premium invoices to corporate customers and misused millions of dollars held in trust accounts...

Gallagher acquires Sydney trade credit insurance broker

Tue, 23 Apr 2024 06:02:46 GMT

Global broker Gallagher says Prasidium Credit Insurance has joined the business, enhancing its trade credit insurance expertise in the Australian market...

Industry split on cyclone pool time limit extension

Tue, 23 Apr 2024 05:14:00 GMT

Insurers have given diverse views to a parliamentary committee hearing on whether the cyclone reinsurance pool should cover flooding related to events beyond a current 48-hour limit...

AFCA rejects 'home contents' claim for damaged car

Tue, 23 Apr 2024 05:10:38 GMT

An insured who sought cover under his home and contents policy for damage to his non-driveable car has lost a dispute over his insurer’s decision to reject the claim...

Watchdog challenges ruling on Auto & General contract clause

Mon, 22 Apr 2024 04:59:01 GMT

The Australian Securities and Investments Commission will appeal after the Federal Court last month dismissed its unfair contract terms proceedings against insurer Auto & General...

Insolvency numbers on course for decade high

Mon, 22 Apr 2024 04:58:23 GMT

The number of businesses entering external administration is on track to exceed 10,000 this financial year, the Australian Securities and Investments Commission says, after insolvencies rose 36.2% to 7742 in the nine months to March 31...

State expands firefighter access to workers’ comp

Mon, 22 Apr 2024 04:56:44 GMT

Queensland has changed its workers’ compensation scheme to improve coverage and support for firefighters...

Bundaberg residents see latest levee plans

Mon, 22 Apr 2024 04:56:28 GMT

Updates on the proposed $174.7 million Bundaberg East Levee are being presented at community sessions this week to let residents learn more about the flood resilience project...

NZ regulator appoints ‘proven’ executive director

Mon, 22 Apr 2024 04:56:17 GMT

New Zealand’s Financial Markets Authority has appointed Louise Unger as Executive Director for Response and Enforcement, starting in June...

Kell to chair financial counselling fund

Mon, 22 Apr 2024 04:56:05 GMT

The Financial Counselling Industry Fund, aimed at expanding assistance for people enduring hardship, will be chaired by Peter Kell, a former Australian Securities and Investments Commission deputy chairman and Choice CEO...

‘Significant’ business interruption claims possible after Bondi stabbings

Mon, 22 Apr 2024 04:55:16 GMT

Retailers at Sydney’s Bondi Junction Westfield will likely be covered for business interruption after the mall closed for most of last week following a horrific knife attack, experts say, and more than 200 workers' compensation claims have already been lodged...

Broker faces court over misuse of client funds

Mon, 22 Apr 2024 04:55:15 GMT

The Australian Securities and Investments Commission (ASIC) has outlined 18 charges against a Melbourne insurance broker, alleging misuse of millions of dollars of client money at a committal hearing today...

Code review panel seeks input ahead of first report

Mon, 22 Apr 2024 04:55:05 GMT

A consultation paper released as part of the General Insurance Code of Practice review seeks feedback on issues including enforceability and measures to help customers facing financial hardship and vulnerability...

Inquiry heads to more flood-hit towns

Mon, 22 Apr 2024 04:54:40 GMT

The House of Representatives Standing Committee on Economics will hold hearings in several NSW communities next month as it continues its inquiry into insurers’ responses to the 2022 floods...

Live music industry pleads for state intervention on cover

Mon, 22 Apr 2024 04:54:16 GMT

Music Victoria has called for urgent action on public liability insurance problems that are causing venues to close despite steps to reduce risk and encourage more underwriters to provide cover...

Consumer lobby calls for principles over ‘intricate definitions’

Mon, 22 Apr 2024 04:53:54 GMT

The Australian Consumers Insurance Lobby says a focus on “overarching principles rather than intricate definitions” is important for policy clarity, as a Treasury consultation considers standardising more natural hazard terms...