Daily
ASIC sets out new claims handling regime as reforms gather pace
27 November 2020
The Australian Securities and Investments Commission has today provided draft details of how insurance claims handling will be regulated as a financial service when legislation for the Hayne royal commission proposal is passed in Parliament...
Web of deceit: claimant blamed spider for crash
27 November 2020
A complainant who spun a tale about how a spider caused him to lose control of his car, sending the vehicle crashing into a guard rail, has failed in his bid to have his motor insurance claim accepted...
Test case result leaves many questions: AM Best
26 November 2020
The NSW Court of Appeal test case decision on business interruption policy wordings represents “one piece of a much larger puzzle” and has left insurers facing continued uncertainty and possible reputational impacts, AM Best says...
icare extends EML contract, plans tender
26 November 2020
NSW state insurer icare has extended EML’s workers’ compensation claims services provider contract for 12 months ahead of a tender planned for the middle of next year that could increase the number of agents...
Insurers urge better building code enforcement
26 November 2020
Insurers are calling on the government to make its building code compliance and enforcement system “fit for purpose”, including the establishment of a central body...
Above-normal fire potential looms in some areas, despite La Nina
26 November 2020
Large parts of NSW west of the Great Dividing Range, along with grassland areas in the ACT and north-eastern Victoria face above normal fire conditions this coming summer, according to a new weather outlook released today...
PSC reports strong trading results, eyes more broking acquisitions
25 November 2020
PSC Insurance Group says in a market update the business has made a strong start to the 2020/21 financial year, with pre-tax earnings in the first four months to October up 40% from a year earlier...
It's good to talk: Insurance News launches podcast
25 November 2020
Face-to-face contact has been limited during this year’s coronavirus-inspired lockdowns and restrictions, inspiring insurance industry professionals to seek out other ways to interact...
Bali beer drinker wins claim dispute after near-fatal collapse
25 November 2020
An Australian man who nearly died after drinking alcohol and taking prescription medication over 13 hours while getting a tattoo during a holiday in Bali has won a claim dispute for medical costs after hotel staff found him collapsed on the floor and he was evacuated back home...
APRA steps up action on accounting change
25 November 2020
The Australian Prudential Regulation Authority is moving to align its insurance capital and reporting frameworks with a new accounting standard to avert an extra burden when it takes effect, and is pushing firms to refocus on their preparations following COVID-19 disruptions...
Roadmap targets net-zero emissions by 2050
24 November 2020
The Australian Sustainable Finance Initiative, including insurers, banks and super funds, has released a Roadmap that includes support for a net-zero emissions target, as experiences this year highlight the need to better prepare for future risks and shocks...
QBE exonerated in forged signature claim dispute
24 November 2020
A woman who says her ex-partner forged her signature and fled with funds from an insurance payout received for a house fire claim has lost a dispute with QBE...
Industry urged to manage post-disaster recovery expectations
24 November 2020
Managing customer expectations has become an important part of the insurance industry’s response to post-disaster recovery operations, according to Gallagher Bassett EVP International Jon Winsbury...
Tower announces $40 million earthquake settlement
24 November 2020
New Zealand insurer Tower today announced that it has entered into a $NZ42.1 million settlement agreement with the Earthquake Commission in relation to “an outstanding receivable” resulting from the 2010/11 Canterbury earthquakes...
IAG estimates $865 million BI impact
20 November 2020
IAG will make an estimated $865 million provision and raise additional capital as a result of the NSW Court of Appeal judgement that found against insurers on business interruption exclusions related to COVID-19 impacts...
S&P says potential BI payouts will be 'manageable'
20 November 2020
Australia’s property and casualty insurers can expect earnings to be affected in the short-term after the industry lost in the business interruption test case heard last month in the NSW Court of Appeal, S&P Global Ratings said today...
Taxi driver struck in the eye by a rock wins insurance payout
20 November 2020
A man who suffered 89% blindness in his right eye in an accident during a taxi driving shift has won a claim dispute and a $250,000 payout...
Premium funders release draft of first code of practice
20 November 2020
Insurance premium funders have developed an inaugural industry code of practice that will strengthen disclosure obligations and make it easier for customers to compare products...
ICA in talks on second BI case, class actions flagged
19 November 2020
The Insurance Council of Australia says it is in discussions over a second business interruption test case, while lawyers warn a class action could be pursued after a NSW Court of Appeal decision yesterday widened the door for potential payments...
Insurer wrong to deny claim payment to single mum-of-three
19 November 2020
A single mother with three children and limited income has won a $7550 payout after a claim dispute over the theft of her Ford Territory...