insuranceNEWS.com.au - AnalysisGeneral insurance and financial services news from Australia and around the worldhttps://www.insurancenews.com.au/en-auBroker Love: IAG opens up on next stage of turnaround plan  https://www.insurancenews.com.au/analysis/broker-love-iag-opens-up-on-next-stage-of-turnaround-planhttps://www.insurancenews.com.au/analysis/broker-love-iag-opens-up-on-next-stage-of-turnaround-plan<p>A few years back, IAG&rsquo;s Intermediated Insurance Australia division was struggling by any measure, a self-proclaimed underperformer that recorded a more than $100 million loss in FY22...</p>Mon, 04 Dec 2023 02:18:47 GMTTectonic shift: risks go both ways in energy transition https://www.insurancenews.com.au/analysis/tectonic-shift-risks-go-both-ways-in-energy-transitionhttps://www.insurancenews.com.au/analysis/tectonic-shift-risks-go-both-ways-in-energy-transition<p>Societies and economies across the world have begun, to varying degrees, and with varying success, the process of energy transition...</p>Mon, 27 Nov 2023 02:08:36 GMTGreatest gift: ESL delight, but history dictates caution https://www.insurancenews.com.au/analysis/greatest-gift-esl-delight-but-history-dictates-cautionhttps://www.insurancenews.com.au/analysis/greatest-gift-esl-delight-but-history-dictates-caution<p>The NSW Government&rsquo;s surprise announcement that it intends to ditch the inequitable Emergency Services Levy was an early Christmas present for an insurance industry battling increasing affordability woes...</p>Mon, 20 Nov 2023 00:51:10 GMTNever-ending story: broker code debate maintains momentum https://www.insurancenews.com.au/analysis/never-ending-story-broker-code-debate-maintains-momentumhttps://www.insurancenews.com.au/analysis/never-ending-story-broker-code-debate-maintains-momentum<p>The November 1 changes on remuneration disclosure to the National Insurance Brokers Association code of practice were intended to draw a line under a debate that&rsquo;s raged for more than a year...</p>Mon, 13 Nov 2023 02:45:19 GMTWill insurers opt out of optional flood cover? https://www.insurancenews.com.au/analysis/will-insurers-opt-out-of-optional-flood-coverhttps://www.insurancenews.com.au/analysis/will-insurers-opt-out-of-optional-flood-cover<p>Australia&rsquo;s $6 billion flood catastrophe last year devastated many communities, and it may yet have a significant impact on how home insurance policies operate in future...</p>Mon, 06 Nov 2023 01:52:26 GMTBattle to stop floodplain building finally gaining traction https://www.insurancenews.com.au/analysis/battle-to-stop-floodplain-building-finally-gaining-tractionhttps://www.insurancenews.com.au/analysis/battle-to-stop-floodplain-building-finally-gaining-traction<p>A battle to stop building housing in the highest risk locations on Australia&rsquo;s floodplains appears to be finally gaining traction with a NSW Government decision to prevent some proposed development in the Hawkesbury-Nepean Valley west of Sydney...</p>Mon, 30 Oct 2023 03:18:33 GMTFrom the frontline: good and bad of an insurance career https://www.insurancenews.com.au/analysis/from-the-frontline-good-and-bad-of-an-insurance-careerhttps://www.insurancenews.com.au/analysis/from-the-frontline-good-and-bad-of-an-insurance-career<p>The 2023 Insurance News Wellbeing Survey received thousands of frank and insightful opinions from brokers, underwriters, claims experts and other professionals who make up the sector...</p>Mon, 23 Oct 2023 03:17:42 GMTFloods tipping point galvanises government, industry https://www.insurancenews.com.au/analysis/floods-tipping-point-galvanises-government-industryhttps://www.insurancenews.com.au/analysis/floods-tipping-point-galvanises-government-industry<p>Last week&rsquo;s Insurance Council of Australia Annual Conference was held a year after flood waters inundated towns in northern Victoria in a continuation of natural disasters triggered as torrential rainfall fell across eastern states during a third consecutive La Nina...</p>Mon, 16 Oct 2023 02:28:08 GMTIs it time to reconsider comparison websites for home and motor?  https://www.insurancenews.com.au/analysis/is-it-time-to-reconsider-comparison-websites-for-home-and-motorhttps://www.insurancenews.com.au/analysis/is-it-time-to-reconsider-comparison-websites-for-home-and-motor<p>It&rsquo;s a familiar scenario for people buying personal insurance online &ndash; your home or motor renewal comes through, and the premium&rsquo;s up 10% or even 20%...</p>Mon, 09 Oct 2023 01:59:53 GMTJones sings industry tune, but consumer groups not in harmony https://www.insurancenews.com.au/analysis/jones-sings-industry-tune-but-consumer-groups-not-in-harmonyhttps://www.insurancenews.com.au/analysis/jones-sings-industry-tune-but-consumer-groups-not-in-harmony<p>There&rsquo;s nothing like an overseas trip to bring people closer together, as apparently evidenced by the delegation of insurance leaders and Assistant Treasurer Stephen Jones, which has just returned from Europe...</p>Mon, 02 Oct 2023 01:24:52 GMTHouseholders a trouble area as investments provide boost https://www.insurancenews.com.au/analysis/householders-a-trouble-area-as-investments-provide-boosthttps://www.insurancenews.com.au/analysis/householders-a-trouble-area-as-investments-provide-boost<p>The annual Radar report shows householders was the only class to make a loss last financial year, a reversal in investment results drove overall profits higher and affordability pressures are a key issue for the industry...</p>Mon, 25 Sep 2023 03:45:36 GMTReinsurance price rises likely remain on the cards after reset https://www.insurancenews.com.au/analysis/reinsurance-price-rises-likely-remain-on-the-cards-after-resethttps://www.insurancenews.com.au/analysis/reinsurance-price-rises-likely-remain-on-the-cards-after-reset<p>Frustrating and gruelling negotiations leading into last January&rsquo;s reinsurance renewals remain fresh in the memory as the industry prepares for upcoming discussions, with early expectations suggesting further price increases but an overall smoother process...</p>Mon, 18 Sep 2023 03:42:37 GMTHigher returns, higher risks: industry adjusts to new interest rate era https://www.insurancenews.com.au/analysis/higher-returns-higher-risks-industry-adjusts-to-new-interest-rate-erahttps://www.insurancenews.com.au/analysis/higher-returns-higher-risks-industry-adjusts-to-new-interest-rate-era<p>The end of the era of &ldquo;financial repression&rdquo; will transform the general insurance industry as it achieves higher returns from investments, but further market hardening is still expected, a global report from Swiss Re warns...</p>Mon, 11 Sep 2023 04:06:10 GMTYou have been warned: bushfire threat builds as forecast worsens https://www.insurancenews.com.au/analysis/you-have-been-warned-bushfire-threat-builds-as-forecast-worsenshttps://www.insurancenews.com.au/analysis/you-have-been-warned-bushfire-threat-builds-as-forecast-worsens<p>Australian home and business owners &ndash; and their brokers &ndash; should be well aware of the potential bushfire threat this spring and summer, but a new report from an insurer shows misunderstandings about the risks are still rife...</p>Mon, 04 Sep 2023 04:14:09 GMT10 reasons why our industry is floody effective https://www.insurancenews.com.au/analysis/10-reasons-why-our-industry-is-floody-effectivehttps://www.insurancenews.com.au/analysis/10-reasons-why-our-industry-is-floody-effective<p>In an attempt to align the corporate regulator&rsquo;s recent report on claims handling with insurer profits, Melbourne&rsquo;s Herald Sun recently ran with the headline &ldquo;Our insurers are floody useless&rdquo;...</p>Mon, 28 Aug 2023 04:36:04 GMTHidden danger: are flexihose claim denials wearing thin? https://www.insurancenews.com.au/analysis/hidden-danger-are-flexihose-claim-denials-wearing-thinhttps://www.insurancenews.com.au/analysis/hidden-danger-are-flexihose-claim-denials-wearing-thin<p>Insurers are increasingly under fire for relying too heavily on wear and tear exclusions to deny claims &ndash; and one example is a growing concern for brokers and their clients...</p>Mon, 21 Aug 2023 03:51:28 GMTHome truths: heat rises on affordability problems https://www.insurancenews.com.au/analysis/home-truths-heat-rises-on-affordability-problemshttps://www.insurancenews.com.au/analysis/home-truths-heat-rises-on-affordability-problems<p>Actuaries Institute and consumer group research reports have highlighted rising home insurance affordability problems in parts of Australia and set out proposals for action, as consensus rises on some issues while immediate solutions remain a challenge...</p>Mon, 14 Aug 2023 02:35:04 GMTFloods inquiry given mandate for ‘pragmatic’ answers  https://www.insurancenews.com.au/analysis/floods-inquiry-given-mandate-for-pragmatic-answershttps://www.insurancenews.com.au/analysis/floods-inquiry-given-mandate-for-pragmatic-answers<p>Emotions may run high as a Federal Government parliamentary inquiry into insurer responses to record-breaking floods hears accounts of experiences, but Assistant Treasurer Stephen Jones has stressed that it will be more than an exercise in venting...</p>Mon, 07 Aug 2023 03:10:56 GMTHousing demand, extreme weather up the ante on planning https://www.insurancenews.com.au/analysis/housing-demand-extreme-weather-up-the-ante-on-planninghttps://www.insurancenews.com.au/analysis/housing-demand-extreme-weather-up-the-ante-on-planning<p>Preventing high-risk building on floodplains is becoming increasingly urgent as climate threats combined with a rising population and greater housing needs potentially put more people at risk from extreme weather events...</p>Mon, 31 Jul 2023 03:24:48 GMTThat sinking feeling: floods inquiry risks becoming a witch hunt https://www.insurancenews.com.au/analysis/that-sinking-feeling-floods-inquiry-risks-becoming-a-witch-hunthttps://www.insurancenews.com.au/analysis/that-sinking-feeling-floods-inquiry-risks-becoming-a-witch-hunt<p>The Insurance Council of Australia (ICA)&nbsp;<a href="https://www.insurancenews.com.au/daily/federal-government-launches-inquiry-into-floods-response" target="_blank" rel="noopener">moved quickly</a> to welcome the announcement of a parliamentary inquiry into insurers&rsquo; responses to last year&rsquo;s devastating floods...</p>Mon, 24 Jul 2023 05:13:19 GMT