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Analysis

The post-pandemic world: 'scales tipped' in industry’s favour

19 July 2021

The coronavirus is proving to be a formidable foe to crush. More than a year into the public health crisis, the world is still struggling to hold the virus at bay as more infectious variants emerge, seeding new waves of transmissions...

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Eradicating groupthink

12 July 2021

Before the collapse of 158-year old banker Lehman Brothers in 2008 and the subprime loans fiasco, diversity and inclusion wasn’t top of the agenda in financial services...

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New code sets up insurance for a post-Hayne landscape

5 July 2021

In an exercise that took longer than usual to complete because of the COVID disruption, Australia’s insurers finally have a new code of practice in place – one that has been comprehensively updated and rewritten to provide for much-improved consumer protections in the post-Hayne royal commission landscape...

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The industry survives another barrage from MPs

28 June 2021

Friday’s hearing of the House of Representatives Standing Committee on Economics – a body which has previously demonstrated a sketchy understanding of how the insurance industry works – started with an announcement from committee Chair Tim Wilson that he and Insurance Council CEO Andrew Hall are "personal friends"...

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Spanner in the works? US lawsuit targets Aon-WTW merger

21 June 2021

The US Department of Justice doesn’t mince words in its lawsuit aimed at blocking Aon’s $30 billion purchase of rival international broker Willis Towers Watson...

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Starting gun fired on cyclone pool design discussions

7 June 2021

After a decade of governments spinning their wheels on the idea of a cyclone reinsurance pool, Treasury now has to speed ahead with its foot to the floor in turning the concept into reality within an expected one-year timeframe...

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Showing the way: AFCA rulings shine light on key issues

31 May 2021

The Daily news service provided by insuranceNEWS.com.au often summarises dispute rulings laid down by the Australian Financial Complaints Authority...

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We can work it out: affordability ball placed in industry court

24 May 2021

Many options have been floated and no recommendations yet finalised as the ICA-commissioned review on affordability and availability continues, but a discussion paper released last week makes some things clear...

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Coal war: insurers in firing line as climate politics heats up

17 May 2021

Up until now, the Adani Group has preferred to keep a near-total silence in response to a barrage of protests from climate activists waging a relentless campaign against its Carmichael coal mine...

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When it comes to disaster pools, how good is Queensland?

10 May 2021

After years of insurers fighting against a reinsurance pool for cyclone-prone northern Australia and various inquiries showing little enthusiasm Prime Minister Scott Morrison has embraced the idea in an outcome reflecting the impacts of recent catastrophes and the power of politics...

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Be careful: law change will discard consumers’ disclosure duty

3 May 2021

From October 5, duty of disclosure obligations will no longer apply to consumer insurance contracts, thanks to Hayne-inspired reform aimed at redressing the balance of power between insurers and their customers...

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Cyber takes top spot as cause of sleepless nights

26 April 2021

As some insurers take the “nuclear” option and stop writing Directors’ & Officers’ business entirely, a new survey finds cyber attacks have jumped to be the top concern for executives both locally and offshore for the first time...

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Insurtech trends: using data to create dynamic insurance

19 April 2021

Like the prolonged soft insurance market cycle, the macro-economic cycle was an extended one and it took the largest recession since the Great Depression, triggered by a global pandemic, to bring the economy down...

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Fighting on many fronts: BI test case battles widen

12 April 2021

An increasing number of business interruption legal issues are before the courts as insurers and policyholders continue to wrangle over exclusion wordings and whether cover has been provided for the COVID-19 pandemic...

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Suez Canal crisis: mega ships equal mega claims

29 March 2021

The logjam in the Suez Canal is threatening to escalate into a complex and large-scale claims event for the insurance industry globally, as fears over the extreme risk posed by a new generation of mega ships are realised...

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Decade of learning: four key themes from SME Index

22 March 2021

Vero’s annual SME Insurance Index, which delves into the minds of 1500 SME owners and their insurance-buying habits, has just published its 10th edition...

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Reinsurance pool: is Government preparing to dive in?

15 March 2021

Rumours are swirling that there might be a significant announcement on insurance in northern Australia in the upcoming Federal Budget, and some are predicting it’ll involve a reinsurance pool...

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‘This is not over’: leaders urge industry to prioritise gender equity

8 March 2021

Naming its incoming Australia and Pacific CEO Sue Houghton recently, QBE described the insurance trailblazer as “known for her sound judgment, resilience and adaptability, as well as for cultivating talent, fostering diverse and inclusive teams and driving performance”...

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Results in focus: earnings season spotlights premium gains, BI uncertainty

1 March 2021

Rising premiums are set to remain a positive for insurance companies for some time yet while business interruption claims uncertainty is still a cloud over the industry as legal battles continue and COVID-19 concerns persist, the latest earnings reporting season shows...

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Year of change: injection of regulatory reform begins

22 February 2021

Prime Minister Scott Morrison described the national rollout of the COVID-19 vaccination program as “the beginning of a big game changer”. Also game-changing for the insurance industry could be the injection of Hayne-inspired regulatory reform slated for this year...

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