Daily

BI claims uncertainty ramps up insurer earnings pressure: Fitch

25 January 2021

A possible surge in COVID-19 business interruption claims adds to existing pressures on Australian general insurers’ earnings, Fitch warns...

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Claimant who blamed bat for power surge loses insurance complaint

25 January 2021

A Suncorp contents insurance policyholder who believed a bat was responsible for a power surge that subsequently damaged his laptop and televisions has failed in his bid to have the insurer accept his claim...

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Disaster-hit regions 'might never recover' without insurance

25 January 2021

Natural disaster mitigation is vital to keep insurance affordable, because without it regional communities may never recover, Suncorp says as it releases a new report today...

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January hailstorm losses rise to nearly $1.9 billion

25 January 2021

Catastrophe data company Perils has finalised its overall loss estimate of several hailstorms that hit the eastern states in January last year, raising the value of claims accepted by insurers to $1.89 billion...

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Nexus joins Insurance Advisernet

22 January 2021

Nexus Risk Services will join Insurance Advisernet under an arrangement agreed by the two Austbroker equity partners...

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Businesses forced to close as 'insurance crisis' worsens

22 January 2021

A growing number of businesses are being forced to shutter because they can’t get public liability insurance which is mandatory for many of the industries they operate in, according to Australian Small Business and Family Enterprise Ombudsman Kate Carnell...

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Insurer pays for failing to provide 'like-for-like' farm cover

22 January 2021

Agricultural insurer Achmea must indemnify a claim after fire destroyed 1380 bales of hay, despite the items not being listed among insured contents in a farm policy sold to a client...

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Industry wants PI insurance requirements 'applied prospectively'

22 January 2021

The Insurance Council of Australia has voiced concerns over the NSW Government’s draft regulations for the Design and Building Practitioners Act 2020 that was passed in parliament last June...

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NIBA presses ASIC for retail advice reform

21 January 2021

The National Insurance Brokers Association has proposed meeting with the Australian Securities and Investments Commission, insurers and consumer representatives to discuss changes that could help retail clients access advice...

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'Needs TLC': fire claim upheld despite concern over property condition

21 January 2021

An investment property owner has won a claim payment dispute after fire damaged an old house that was advertised as needing “tender loving care” when it was purchased...

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Reinsurance renewal rate increases fall short of expectations

21 January 2021

Prices at the January 1 treaty renewal season did not increase sharply as initially predicted as the global reinsurance capital pool closed out last year 3% higher than 2019, according to reports...

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M&A rates set to rise as appetite for deals hots up

21 January 2021

Rates for mergers and acquisitions-related risk products are set to increase after corporate appetite for business expansion was dented last year because of the pandemic, Gallagher says in a report...

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AUB sells Altius in health and rehab exit

20 January 2021

AUB Group has agreed to sell its holding in Altius to the Riverside Company for net cash proceeds of about $57 million, completing its exit from health and rehabilitation services...

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Coverforce completes management buyout of private equity investor

20 January 2021

Independent brokerage Coverforce today confirmed that management shareholders have acquired investment firm Pemba Capital Partners’ 49% ownership in the business...

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Risks pile higher in financial lines: Gallagher

20 January 2021

Insurers are wary of emerging financial lines risks and are approaching directors’ and officers’ and management liability renewals as if a fiscal cliff is imminent, Gallagher says...

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Contagious diseases, climate change 'key global risks': WEF report

20 January 2021

Infectious diseases and a number of climate change-linked threats have dominated a risk survey as part of an annual World Economic Forum report produced in collaboration with Zurich Insurance Group and Marsh...

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Austbrokers Corporate CEO resigns as trio set to join Marsh

19 January 2021

Austbrokers Corporate CEO John Mutton has resigned, as he and two other executives prepare to join rival broker Marsh...

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CommInsure assessor accused of inflating repair cost in return for 'gift'

19 January 2021

The Fair Work Commission has dismissed an application for relief from unfair dismissal by a former Commonwealth Insurance motor assessor, who was terminated for “serious misconduct” last year over an undeclared transfer of $500 to his bank account...

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Pandemic 'biggest threat' to Australian business: Allianz survey

19 January 2021

Pandemic outbreaks have for the first time been listed as the biggest threat to Australian businesses, according to an annual risk survey by Allianz Global Corporate and Specialty...

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Industry moves: WTW among firms making key appointments

19 January 2021

Willis Towers Watson has appointed Lee Garvey to the newly created position of Head of Financial Solutions for Australia and New Zealand as the New Year brings a number of personnel changes across the insurance industry...

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