Federal Court declares Youi breached insurance law 27 November 2020 The Federal Court has ruled Youi breached Insurance Contracts Act requirements on five occasions in its handling of a Broken Hill hailstorm claim that was the subject of a Hayne royal commission case study... Read More...
Chubb, NTI win top Insurance Advisernet awards 27 November 2020 More than 400 authorised representatives and industry partners watched a virtual presentation of this year’s Insurance Advisernet awards yesterday... Read More...
ASIC sets out new claims handling regime as reforms gather pace 27 November 2020 The Australian Securities and Investments Commission has today provided draft details of how insurance claims handling will be regulated as a financial service when legislation for the Hayne royal commission proposal is passed in Parliament... Read More...
Web of deceit: claimant blamed spider for crash 27 November 2020 A complainant who spun a tale about how a spider caused him to lose control of his car, sending the vehicle crashing into a guard rail, has failed in his bid to have his motor insurance claim accepted... Read More...
ICA considers next legal steps on BI pandemic cover 23 November 2020 The Insurance Council of Australia is considering legal action on two fronts following the NSW Court of Appeal test case decision last week that found in favour of policyholders on business interruption pandemic exclusions... Read More...
IAG completes first stage of $750 million capital-raising 23 November 2020 IAG has completed the first stage of a $750 million capital-raising triggered after the NSW Court of Appeal last week ruled against insurers on a business interruption exclusion for COVID-19... Read More...
‘Unsustainable burden’: NSW Budget flags ESL rises 23 November 2020 The National Insurance Brokers Association has repeated its concern about the NSW Emergency Services Levy and the amount that taxes on insurance add to premiums... Read More...
Super members find insurance process challenging: ASIC 23 November 2020 Superannuation funds have been urged to improve the way they communicate about group insurance with members as new research found one-third say they felt confused, overwhelmed or uncertain after initiating contact about their policies... Read More...
Code for premium funders set to start next year 23 November 2020 Insurance premium funders expect the industry’s first code of practice will take effect from the middle of next year following a consultation process... Read More...
UK Supreme Court aims to rule quickly on BI 23 November 2020 The UK Supreme Court – the country’s highest court – has completed a four-day appeal hearing over business interruption policy wordings that insurers say exclude claims related to the COVID-19 outbreak... Read More...
End of the beginning: BI case has a long way to go 23 November 2020 Last week’s NSW Court of Appeal judgment in a test case over business interruption cover for COVID-19 comes as a first-round loss for insurers in a fight that has a long way to run, and which is opening up on multiple fronts... Read More...