Daily
Standard definitions in focus as denials expected
10 March 2022
The definition of storm and other perils should be standardised in insurance policies and reforms should also focus on improved comparability of exclusions and cover qualifications, the Financial Rights Legal Centre says, as it braces for phone calls after the Queensland and NSW weather catastrophe...
Largest insurers face AFCA funding rise
10 March 2022
The Australian Financial Complaints Authority is consulting on a new user-pays funding model, which it says will be fairer and more transparent...
Safety nets needed as big data raises non-insurance risks
10 March 2022
Soaring northern Australia premiums and the proposed cyclone reinsurance pool illustrate that big data and the ability to more effectively price individual risks is increasing the need for safety nets in the digital economy, an Actuaries Institute paper says...
NIBA calls on brokers to offer free support to flood victims
09 March 2022
The National Insurance Brokers Association says it wants to establish a “claims support initiative” which would see brokers offer free advice to victims of the east coast flood catastrophe...
ARPC finalising cyclone pool rates, highest risks targeted
09 March 2022
Cyclone pool premium rates are being finalised by the Australian Reinsurance Pool Corporation in consultation with insurers, with highest savings targeted at those most at risk, a Treasury official has told a Senate committee inquiry into the legislation...
Lockton names CEO of new advisory business
09 March 2022
Independent brokerage Lockton Australia has today launched a new advisory business, headed by former Willis Re local CEO John Philipsz...
INsight podcast: will floods push mitigation message forwards?
09 March 2022
A spiralling flood catastrophe could force governments to listen to insurers' calls for more spending on disaster resilience, the latest Insurance News podcast heard...
Mandatory pool risks price increases: Sure
08 March 2022
The mandatory participation requirement for the cyclone reinsurance pool could see some policyholders paying more rather than achieving savings, Sure Insurance MD Bradley Heath has told a Senate committee hearing into the legislation...
Flood claims approach 100,000 as weather worsens again
08 March 2022
Claims numbers from the east coast flood catastrophe continue to spiral as dozens of evacuation orders remain across NSW, and the industry looks to fast-track staff from overseas...
Do the maths: insurers encouraged to examine workforce diversity on IWD
08 March 2022
Insurers are encouraged to take a deep dive into their own workforce metrics to address diversity blockages that reflect biases and may be hitting the bottom line...
Insurer wrong to label sub-floor storage space 'open air'
08 March 2022
A claimant whose items were wrecked by flooding of a sub-floor storage area has won a dispute after their insurer tried to restrict the payout on the basis the contents were in the “open air”...
Large commercial claims could push flood losses past $2 billion: Marsh
04 March 2022
Major commercial claims which have not yet been lodged could see insured losses for the Queensland/NSW flood catastrophe overtake a $2 billion estimate, says broker Marsh...
QBE simplifies US operations, reveals Australian flood exposure
04 March 2022
QBE today announced it is selling its US-based Westwood Insurance Agency for $375 million as part of efforts to simplify its business there...
Holden driver wins dispute over undisclosed modification
04 March 2022
The driver of a Holden who failed to tell his insurer about a non-factory-standard cold intake filter in his engine installed prior to his purchase of the car has won a claim dispute after it was damaged during a ‘road rage’ incident...
UK blocks Russia from Lloyd's, Australian insurers 'stand with Ukraine'
04 March 2022
The UK Government says Russian aviation companies are banned from accessing Lloyd’s and the London Market, as sanctions following the invasion of Ukraine ramp up...
Flood claims top 60,000 as fears grow over materials, labour shortages
03 March 2022
More than 60,000 claims have been received by insurers as a result of the flood catastrophe in Queensland and NSW, and concerns are rising about the impact of materials and labour shortages on the recovery...
'Significant' rise in industry profit as underwriting results improve
03 March 2022
The general insurance industry made “significant improvement” in earnings for the year to December, as a sharp turnaround in underwriting results and lower claims losses combined to negate subdued investment returns, the Australian Prudential Regulation Authority says today...
Blue Mountains cafe loses dispute after bushfire deterred tourists
03 March 2022
A cafe owner who suffered a downturn in profit of more than $40,000 when the danger and volume of smoke from nearby bushfires in the Blue Mountains National Park kept tourists away has lost a claim dispute...
Climate demand makes QBE AGM agenda - again
03 March 2022
Pro-climate action QBE shareholders have again requisitioned a resolution at its upcoming annual general meeting in May to push the insurer into disclosing fossil fuel reduction targets and plans for moving away from underwriting of oil and gas assets...
Flood catastrophe insured losses could hit $2 billion
02 March 2022
Flooding in NSW and Queensland is likely to lead to insured losses of at least $1 billion and possibly $2 billion, making it one of Australia’s worst flood events on record, S&P Global Ratings said today...