Daily
Prices rise in challenging reinsurance renewals
18 January 2022
Reinsurers have gained further price rises after a challenging January renewal season involving some tense and protracted negotiations, brokers have reported...
Howden RE appoints treaty reinsurance executive director
18 January 2022
Howden RE says it has recruited Richard Pike as Executive Director Treaty Reinsurance, a newly created role within the business in Australia...
Claim declined for Queensland quarantine detour
18 January 2022
A traveller caught out by Victorian border closures has lost a dispute lodged with the Australian Financial Complaints Authority over a claim for expenses incurred after isolating in a Queensland hotel...
'Certainty needed' on cyclone pool details
17 January 2022
RACQ says cyclone reinsurance pool draft legislation gives only “half the picture”, the July starting date looks doubtful and changes are needed to ensure the arrangements will work effectively for policyholders and the industry...
Insurers welcome $200 million resilience promise
17 January 2022
Insurers have welcomed a Federal Labor pre-election promise to invest up to $200 million a year on disaster prevention and resilience...
SLE CEO Raj Nanra begins tenure
17 January 2022
Newly appointed SLE Worldwide Australia CEO Raj Nanra has started in the role, taking over from Brad French, who left the underwriting agency at the end of last year...
Juice bar theft falls outside policy's 'forcible and violent' coverage terms
17 January 2022
A juice bar owner who disagreed with QBE’s decision to reject her claim for theft on the basis the crime did not meet the terms of coverage as stated in her business insurance policy has lost her dispute before the Australian Financial Complaints Authority...
Report proposes 'self-funding' insurance model for export industries
17 December 2021
The insurance industry’s climate policies and their impact on Australia’s fossil fuel-led export industries dominate the findings of a parliamentary inquiry into the prudential regulation of investment in the sector...
Broker commissions review terms of reference released
17 December 2021
Draft terms of reference for the anticipated review of financial advice, including broker commissions, have been released by Treasury, setting in train an inquiry recommended by the Hayne royal commission for next year...
Mutual builder secures NSW start-up grant
17 December 2021
Sydney-based insurtech Picnic Labs says $25,000 it received from the NSW Government will support the growth of its first customer-owned offering, Our Ark Mutual...
Couple with adult son rehabilitating at home win fire dispute
17 December 2021
Vulnerable homeowners have won a housefire claim dispute and financial compensation after an ombudsman ruled their 30-year-old son, living with them for five months to rehabilitate from methamphetamine use, was not "family" for the purposes of a policy exclusion “irrespective of whether or not he caused the damage”...
2022: the year of the customer
16 December 2021
Next year will see financial services companies including insurers double down on their efforts to focus on customers, EY says...
icare overhaul 'a marathon not a sprint'
16 December 2021
A program to turn around the performance of icare will be a marathon taking years rather than a sprint, consultants appointed to monitor the process have warned, while the NSW state-owned insurer has faced further criticism at a Parliamentary committee hearing...
Active Underwriting rejects amusement mutual proposal
16 December 2021
Sportscover Australia leisure arm Active Underwriting Specialists says an ombudsman report recommending a discretionary mutual fund for the amusement industry is on the wrong track...
INsight podcast: looking back at 2021
16 December 2021
Our podcast panel looks back at the biggest themes of 2021 for the industry, in the final INsight episode of the year...
AFCA backs insurer on BI cover dispute
15 December 2021
The Australian Financial Complaints Authority has backed an insurer in a business interruption cover dispute over profit losses resulting from multiple COVID-19 lockdowns that required closures for extended periods...
Insurance Council names new president
15 December 2021
The Insurance Council of Australia board has appointed IAG MD and CEO Nick Hawkins to the position of President, effective New Year’s Day...
Record wild weather claims start 'ominous' storm season: NRMA
15 December 2021
NRMA Insurance has received the highest number of severe weather home claims for any spring and is urging Australians to prepare for more frequent hailstorms trending further south in the warmer months...
Global catastrophe losses reach $US112 billion: Swiss Re
15 December 2021
Global insured catastrophe losses have reached $US112 billion ($157 billion) this year, the fourth-highest level in five decades, Swiss Re says in preliminary estimates...
'Implications for insurers': High Court backs prestige car like-for-like hire
14 December 2021
The High Court has clarified that drivers of a BMW and an Audi A3 who were involved in accidents where they weren’t at fault were entitled to recover costs for the hire of equivalent prestige vehicles while repairs were completed...