Daily
ICA welcomes ‘historic’ buybacks offer
15 June 2023
The Insurance Council of Australia has welcomed the Northern Rivers Reconstruction Corporation’s offer to buy back more than 1000 Northern NSW homes facing significant risk from flooding...
Strata report highlights insurance growth potential
15 June 2023
Strata-titled properties have an estimated insured value of $1.3 trillion, which is set to rise as the proportion of residents living in townhouses, apartments and units continues to grow, according to a new report...
Arctic, AI: Swiss Re flags emerging global risks
15 June 2023
Swiss Re’s annual Sonar report flags a “multi-faceted” emerging risk landscape with issues ranging from geopolitical tensions over access to the Arctic to a dangerous reliance on artificial intelligence...
El Nino could cut insurance losses: Aon
15 June 2023
Australia may be entering a more inactive natural catastrophe period and face lower industry losses in the years ahead as climate patterns transition from La Nina to El Nino, Aon says...
IAG tracks toward full-year guidance, NZ challenging
14 June 2023
IAG says the business is “trending towards” its reported insurance margin guidance for this financial year as double-digit pricing increases in the second half drive expected gross written premium growth of around 10%...
Insurance hit by ‘entrenched skills recession’: Hays
14 June 2023
Insurance takes seventh place in the list of Australia’s professions most impacted by skills shortages, according to a survey of employers by recruiter Hays...
'Why is it relevant?' Driver loses claims dispute after disclosure breach
14 June 2023
A complainant who failed to inform her insurer about numerous driving infringements has lost her appeal to overturn claim denials relating to the theft of two vehicles...
Claims payout from failed Victorian builder tops $3 million
14 June 2023
The Victorian Managed Insurance Authority has paid out $3 million in claims lodged by clients of Porter Davis, following the sudden collapse of the Melbourne-based residential home builder in March...
Commissions stay, but Government holds back on other advice review proposals
13 June 2023
The Federal Government has finally responded to the Quality of Advice Review recommendations, agreeing general and life insurance commissions will stay but holding back on other key proposals including expanding the definition of personal advice until it has consulted with stakeholders...
Don McLardy recognised in King’s Birthday Honours
13 June 2023
McLardy McShane CEO Don McLardy was among insurance industry participants recognised in this year’s King’s Birthday Honours as community and charity work was highlighted...
‘The Pride has lost a leader’: Lion Underwriting Director dies
13 June 2023
Ralph Dissell, a Director at Lion Underwriting, has died after a short battle with cancer...
Zurich appoints new Chief Claims Officer
13 June 2023
Zurich Financial Services Australia has named Matt Paterson as Chief Claims Officer for Australia and New Zealand...
Top level national risk focus needed: ICA President
09 June 2023
The Federal Government’s $200 million per year spending on mitigation should be just the start of an increased insurance-related risk focus at Australia’s top political and regulatory levels, Insurance Council of Australia President Nick Hawkins says...
Suncorp backpays $32 million to staff in owed wages, loadings, meal allowances
09 June 2023
Suncorp has made $32 million in back payments to more than 15,800 employees at its insurance businesses who were underpaid between May 2014 and March last year, after self-reporting the matter in 2020 to the Fair Work Ombudsman...
Storm-devastated council calls on insurers to ‘do the right thing’
09 June 2023
Victoria’s Yarra Ranges council is urging insurers to continue to provide rental assistance and help ensure customers rebuild to current standards two years after damaging storms felled large trees and caused widespread property damage...
ANZ deal offers significant insurance benefit, ACCC told
09 June 2023
Operating as a pure play insurer will be a significant benefit to the Australian public, Suncorp says, and will make the insurer stronger as the industry faces volatility in global reinsurance markets and tougher capital requirements...
Suncorp’s AA Insurance hit with court action over alleged discount failures
08 June 2023
Suncorp-backed New Zealand insurer AA Insurance is facing civil proceedings over alleged failures to apply discounts and guaranteed no claim bonuses to eligible customers’ premiums, leading to overcharges of $NZ11.2 million ($10.2 million)...
Queensland proceeds with $174 million Bundaberg levee after securing funding
08 June 2023
Queensland will go ahead with the Bundaberg East Levee after the flood mitigation project secured $174.7 million in funding commitments at state and federal levels...
Natural disaster response costs NSW billions
08 June 2023
The NSW government’s disaster response expenditure blew out to $2.5 billion in the 18 months to December 31 as storms and severe floods damaged roads, bridges, waste collection centres and other essential services facilities, and large grants were allocated...
Cleaner and escort worker ordered to repay WorkSafe after fraud discovered
08 June 2023
A fraudster who operated as a cleaner and escort while receiving over $74,000 in workers’ compensation will be required to repay WorkSafe after he pleaded guilty to fraudulently obtaining payments by deception...