AFCA examines its approach to disclosure
29 April 2024
Since October 5 2021, the duty of disclosure has no longer applied to consumer insurance contracts, as a raft of Hayne-inspired regulatory changes have been introduced...
Analysis
Vulnerability, enforcement and affordability on the table in code review
22 April 2024
It doesn’t seem long since the 2020 General Insurance Code of Practice was released, but since then the industry has dealt with Hayne royal commission repercussions, a pandemic and record-breaking east coast flooding that’s now the focus of a parliamentary inquiry...
Let battle recommence: standard term reforms remain contentious
15 April 2024
Battlelines are again being drawn over the extension of standard definitions beyond flood and wider reforms, amid the latest consultation on an issue that has previously been kicked down the road...
AFCA’s warning: do better, or soaring complaints are here to stay
08 April 2024
Complaints about general insurance are rocketing up and there’s no end in sight unless the industry “does a better job”, Australian Financial Complaints Authority member businesses have been told...
Strata practices report unleashes torrent of criticism
25 March 2024
Allegations that a major NSW strata management firm has been charging excessive fees for insurance services without full disclosure of the arrangements have touched a nerve and triggered a torrent of criticism directed at practices within the sector...
Catastrophes and confusion kick-start standard cover review
18 March 2024
The Federal Government has bitten the bullet and is moving ahead with work to standardise more natural hazard insurance definitions and make an outdated standard cover regime effective, as record catastrophes and policy complexities sharpen the focus on an issue talked about for years...
‘Notoriously hard balancing act’: industry fears slip-ups
11 March 2024
There’s no respite for Australian insurers, two years after record-breaking floods. The industry is dealing with an ongoing federal parliamentary inquiry into its response to those catastrophes while having to keep a close eye on an array of competing risks such as cyber threats and stiffer regulations...
‘More work to be done’: the gender pay gap scorecards are in
04 March 2024
For the first time, almost 5000 large Australian organisations bared all last week, revealing what they pay men and what they pay women, and the gender balance across their boards and workplaces...
Floods inquiry raises stakes for code review
26 February 2024
The federal parliamentary inquiry into insurers’ handling of record flooding two years ago has put the spotlight on the code of practice review launched in November, and the effectiveness and enforceability of the document...
Cash settlement reforms on the cards after inquiry scrutiny
19 February 2024
Cash settlements weren’t given top billing in the terms of reference for the parliamentary inquiry into insurers’ handling of flood claims but they have proved a lightning rod for criticism during hearings in Canberra...
Mistakes were made, but flood inquiry must focus on future
12 February 2024
It was one of the most absorbing exchanges of the Federal Government’s flood inquiry hearings so far. Independent MP Andrew Gee, who represents flooded constituents in Eugowra and other NSW communities, wanted Insurance Council of Australia CEO Andrew Hall to admit he was “embarrassed and ashamed”...
Six ways to tackle soaring premiums: ICA’s pre-budget submission
05 February 2024
Cost of living is considered the number one concern for many Australians, and it will be a key focus for the Federal Government as it prepares its May budget...
2023, a year in stories
18 December 2023
The insurance industry never stands still, and while the year hasn’t been as turbulent as others in recent times, the team of journalists at insuranceNEWS.com.au has written about 3000 news articles during 2023...
Not so simple for insurers as advice changes loom
11 December 2023
General insurers are set to provide “simple advice on less complex matters” under a new model, as outlined in the Albanese Government’s ambitious bid to reform financial advice regulations...
Broker Love: IAG opens up on next stage of turnaround plan
04 December 2023
A few years back, IAG’s Intermediated Insurance Australia division was struggling by any measure, a self-proclaimed underperformer that recorded a more than $100 million loss in FY22...
Tectonic shift: risks go both ways in energy transition
27 November 2023
Societies and economies across the world have begun, to varying degrees, and with varying success, the process of energy transition...
Greatest gift: ESL delight, but history dictates caution
20 November 2023
The NSW Government’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...
Never-ending story: broker code debate maintains momentum
13 November 2023
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’s raged for more than a year...
Will insurers opt out of optional flood cover?
06 November 2023
Australia’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...
Battle to stop floodplain building finally gaining traction
30 October 2023
A battle to stop building housing in the highest risk locations on Australia’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...