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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...

AFCA set to act quickly on BI disputes

19 November 2021

The Australian Financial Complaints Authority says it will move quickly to resolve business interruption disputes related to COVID-19 once the outcome of the second test case is known...

MLC hit with ASIC action over alleged insurance failures

19 November 2021

The Australian Securities and Investments Commission has commenced Federal Court action against MLC Life, alleging “multiple insurance failures” over a 21-year period caused more than $17.5 million in financial harm to 260,000-plus customers...

Suncorp business interruption court case settles

18 November 2021

Federal Court action taken against Suncorp over a rejected COVID-19 business interruption claim lodged by a Melbourne restaurant has been resolved, the insurer said today...

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