Daily
'Loyal customer' not covered for rotting pergola, AFCA rules
16 February 2021
A decision by Suncorp to reject a claim for a collapsed pergola from a home and contents policyholder, who had been with the insurer for 44 years and never previously claimed, has been upheld by the Australian Financial Complaints Authority...
East coast low losses reach $989 million: Perils
16 February 2021
An Australian east coast low which hit NSW and Queensland last February caused insurance losses of $989 million, Zurich catastrophe data company Perils says in a final estimate...
SIRA takes aim at workers' comp surgeons' fees
12 February 2021
The State Insurance Regulatory Authority plans to remove surgical fee loadings that have contributed to soaring costs in the NSW workers’ compensation scheme...
Genworth posts large loss, braces for COVID-19 claims
12 February 2021
Genworth Mortgage Insurance posted a 2020 underwriting loss of $234 million as it shored up its reserve war chest in anticipation of “sustained pressure on claims” this year...
ANZ awaits penalty ruling after credit cover breach
12 February 2021
ANZ New Zealand is awaiting a High Court decision on a financial penalty after admitting to misleading representations in supplying credit card repayment insurance...
AFCA rejects $11,000 repair quote for 'egged' vehicle
12 February 2021
The Australian Financial Complaints Authority has backed a decision by Suncorp to refuse a repair quote of $11,221.08 from a claimant whose vehicle was damaged after eggs were thrown at it...
Liability premium prices to keep rising: Marsh
11 February 2021
Casualty insurers are expected to continue increasing liability rates, limiting capacity and reviewing coverage well into this year following a deterioration in profitability and as higher reinsurance costs have an impact, Marsh says...
Insurance SMEs report rising concern over JobKeeper's end
11 February 2021
A new survey has revealed growing distress about the impending loss of JobKeeper next month among Australia’s small businesses, particularly in insurance and finance...
NSW pushes forward with cladding remediation plan
11 February 2021
The NSW Government is progressing with its cladding remediation program for affected residential apartment blocks, with plans to tender in the next few months for financial partners and a managing contractor...
Driver wins six figure payout despite licence suspensions
11 February 2021
The owner of a 1970 show car insured for $200,000 has won a dispute with RACQ after it denied his claim on the basis he did not disclose two licence suspensions and a good behaviour order when buying his motor policy...
IAG hails performance despite recording net loss
10 February 2021
IAG today reported a net loss of $460 million for the six months to December 31, primarily due to the expected cost of COVID-19 business interruption claims...
Suncorp seeks household resilience expansion
10 February 2021
Suncorp has called for Household Resilience Programs similar to the Queensland model to be rolled out in other states and focused according to local natural peril risks...
The year ahead: INsight podcast ponders 2021’s key challenges
10 February 2021
COVID-19, insurance affordability, major mergers, broker commissions and a possible Federal election will dominate the thoughts of insurance industry leaders this year, according to panellists on the Insurance News podcast...
Man loses dispute after failing to disclose 13 prior car claims
10 February 2021
Allianz has won a dispute with a man who failed to disclose he had lodged more than a dozen car insurance claims in five years when quizzed about his history as he took out a new policy...
'Improved momentum' boosts Suncorp profits
09 February 2021
Suncorp's cash profit rose 39.5% in the first half to $509 million driven by earnings momentum across its Australian and New Zealand insurance operations and in banking and wealth...
Vero to stop consumer sales via Australian brokers
09 February 2021
Vero will no longer sell consumer and construction insurance through Australian brokers in changes announced by Suncorp today as it continues to simplify and review its operations...
QBE to pay compensation after handling family's claim 'poorly'
09 February 2021
QBE must pay $2000 to the parents of a young child after the family faced repeated delays and unsafe living conditions during rectification for damage caused by a leaking hot water system...
Victoria secures PI cover for cladding repair program
09 February 2021
The Victorian Government has arranged $6.9 million professional indemnity insurance coverage for surveyors, project managers and other contractors carrying out the state’s $600 million cladding rectification works in affected high-rise buildings...
APRA highlights 'significant' insurer risks, flags greater involvement
05 February 2021
The Australian Prudential Regulation Authority warns general insurers face “significant risks” and says it will play a more prominent role in engaging on “challenging issues” in future...
University-linked college aims to lift insurance standards
05 February 2021
The Australian College of Insurance Studies is set to launch its first online and on-campus law courses through the University of Western Australia and the University of Queensland as it seeks to fill an education gap and raise standards...