Too early to say if class action decline marks 'genuine shift'
21 October 2022
Allens says class action risk may be easing from record levels seen in recent years after litigation filings declined “materially” in the first nine months of the year...
Daily
White roofs gain favour as homebuyers turn green: QBE
21 October 2022
Australia has the highest uptake of solar panels in the world as sustainable housing fixtures gain popularity, though homebuyers have been undaunted by record floods in Brisbane, where the median house price jumped by a quarter in the year to June...
Damage caused by drug-growing tenants not covered
21 October 2022
A landlord whose home was damaged by tenants who produced drugs at the property has lost his appeal to have his insurer’s decision to deny the claim overturned...
'Nowhere for floodwaters to go': ICA declares catastrophe
20 October 2022
The Insurance Council of Australia has declared an insurance catastrophe for regions of Victoria, Tasmania and NSW impacted by flooding since October 12...
'Take responsibility': APRA’s Byres warns on backstops
20 October 2022
Consumers should take a degree of responsibility for their decisions and not rely on government backstops when things go wrong or risks will be under-appreciated and underinsurance problems will increase, Australian Prudential Regulation Authority Chairman Wayne Byres has said in his last official speech in the role...
WA doubles maximum builders warranty payout caps
20 October 2022
The WA Government will double the maximum payouts under its home indemnity insurance program in reforms to better protect property owners in cases of incomplete or defective building works...
Not proven: insurer forced to drop allegations over torched vehicle
20 October 2022
Complainants whose vehicle was stolen from their property and later found burnt out have won their dispute against their insurer, which alleged that they provided inaccurate statements to have the claim accepted...
AFCA set to consider more than 300 BI disputes
19 October 2022
The Australian Financial Complaints Authority has a backlog of more than 300 covid-related business interruption disputes that it is set to consider in the wake of the High Court decision against hearing further appeals in the industry test case...
HDI Global Specialty appoints Australia MD
19 October 2022
HDI Global Specialty SE has appointed Mark Fleiser as MD of its Australian branch following growth in the local operation...
QBE faces climate scrutiny again after annual scorecard
19 October 2022
QBE and other global insurers have again come under criticism over their climate record following the release of an annual scorecard measuring their efforts to move away from fossil fuel-related businesses...
INsight podcast: floods spread after latest deluge
19 October 2022
The High Court’s rejection of covid-related business interruption appeal applications and the impact of flooding, centred this time in Victoria, are among the main discussion points in the latest episode of the Insurance News podcast...
How much? Test cases could leave industry with $10 million bill, or more
18 October 2022
The Insurance Council of Australia has covered the bill for the Covid-19 business interruption test cases – but says it can’t reveal what the final total is...
Thousands of flood claims lodged in Victoria
18 October 2022
Insurers have received 5193 claims since October 12 from flooding across Victoria, Tasmania and lower NSW, which inundated homes and businesses in many riverside communities...
Insurers to cover latest flood claims without reinsurance: S&P
18 October 2022
Australian-based insurers will be able to largely self-finance claims from the latest Victorian, northern Tasmania and NSW flooding without drawing upon catastrophe reinsurance, but the event will still have implications for availability and affordability pressures, S&P Global Ratings says...
Rolling down that hill: driver wins dispute over alleged fraud
18 October 2022
A driver whose car rolled down a cliff after his handbrake failed to hold has won his claims dispute after the Australian Financial Complaints Authority rejected his insurer’s allegations that the claim was fraudulent...
High Court BI decision 'significant milestone': ICA
14 October 2022
The High Court decision today against hearing further appeals on business interruption cover during the pandemic has largely drawn the industry test case process to a close, the Insurance Council of Australia says...
Record floods hit south east states
14 October 2022
Thousands of southern Australian residents are under evacuation orders after days of rain pushed rivers and creeks to break their banks, inundating hundreds of homes in record-breaking floods...
Lloyd's, Aon create industry forum in response to 'seismic' war
14 October 2022
The Russia-Ukraine war has turned into a “seismic” geopolitical event with knock-on, far reaching implications across the global risk landscape, Lloyd’s and Aon say in a joint report on the conflict...
Complainant loses 'misleading advice' cyber dispute
14 October 2022
A cyber-attack victim who alleged their insurer misled them into purchasing replacement equipment for which it was not covered will not be compensated after losing a claims dispute...
Tough reinsurance renewals set to extend hard market
13 October 2022
The expected tough January reinsurance renewals could extend the hard market for at least a year, Lloyd’s Regional Head of Australia and New Zealand Chris Mackinnon said...