Daily
Genworth returns to profit as house prices jump
30 April 2021
Genworth Mortgage Insurance posted a $34.8 million underwriting profit in the first quarter as strong house prices and a robust economy boosted uptake of home loans and also improved the outlook for claims...
AFCA rules funeral insurer 'deceived' 70-year-old Indigenous man
30 April 2021
A 70-year-old Indigenous man, who is dependent on Centrelink benefits and never really learnt to read or write, was duped into buying a funeral insurance plan from Aboriginal Community Benefit Fund and is entitled to a full refund for premiums he has paid, a ruling has found...
'Show cause' power sought for resources sector cover denials
29 April 2021
The Australian Small Business and Family Enterprise Ombudsman has proposed a power that could require insurers to “show cause” when they decline cover in areas such as the resources sector and live animal exports...
Senators call out 'unacceptable' insurance crisis in north
29 April 2021
A Senate-appointed Select Committee has described as “unacceptable” catastrophe-prone northern Australia’s deteriorating insurance affordability crisis, warning “inaction” to adopt mitigation measures as proposed by multiple inquiries cannot go on indefinitely...
Mechanic on disability benefits unstuck by surveillance
29 April 2021
A mechanic being paid disability benefits who said his business was able to keep earning close to $200,000 annually because his wife, friends and family worked as unpaid volunteers after he was injured has lost a dispute with his insurer, which filmed him working on cars and caravans and lifting heavy items...
Climate index: summer brings lower highs but higher lows
29 April 2021
The highest summer temperatures recorded in Australia this year were below average for the first time since 2012, the latest Australian Actuaries Climate Index reveals, but an increase in the lowest temperatures indicated ongoing climate warming...
Hollard names new CEO as Enthoven focuses on holding company
28 April 2021
The Hollard Insurance Company says personal lines chief Paul Fahey will take over from CEO Richard Enthoven, who is stepping down to focus on his role as MD of Hollard Holdings Australia, the group’s holding company...
Steadfast raises earnings forecast on strong year-to-date performance
28 April 2021
Steadfast Group announced today the business has performed strongly during the nine-month period to March 31, prompting the broker network to again revise upwards its earnings outlook for this financial year...
AFCA says injury definition 'must prevail' in dispute over hearing loss
28 April 2021
A man who experienced a large “pop” in his right ear after a shower, followed by loud continuous tinnitus and total loss of hearing in the affected ear, has lost a claim dispute with AIG...
INsight podcast: minister gives clues on commissions
28 April 2021
Financial Services Minister Jane Hume’s comments on commissions are a key talking point on the latest edition of the Insurance News podcast...
Compliance committee criticises draft broker code
27 April 2021
The Insurance Brokers Code Compliance Committee has criticised a draft update of the code of practice for failing to sufficiently elevate cultural and behavioural standards and has called for a stronger stance on conflicts of interest...
IAG wins dispute over 'earthquake' claim
27 April 2021
The Australian Financial Complaints Authority has upheld a decision by IAG to reject a claim for cracked walls and ceilings from a home and contents policyholder who says the damage was caused by an earthquake...
Another Lloyd's insurer says no to Adani
27 April 2021
Bermuda-based specialty lines insurer Arch Capital Group has declared it has no existing business with the Adani Carmichael coal mine and ruled out providing insurance for the controversial project in central Queensland...
Eruption experts launch project to model volcanic ash threat
27 April 2021
New Zealand’s Earthquake Commission has teamed up with GNS Science and national weather authority MetService to develop forecasting models for volcanic ashfall to help communities manage future eruptions...
Signs of stable D&O market emerging: Aon
23 April 2021
The stressed directors’ and officers’ market in Australia, plagued by capacity pullback from insurers and rate increases as high as 100% in the past few years, may have turned a corner, according to Aon’s latest industry update...
Cyclone Seroja's southerly path raises insurance challenges
23 April 2021
Cyclone Seroja has caused extensive damage to WA farming properties in addition to towns close to the coast, while the rare path of the storm and its intensity has left a range of rebuilding and insurance challenges, a Sedgwick loss adjuster says...
Steadfast creates new tracker to help gauge flood risk
23 April 2021
Steadfast Group is arming Australians with a new flood risk tracker which identifies the likelihood of flooding at a specific address...
Hollard wins disclosure dispute with debt-stricken motorist
23 April 2021
A woman who inaccurately responded to questions about debt in her online application for car insurance has lost a claim dispute with Hollard...
Two-tier marketplace emerging for property
22 April 2021
A two-tier marketplace is set to emerge for property this year with conditions starting to ease for good risks while “challenged” areas remain difficult, Willis Towers Watson says...
Job well done: ASIC praises insurers for COVID response
22 April 2021
The corporate regulator has reviewed the responses of general and life insurers to customers suffering hardship during the COVID-19 pandemic, and was pleased with what it found...