01 November 2023
The Australian Prudential Regulation Authority has imposed on RAC Insurance an additional $20 million capital requirement after a governance prudential review by the regulator found “significant weaknesses” in areas of outsourcing controls, conflict management and board decision making...
01 November 2023
The Insurance Brokers Code Compliance Committee has questioned whether breaches are being adequately investigated for their causes as it again raises concern over the level of subscriber reporting...
01 November 2023
An Australian Financial Complaints Authority panel has required Suncorp to complete repairs to a vulnerable claimant’s home after the insurer proposed a cash settlement due to unsafe work conditions stemming from the homeowner’s aggressive behaviour...
01 November 2023
A rare common sense government decision on floodplain development is the main talking point on the latest Insurance News podcast...
31 October 2023
A Deloitte review of insurer responses to record flooding in southeast Queensland and NSW last year has found inadequate scenario planning and outdated systems and processes were exposed by the scale and complexity of the catastrophe...
31 October 2023
The Finance Sector Union says it was briefed on Monday by Suncorp executives that around 25 senior positions are to be made redundant as part of a revamp of the insurer’s operational structure...
31 October 2023
US specialty insurer Markel has made more senior hires following the launch of its Australia business this month...
31 October 2023
A landlord who sought compensation for losses following the death of his tenant has lost his claims dispute after the Australian Financial Complaints Authority found the circumstances of the loss were not coverable under his policy...
27 October 2023
Steadfast has appointed key executives to its International team as it expands in the US, while the company also told the annual general meeting today that first quarter trading conditions remained strong...
27 October 2023
A new version of the Insurance Brokers Code of Conduct has been published, with revised wording around the disclosure of remuneration...
27 October 2023
A man and a woman have died and 32 homes have been lost in bushfires that continue to burn in Queensland’s Western Downs...
27 October 2023
A homeowner will have his claim paid and has been compensated the maximum amount for non-financial loss after his insurer accepted a claim, then changed its mind and denied it on the day his family was moving to temporary accommodation...
26 October 2023
The industry has performed well despite a challenging environment, posting a net profit after tax of $3.6 billion in the last financial year, actuarial firm Finity says in its annual Optima report released today...
26 October 2023
General Insurance Code of Practice significant breach remediation payments jumped to $319 million last financial year, affecting 4.6 million consumers, a governance committee annual report released today shows...
26 October 2023
Cyber attacks and extortion claims have resurged this year, with ransomware victim numbers up 143% globally during the first quarter, Allianz Commercial says...
26 October 2023
A property owner will be partially compensated for earthquake damage to her home after a dispute ruling found the insurer had not provided a reason to reduce its liability...
25 October 2023
Demand for travel insurance for cruise holidays has leapt in Australia as under 40s, empty nesters and families with older children all sign up for voyages...
25 October 2023
The Australian Securities and Investments Commission has become a signatory to an international agreement that boosts cooperation among insurance regulators...
25 October 2023
A traveller who was not allowed to board his flight after failing to provide proof of his Covid-19 vaccination status has lost his claims dispute...
25 October 2023
Your views on what you like - and don't like - about the insurance industry are one of the main topics of discussion on the latest Insurance News podcast...