Daily

Cyclones have generated claims costs of $23 billion since 1967 and impacts are set to worsen unless action is taken, given that homes are not resilient and risks are expected to rise with climate change, the Insurance Council of Australia says...

Non-compliance in relation to service standards and legal obligations as set out in the Insurance Brokers Code of Practice dominated subscriber breaches last year, similar to the prior 12-month period...

Gallagher today announced the acquisition of Melbourne-based Sound Insurance Services for an undisclosed sum, as it looks to grow in the Victorian capital...

The Australian Competition and Consumer Commission has granted interim approval for insurers to use a web-based tool developed to help assess a possible influx of COVID-related business interruption claims following the conclusion of the second test case...

An Australian Securities and Investments Commission review of claims handling outcomes for consumers affected by the Black Summer bushfires has identified areas for improvement and good industry practices that it says should be widely adopted...

Residential landlord insurance providers will no longer pursue tenants for unintentional or accidental damage caused, responding to a months-long public pressure campaign by WEstjustice and Choice...

Marsh has appointed insurance lawyer Catherine Osborne to the newly created role of Chief Claims Officer, Pacific as it strengthens support for clients...

The La Nina weather system and what it could mean for insurers is discussed in depth on the latest Insurance News podcast...

Law firm Quinn Emanuel Urquhart & Sullivan plans to file a shareholder class action against IAG for alleged breaches in updating the market about its exposure to business interruption claims resulting from the pandemic...

The Australian Securities and Investments Commission has started civil penalty proceedings against Westpac in the Federal Court over alleged compliance failings that include distribution of duplicate general insurance policies...

The Insurance Council of Australia has backed the Federal Government allocating another $50 million to support priority flood mitigation infrastructure works across the country...

A Suncorp motor policyholder who says his car was possibly damaged by his neighbour’s goats but refused multiple requests for more information to help the insurer with its investigation into his claim has lost his dispute before the Australian Financial Complaints Authority...

Greensill Bank’s administrator has filed Federal Court action against IAG seeking an order that the insurer is liable to cover a $US35 million claim...

QBE has been named Insurer of the Year and NTI the Underwriting Agency of the Year in the Insurance Advisernet awards...

The Australian Prudential Regulation Authority today released its final prudential practice guide on climate change, setting out how insurers and other financial services providers can manage related financial risks arising from global warming within their existing framework...

An owners corporation seeking to recoup $55,000 it spent removing pavers from a back yard and replacing them with a concrete slab has lost a claim dispute after insurer-appointed builder quotes revealed the work could have been done for a fifth of the cost...

General insurers achieved better financial results in the year to September 30, posting a 4.5% rise in net profit-after tax to $944 million on the back of rate rises in a number of product classes such as domestic motor and professional indemnity, prudential regulator data released today shows...

A Treasury review of the Australian Financial Complaints Authority has made recommendations to improve the ombudsman service while finding that “broadly” its decision making is fair, independent and efficient...

Many Australians are unaware that perpetrators of family and domestic violence can use insurance policies to cause further harm, Allianz Australia says...

While most of Australia shows normal bushfire potential this summer, high grass and crop fuel loads in large parts of NSW and above average forecast temperatures in WA indicate above normal risk for those areas, according to AFAC, the National Council for Fire and Emergency Services...