Daily

Cyclone impacts set to worsen without action on home resilience: ICA

2 December 2021

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...

Read More...

Service standards, legal obligations dominate broker code breaches

2 December 2021

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...

Read More...

Gallagher boosts Melbourne presence with Sound acquisition

2 December 2021

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

Read More...

ACCC approves ICA tool to process BI claims

2 December 2021

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...

Read More...

ASIC Black Summer claims review flags areas for improvement

1 December 2021

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...

Read More...

Landlord insurers to stop chasing tenants for accidental damage

1 December 2021

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...

Read More...

Marsh appoints Chief Claims Officer

1 December 2021

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

Read More...

INsight podcast: La Nina and what it means for insurers

1 December 2021

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

Read More...

IAG faces shareholder class action over BI disclosure

30 November 2021

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...

Read More...

Westpac faces penalties over double-up policies

30 November 2021

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...

Read More...

Industry backs further $50 million flood mitigation boost

30 November 2021

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

Read More...

Goat hell: claimant refused to cooperate over 'unusual' claim

30 November 2021

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...

Read More...

Greensill court action filed against IAG

26 November 2021

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...

Read More...

QBE, NTI take out top Insurance Advisernet awards

26 November 2021

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

Read More...

Prudential guidance on climate risk finalised

26 November 2021

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...

Read More...

Big spending owners corp loses dispute over repairs

26 November 2021

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...

Read More...

Firmer rates drive up industry earnings

25 November 2021

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...

Read More...

Treasury proposes AFCA improvements

25 November 2021

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...

Read More...

Insurance as a weapon: report finds cover can be used in financial abuse

25 November 2021

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

Read More...

NSW, WA at risk of summer fires despite La Nina rains

25 November 2021

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...

Read More...