Daily
Broker breached duty by not asking client to seek life advice
18 December 2020
A general insurance brokerage breached its duties when the business did not recommend a self-employed client seek advice from a life insurance broker about his coverage needs, according to a dispute ruling...
360 partners with QBE on farm, regional
18 December 2020
Agricultural underwriting agency 360 Farm & Regional says QBE will be its sole capacity provider for all new and renewal business starting on January 1 next year...
Business interruption appeal documents warn of $10 billion claims total
17 December 2020
The High Court should hear an appeal over business interruption exclusions due to the financial repercussions for insurers and the legal issues around contract language and correction of mistakes, documents filed by the industry argue...
‘Perfect storm’ blows insurance industry off course
17 December 2020
Australian general insurers are facing a “perfect storm” of challenges that has put the industry on an “unsustainable trajectory”, a new report from Oliver Wyman warns...
ASIC study reveals gaps in claims handling processes
17 December 2020
The Australian Securities and Investments Commission has set out a three-point action plan for insurers to consider after its research found gaps in the handling of claims for the Canberra hailstorm catastrophe in January and last year’s Townsville flood disaster...
Report flags Consumer Data Right impact on insurance
17 December 2020
A study commissioned by the Financial Rights Legal Centre has outlined what it sees as the risks and opportunities from the extension of the Consumer Data Right to the insurance industry...
No relief in sight for property challenges: Marsh
16 December 2020
Property market conditions will continue to be challenging given ongoing COVID-19 related losses, potential natural catastrophe impacts and expected rising reinsurance rates in the January renewals, Marsh warns...
Brokers set to be excluded from claims handling licensing requirement
16 December 2020
Treasury has released for consultation an exposure draft regulation paper outlining the prescribed circumstances in which a person is excluded from new laws requiring a licence to perform claims handling services...
Porsche owner complains about 26% premium rise
16 December 2020
An RACV motor insurance policyholder who disputed a 26% rise in premium for his Porsche Cayenne sport utility vehicle has won his case before the Australian Financial Complaints Authority...
INsight podcast: affordability issues 'here to stay'
16 December 2020
Insurance affordability and the SME ombudsman’s wide-ranging report are the key focus of our latest INsight podcast...
CGU workers' comp exit sparks disruption fears, job losses
15 December 2020
CGU has confirmed that it will leave the Victorian workers’ compensation scheme after 30 years, with one brokerage warning that the “shock” exit could cause significant disruption to employers and injured workers...
Audit Office seeks action on icare 'asset deficiencies'
15 December 2020
Three key icare agencies, including the main NSW workers’ compensation scheme, are underfunded to meet expected future payments and action on premiums or costs should be considered to resolve the issue, the state Audit Office says...
Hard market like no other: in-depth feature examines unprecedented challenge
15 December 2020
Businesses and brokers are being hit by a hard market which is pricing some clients out of insurance altogether, and has been described as a “national crisis”. insuranceNEWS.com.au today publishes a special feature podcast, examining the causes, effects and possible solutions...
Report urges end to brokers' role in building compensation scheme
15 December 2020
A final report on the NSW Home Building Compensation Fund has stuck to its initial recommendation of ending the mandatory use of brokers, despite objections from stakeholders who say the proposed change could backfire...
Frozen out: alpine resorts hit by spiralling premiums
11 December 2020
Alpine resort operators have criticised insurers for imposing huge rate increases or abandoning the sector altogether, as underwriters react to last year’s Black Summer of devastating bushfires...
Report flags concern over broker add-on sales tactics
11 December 2020
An independent report released today has highlighted concerns that some brokers who sell add-on insurance products are employing sales practices that don’t always prioritise their clients’ needs, potentially harming the broking industry’s reputation...
ASIC releases guide for 'game changer' product rules
11 December 2020
The Australian Securities and Investments Commission has released its regulatory guide on the complex product design and distribution obligations following further consultations this year...
Travellers win COVID claim disputes as AFCA overrules exclusions
11 December 2020
Two travel insurance claims for trips interrupted by the COVID-19 pandemic have been upheld during disputes heard by the Australian Financial Complaints Authority...
Ombudsman seeks political unity on 'critical' insurance reform
10 December 2020
Australian Small Business and Family Enterprise Ombudsman Kate Carnell has warned politicising the findings of her insurance inquiry risks hindering resolution of a market failure problem that is devastating firms...
ARPC head sees pandemic role for pools
10 December 2020
Australian Reinsurance Pool Corporation CEO Christopher Wallace has flagged that terrorism pools could be well placed to extend their expertise to pandemics given the events have characteristics in common...