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Code committee targets claims handling laggards
06 May 2024
The General Insurance Code Governance Committee says failure to update policyholders on the progress of claims was the top reported breach last financial year and it is engaging with subscribers that have fallen short of requirements...
Mitigation recognition clarity on table in code review
06 May 2024
The independent panel reviewing the general insurance code of practice is considering whether more clarity on mitigation measures and impacts on premiums is needed amid affordability concerns...
Failure of imagination is key business risk
06 May 2024
Former QBE Deputy Chair John M Green says insurance industry professionals should read and watch drama to ignite their imaginations and better foresee risk...
Millions of cash-strapped drivers dodge car maintenance
06 May 2024
Australia’s roads are crowded with cars that would struggle to pass a roadworthiness inspection as drivers delay maintenance, comparison site Finder says...
Commercial rate cycle on buyers’ side after first decline since 2016
29 April 2024
Broker Marsh expects market conditions in Australia to favour commercial insurance buyers after rates fell for the first time since 2016...
Dispute referee to consult on disclosure guide
29 April 2024
The Australian Financial Complaints Authority aims to launch a new approaches document this year to give greater clarity around disclosure disputes...
Smash repair code committee eyes incorporation
29 April 2024
The Motor Vehicle Insurance and Repair Industry Code Administration Committee is considering becoming an incorporated entity after a recommendation it should adopt an association, company or other corporate structure...
Consumer group calls for increased cyclone pool cross-subsidisation
29 April 2024
The Australian Consumers Insurance Lobby says changes to cyclone pool pricing modelling should be made before a scheduled review, to deliver improved savings to regions paying the highest premiums...
‘Cold, angry, abandoned’: Victorian flood probe details victims' anger
29 April 2024
An interim report from the Victorian Government’s inquiry into the October 2022 floods says insurance claim handling delays and inadequate coverage prolong hardship and hinder recovery after natural disasters...
Study highlights danger of distracted drivers
29 April 2024
IAG has warned drivers after new research found more than half of New Zealanders admitted to being distracted while at the wheel...
‘Significant’ business interruption claims possible after Bondi stabbings
22 April 2024
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
22 April 2024
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
22 April 2024
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
22 April 2024
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
22 April 2024
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’
22 April 2024
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...
Bureau monitors La Nina signs as ocean conditions return to neutral
22 April 2024
The Bureau of Meteorology says El Nino has ended and Pacific Ocean conditions have returned to neutral, and it has urged caution around predictions of La Nina – associated with increased flood risk – developing later this year...
Call for independent panel to lead standard terms reforms
15 April 2024
Consumer groups have called on the Federal Government to establish an independent panel to lead reforms on standard terms and an effective standard cover regime...
Flood probe eyes stronger regulation after Lismore ‘horror stories’
15 April 2024
Evidence presented in Lismore last week around insurance claims handling after the 2022 floods was “very concerning” and revealed “things we need to strengthen regulatory arrangements around”, federal MP Daniel Mulino says...
NSW storm claims rise to 13,600
15 April 2024
The Insurance Council of Australia has provided a claims update on the post-Easter storm in NSW...