Daily
NZ High Court delivers credit insurance penalty
12 March 2021
The High Court in Auckland has ordered ANZ New Zealand to pay $NZ280,000 ($260,169) for making misleading representations about credit card repayment insurance, and has warned deterrence will be a key factor in setting penalties for Financial Markets Conduct Act breaches...
Insurers not to blame for rise in cybercrime ransoms, expert says
12 March 2021
Blaming insurers for a rise in cyber crime is fundamentally “misguided” and making ransom payments illegal would only punish the victims, an industry expert says...
ASIC drops probe into regional brokerage
11 March 2021
The Australian Securities and Investments Commission has confirmed it will take no enforcement action against Griffiths Goodall, following a raid carried out in 2019...
General insurance accounts for 37% of COVID complaints
11 March 2021
General insurance has accounted for 37% of COVID-19 financial complaints over the past year, with travel leading a table of concerns across all product types...
ASIC consults on add-on deferred sales model implementation
11 March 2021
The corporate regulator is seeking feedback on its plan to implement the deferred sales model for add-on insurance, which will start on October 5 after laws for the new scheme were passed in Parliament last December...
Broker wins dispute over breach of duty settlement sum
11 March 2021
Gallagher has won a dispute over the size of a settlement owed to a small business after it made no reference to a policy limit of $50,000 for legal defence cover, breaching its duty as an insurance broker...
Allianz enters court undertaking to fix governance, compliance woes
10 March 2021
The prudential regulator has agreed to accept a court enforceable undertaking from Allianz Australia, with the insurer giving its commitment to finish rectifying the risk and compliance issues that have seen the business, at one point, forced to put up an extra $250 million in capital requirement...
COVID fails to jolt cyber-naive SMEs
10 March 2021
The COVID-19 pandemic and work-from-home repercussions have failed to jolt SMEs out of their cybercrime complacency with many remaining “clueless” about the risks, Cameron Research has warned...
INsight podcast: ICA, NIBA presidents discuss gender equality
10 March 2021
The first female presidents of the Insurance Council of Australia and National Insurance Brokers Association give their views on women in the industry in this week’s Insurance News podcast...
Panicked learner who hit parked Ferrari loses claim dispute
10 March 2021
A learner driver who reversed a 2003 Toyota Corolla into a concrete barrier, panicked, and then drove into a parked Ferrari has lost a claim dispute...
Chubb names new Country President for Australia and New Zealand
09 March 2021
Chubb announced today Peter Kelaher has been appointed Country President for Australia and New Zealand with immediate effect, replacing Jarrod Hill who is leaving the business...
Underwriting agency proposes professional indemnity mutual
09 March 2021
An underwriting agency is testing market interest in a proposed professional indemnity mutual as soaring premiums and the withdrawal of traditional capacity cause cover availability issues...
IAG reassures on Greensill after shares slump
09 March 2021
IAG has stressed it has no net insurance exposure to financial company Greensill trade credit policies after its slumping shares were today briefly placed in a trading halt...
AFCA backs travel insurer after cancer diagnosis forces cancellation
09 March 2021
A Zurich travel insurance policyholder, who did not get full reimbursement for non-refundable cancellation costs incurred when his pre-booked holiday with his partner was called off suddenly, has lost a claim dispute....
EXCLUSIVE: Court documents reveal details of BI test case claims
05 March 2021
Dry cleaning, travel agency and stage clothing enterprises are among nine claimants that will have business interruption cover denials examined in a Federal Court test case brought by the Insurance Council of Australia...
Industry in red as COVID BI claims, catastrophe losses sting earnings
05 March 2021
Revised provisions for pandemic-related business interruption claims and the growing financial hit from natural catastrophes pushed the general insurance industry into underwriting losses last year, according to the Australian Prudential Regulation Authority...
Cyber attack 'pandemic' threatens Australian businesses
05 March 2021
Cyber attackers are evolving more sophisticated, three-pronged attacks to steal organisations’ funds, starting with data exfiltration and encryption, followed by extortion...
Motorist bumps up vehicle’s 'market value' during dispute
05 March 2021
A man who disputed a fall in the market value of his car from more than $20,000 to $15,000 in nine months has eked out an extra $1000 during a claim resolution hearing...
Munich Re names new local MD as Ronnenberg departs
04 March 2021
Scott Hawkins will step into the role of MD Australasia at Munich Re next month, taking over from Ralph Ronnenberg who has held the role for five years...
icare names nine brokers for smaller builders warranty panel
04 March 2021
NSW state-owned insurer icare has appointed nine distributors to its Home Building Compensation Fund panel after completing a tender process...