Daily
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...
Tenant loses dispute over $786,000 fire bill from his landlord's insurer
14 December 2021
A tenant who was welding his 1968 Ford Mustang in a garage when a fire broke out and destroyed the property has lost a dispute after he tried to claim the cost of the damage under his third party liability motor policy...
SIRA targets return-to-work rate turnaround with 10-point plan
14 December 2021
The NSW State Insurance Regulatory Authority has released a 10-point action plan to address declining return-to-work rates in the state's workers’ compensation scheme - measures that include reviewing all participating insurers’ practices in the first-half of next year...
Correction: ASIC details JobKeeper payments
14 December 2021
An article in the Regulatory section of yesterday’s insuranceNEWS.com.au wrongly stated that QBE had received JobKeeper payments from the Federal Government. In fact, QBE did not apply for, and has never received, such funding...
ARPC review rejects cyber extension
10 December 2021
A Triennial review has rejected expanding the Australian Reinsurance Pool Corporation’s role to include cyber terrorism, but recommends adding board expertise and the appointment of temporary observers if a planned Government-backed cyclone pool is added to its responsibilities...
Wild storm catastrophe losses reach $440 million
10 December 2021
Storms that swept across SA, Victoria and Tasmania six weeks ago have caused losses totalling $440 million, the Insurance Council of Australia estimates, as wild weather continues to affect eastern states...
Tasmania fire services levy a 'double blow': NIBA
10 December 2021
Tasmania’s fire services funding levy is dealing businesses a double blow, the National Insurance Brokers Association says in a submission to a review of the arrangements...
Pleasure craft policyholder wins stolen jet ski claim dispute
10 December 2021
A jet ski owner has won a claim dispute after it was stolen in March from behind a locked garage door at his residence in a quiet court while he was away from his home for a night...
ACCC inquiry into bushfire pricing proposed
09 December 2021
The Australian Competition and Consumer Commission should be directed to inquire into insurance supply in bushfire-prone regions as part of an exploration of strategies to address potential market failure, a Senate committee has recommended in a report into lessons from the Black Summer catastrophe...