Daily
Industry books highest profit in five years, rate rises expected: KPMG
29 March 2023
Higher rates drove general insurance profit to $4.95 billion last year – the industry’s best result since 2018 – and premiums are set to go up by at least 10% from now until December as insurers seek to ease the impact of inflation and rising reinsurance costs, KPMG says in an annual state-of-the-market report...
Intermediary premium rises to $18.5 billion in December half: APRA
29 March 2023
General insurance intermediaries placed about $18.5 billion in premium for the six month-period to December, up from almost $17.2 billion a year earlier, the Australian Prudential Regulation Authority says in a bi-annual update today...
Cyclone pool inquiry expresses ‘serious’ roll-out concerns
29 March 2023
A Parliamentary Committee report into the Cyclone Reinsurance Pool has expressed “serious concerns” about its implementation and has made recommendations designed to improve the scheme roll-out over the next few years...
Driver loses dispute after reversing cars collide
29 March 2023
A driver who collided with another vehicle as she was reversing out of her driveway will not be compensated after a dispute ruling found she was not able to establish fault for the accident...
Agencies ‘moving into traditional insurer territory’: UAC CEO
28 March 2023
Underwriting agencies are no longer just about hard-to-place risks, but are moving into territory traditionally occupied by the mainstream insurers, the Steadfast Convention has heard...
Local Lloyd’s head promoted with expanded role
28 March 2023
The role of Lloyd’s Australia and New Zealand Regional Head Chris Mackinnon has been expanded to include Deputy Regional Director for Asia Pacific Middle East and Africa...
‘Difficult discussion’: IAG study makes relocation policy proposals
28 March 2023
An IAG report examining use of planned relocation to protect from natural disasters says the strategy is particularly economically viable in higher risk locations, and makes seven policy recommendations...
APRA Chair warns cyber reviews show more work to do
28 March 2023
The Australian Prudential Regulation Authority says reviews it has asked banking, insurance and superannuation groups to complete have shown cyber security improvements are needed in areas including safeguards to protect sensitive customer data...
FAR, CSLR go before Senate after House of Representatives passage
24 March 2023
The Financial Accountability Regime Bill 2023 and legislation for the compensation scheme of last resort are now before the Senate after securing passage in the House of Representatives this week...
Insurer wins court appeal in heart attack disclosure dispute
24 March 2023
The Federal Full Court has ruled a life insurer is entitled to decline cover due to a doctor’s non-disclosure of his heart problems, despite the false information being given to an earlier provider before a group policy changed hands...
Tower recruits Chief Risk Officer from APRA
24 March 2023
Tower has appointed Australian Prudential Regulation Authority General Manager Sharyn Reichstein as its new Chief Risk Officer...
Claimant loses dispute over travel cover eligibility
24 March 2023
A traveller who suffered a heart attack overseas will not be compensated after an Australian Financial Complaints Authority determination backed his insurer’s decision to deny the claim...
Affordability challenge 'never greater': Suncorp CEO
23 March 2023
More support is needed for vulnerable Australians facing rising risks and increasing insurance premiums as relentless extreme weather continues, Suncorp CEO Steve Johnston says...
Latitude Financial notifies insurers over malicious cyber attack
23 March 2023
Latitude Financial has notified its insurers over a “sophisticated, well-organised and malicious cyber attack” that has involved large-scale information theft affecting past and present customers across Australia and New Zealand...
Zurich partnership to lift commercial EV uptake
23 March 2023
Zurich has partnered with e-mobility technology company SEA Electric in Australia to encourage the transition of fleets to electric vehicles...
Gabrielle set to cost NZ insurers at least $829 million
23 March 2023
Insurers are expecting at least $NZ890 million ($829 million) in claims losses from Cyclone Gabrielle, the Insurance Council of New Zealand says today in a provisional update...
Broking director charged over alleged misuse of client monies
22 March 2023
The Australian Securities and Investments Commission says Renato De Maria, the sole director of Alliance Management Group Pty Ltd, formerly Alliance Insurance Broking Services Pty Ltd, has been charged with criminal offences relating to the misuse of about $35 million of client monies...
Productivity Commission criticises premium subsidies, calls for cyclone pool phase-out
22 March 2023
The Productivity Commission has cautioned against more government-backed premium subsidy measures in future, warning such “intervention” distorts decision-making by individuals and businesses and will only put them in “harm’s way” as climate risks grow...
Insurer must pay claimant for storm repairs to home
22 March 2023
A homeowner whose property was damaged by a storm will be compensated for her losses after a dispute ruling determination overruled her insurer’s decision to decline the claim...
INsight podcast: AFCA complaints surge causes dispute delays
22 March 2023
Dispute delays at the Australian Financial Complaints Authority are the main topic of discussion in the latest Insurance News podcast...