Daily

Wickshire becomes first Australian-based Lloyd’s broker

16 August 2019

A Sydney brokerage has become the first Australian-based registered Lloyd’s broker as technological uptake at the London market makes it easier to transact business from global locations...

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One more time: NZ to fund repairs for onsold quake homes

16 August 2019

The New Zealand Government will pay homeowners in Christchurch and surrounding areas who bought properties they later found contained botched repairs from the earthquakes and who are unable to claim on private insurance...

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CTP overhaul: ministers seek national fix for automated car cover

16 August 2019

Australia’s top transport ministers want compulsory third party (CTP) insurance schemes across Australia to be rejigged to fill a gap in cover for automated vehicles...

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‘Good pricing momentum’ lifts QBE’s half-year profit

15 August 2019

QBE today reported a 29% rise in first-half net profit to $US463 million ($683 million) as hardening prices and strong investment returns combined to offset challenging conditions in its North American crop business...

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Reform pain: ICA chief says Hayne will ‘stretch’ industry

15 August 2019

The large number of reforms spilling out of the Hayne royal commission will stretch the general insurance industry to its limits and create a “seismic shift” in the way it operates, according to Insurance Council of Australia CEO Rob Whelan...

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Lloyd’s broker with many Australia links dies

15 August 2019

Bruce Copp, a London-based specialist Lloyd’s broker with close ties to Australian insurance professionals, has died at the age of 65 after a battle with cancer...

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Investor says ASIC’s Coverforce records are wrong

14 August 2019

Private equity investor Pemba Capital Partners says Coverforce shares issued to Resilium owners including MD Adrian Kitchin are invalid and Australian Securities and Investments Commission company records should be corrected...

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Allianz stung with $250 million extra capital requirement

14 August 2019

Allianz must put in $250 million in extra capital requirement after coming up short in a risk governance self-assessment test it undertook last year at the request of the Australian Prudential Regulation Authority...

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QBE works on customer charter

14 August 2019

QBE is about to launch a new Customer Charter, which it says will deliver better and more consistent outcomes for clients during the claims process...

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ICA calls for disclosures on high-risk buildings

13 August 2019

Information from high-risk building registers should be shared by governments with insurers to provide clarity on potential liabilities, Insurance Council of Australia Head of Risk and Operations Karl Sullivan has told a NSW parliamentary inquiry...

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Insurers lose in appeal over indemnity claim

13 August 2019

The NSW Court of Appeal has overturned a decision by a Supreme Court judge who had ruled the Bank of Queensland was not entitled to seek indemnity for $6 million it paid to settle a class action filed by 192 investors...

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Saving koalas: insurer launches campaign

13 August 2019

NRMA Insurance has begun a campaign to raise awareness of the plight of Australia’s iconic koalas, by pledging to plant a tree every time it sells a home insurance policy...

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Is self regulation dead? CCI failure reveals size of challenge

9 August 2019

Consumer credit insurance failings highlight the challenges of industry self regulation as the financial services sector seeks to win back lost trust, Australian Prudential Regulation Authority Chairman Wayne Byres says...

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400,000 NAB customers notified of 'junk insurance' class action

9 August 2019

In one of the largest court-ordered notices in the nation's legal history, more than 400,000 Australians were today notified they may be eligible for a class action accusing National Australia Bank of selling “junk” consumer credit insurance...

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NSW reforms shine light on CTP insurer performance

9 August 2019

The NSW Government has endorsed reforms aimed at measuring and reporting on the performance of compulsory third party insurers...

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Commercial pricing powers ahead in latest quarter

8 August 2019

Australia and New Zealand commercial pricing gains have accelerated in the second quarter, outpacing global increases, as property, financial and professional indemnity rates rose, Marsh says...

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Asia exit boosts IAG’s ledger

8 August 2019

A lucrative business exit in Thailand helped IAG achieve a 16.6% rise in annual net profit to $1.08 billion as the sale offset a marked decline in the profitability of domestic insurance operations...

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Water damage claims topping fire, burglary: Chubb

8 August 2019

The size of household internal water damage claims has risen 72% in the last five years and the issue is now a more common and costly risk for properties than burglary or fire, Chubb says...

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Suncorp’s Marketplace CEO exits as strategy revamped

7 August 2019

Suncorp Marketplace CEO Pip Marlow will leave the business as the group shifts its strategy following the departure earlier this year of Michael Cameron...

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Regulation bites: Allianz cans CCI

7 August 2019

Allianz has dropped all its consumer credit insurance business after a comprehensive review, saying it was no longer cost effective after a regulatory crackdown...

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