ICA welcomes decision to scrap Warragamba Dam raising
19 April 2023
The Insurance Council of Australia has welcomed NSW Labor Government comments affirming that it won’t proceed with a project to raise the height of the Warragamba Dam wall...
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Deloitte to review insurer response to record 2022 floods
19 April 2023
The Insurance Council of Australia has appointed Deloitte to undertake an external review into the insurance industry’s response to record floods that struck Queensland and NSW early last year, and identify what could be improved in responses to future extreme weather events...
Property owner wins storm claim dispute over leaking skylight
19 April 2023
A homeowner who challenged his claim denial after torrential rain damaged his home has won his dispute following an Australian Financial Complaints Authority decision...
INsight podcast: Ilsa and the great escape
19 April 2023
A near miss from Cyclone Ilsa is the main topic of conversation on the latest episode of the Insurance News podcast...
ACCC delays Suncorp bank sale decision until July
18 April 2023
The Australian Competition and Consumer Commission will delay a decision on the sale of Suncorp’s bank to ANZ until late July after seeking extra time to complete an assessment...
Crash repairer AMA cuts guidance on labour, costs impacts
18 April 2023
Crash repairer AMA Group has cut its earnings guidance due to labour shortages, and as many industry contracts still don’t adequately reflect inflation pressures or increasing repair severity...
M&A insurers face buyers' market
18 April 2023
Insurers of mergers and acquisitions (M&A) are lowering their premiums and sweetening policy terms to win deals as eight cover providers often vie for the same business, the latest WTW M&A Insurance Australasian Report says...
Storm claimant loses dispute after failing to address structural defects
18 April 2023
A homeowner whose property was damaged after being inundated with water will not be compensated after a dispute ruling backed her insurer’s decision to decline the claim...
AIG names Colahan as regional president
14 April 2023
Chris Colahan has been appointed AIG Asia Pacific Regional President, a role that encompasses oversight of the Australian business...
NZ Fire and Emergency proposes 13% levy hike to cover shortfall
14 April 2023
Fire and Emergency New Zealand has proposed a 12.8% increase in the levy on insurance policies to cover a funding shortfall caused by salary increases flowing from a collective wages agreement with firefighters...
High Court rejects SunWater Wivenhoe dispute appeal application
14 April 2023
The High Court has rejected a SunWater appeal application filed after lower courts found insurers were entitled to decline a claim related to Somerset and Wivenhoe dam operations in 2011, when torrential rain in Queensland led to flooding...
Family wins travel insurance dispute over pregnancy exclusion
14 April 2023
Travellers who cancelled their trip due to their daughter’s health emergency will be reimbursed for their losses after winning their claims dispute against their insurer...
Crawford Australia President to retire at year-end
13 April 2023
Crawford & Company Australia President Tim Jarman will retire at the end of December, following a four-decade insurance career...
Category 5: WA braces for Cyclone Ilsa tonight
13 April 2023
WA residents in the 700 kilometres south of Broome down to Whim Creek are bracing for Severe Tropical Cyclone Ilsa, which is expected to cross the coast between Port Hedland and Wallal Downs tonight or early on Friday as a category 5 system...
AFCA renews CEO term as compensation hits $1 billion
13 April 2023
David Locke has been reappointed Chief Ombudsman and CEO at the Australian Financial Complaints Authority for another five-year term, the board announced today...
Homeowner wins fire dispute after insurer alleges fraud
13 April 2023
A claimant whose property was severely damaged by fire will be compensated after successfully challenging an insurer’s decision to decline the claim over allegations of fraud...
ARPC declares cyclone event as Ilsa intensifies
12 April 2023
The Australian Reinsurance Pool Corporation has declared Cyclone Ilsa, which is expected to cause significant damage as it crosses the WA coast, as a cyclone event under the Federal Government’s reinsurance pool...
Natural catastrophes propel parametric uptake
12 April 2023
More Australian insureds are considering parametric insurance options to help address the increasing cost of traditional policies and hazards brought about by climate change, industry consulting firm Xceedance says...
SIRA censures NRMA Insurance for delayed CTP responses
12 April 2023
The NSW State Insurance Regulatory Authority has censured IAG for delayed responses to requests for treatment, rehabilitation and attendant care under its subsidiary NRMA Insurance’s compulsory third party scheme...
'Pay it back': insurer can recover claim payment after crash timing probe
12 April 2023
A driver who took out a comprehensive motor policy shortly after an at-fault crash has lost his claims dispute and will be required to pay back his insurer for a settlement it paid out...