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Westpac faces penalties over double-up policies

30 November 2021

The Australian Securities and Investments Commission has started civil penalty proceedings against Westpac in the Federal Court over alleged compliance failings that include distribution of duplicate general insurance policies...

Goat hell: claimant refused to cooperate over 'unusual' claim

30 November 2021

A Suncorp motor policyholder who says his car was possibly damaged by his neighbour’s goats but refused multiple requests for more information to help the insurer with its investigation into his claim has lost his dispute before the Australian Financial Complaints Authority...

Greensill court action filed against IAG

26 November 2021

Greensill Bank’s administrator has filed Federal Court action against IAG seeking an order that the insurer is liable to cover a $US35 million claim...

Prudential guidance on climate risk finalised

26 November 2021

The Australian Prudential Regulation Authority today released its final prudential practice guide on climate change, setting out how insurers and other financial services providers can manage related financial risks arising from global warming within their existing framework...

Big spending owners corp loses dispute over repairs

26 November 2021

An owners corporation seeking to recoup $55,000 it spent removing pavers from a back yard and replacing them with a concrete slab has lost a claim dispute after insurer-appointed builder quotes revealed the work could have been done for a fifth of the cost...

Firmer rates drive up industry earnings

25 November 2021

General insurers achieved better financial results in the year to September 30, posting a 4.5% rise in net profit-after tax to $944 million on the back of rate rises in a number of product classes such as domestic motor and professional indemnity, prudential regulator data released today shows...

Treasury proposes AFCA improvements

25 November 2021

A Treasury review of the Australian Financial Complaints Authority has made recommendations to improve the ombudsman service while finding that “broadly” its decision making is fair, independent and efficient...

NSW, WA at risk of summer fires despite La Nina rains

25 November 2021

While most of Australia shows normal bushfire potential this summer, high grass and crop fuel loads in large parts of NSW and above average forecast temperatures in WA indicate above normal risk for those areas, according to AFAC, the National Council for Fire and Emergency Services...

Insurer wins dispute over fatal truck crash involving drugs

24 November 2021

A freight transport company has lost a claim dispute over the accidental death of its employee – a truck driver ejected from a prime mover after it crashed into a large tree and found to have multiple drugs and an illegal level of alcohol in his system...

Tower results reflect 'difficult year'

24 November 2021

Annual earnings fell at New Zealand insurer Tower as both large house claims and large events were at their highest for many years...

Laggards 'disappoint' on code hardship measures

23 November 2021

The General Insurance Code Governance Committee says it’s disappointed that some firms missed a deadline for introducing new standards to help customers experiencing vulnerability and financial hardship, while “there seems to be some confusion” over compliance with one of the sections...

Flood, cyclone risk heightened as La Nina declared

23 November 2021

The Bureau of Meteorology today upgraded its La Nina outlook, declaring the flood-inducing weather pattern is now underway, potentially bringing more rainfall than usual this summer and above average numbers of tropical cyclones over the next few months...

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