Daily
ASIC Chairman steps aside as expenses probe launched
23 October 2020
Australian Securities and Investments Commission Chairman James Shipton will “stand aside” pending the outcome of a review in relation to relocation expenses paid to him and Deputy Chairman Daniel Crennan...
Insurance House announces key acquisition
23 October 2020
Insurance House has invested in Commercial Insurance Group, based in the south-eastern Sydney suburb of Rockdale as it grows its operations in the region...
Suncorp calls for open borders, resets business
22 October 2020
Suncorp has pressed the case for the reopening of borders to help the economy recover from the impact of the COVID-19 outbreak and says its own program of work to reset its business post-pandemic is well underway...
Look beyond reinsurance to mitigate weather risk, insurers told
22 October 2020
S&P Global Ratings has urged Australian insurers to consider other measures such as government-backed schemes to cope with what is expected to be a worsening claims burden from weather-related disasters as climate change intensifies...
Axa XL pulls out of London management liability market
22 October 2020
Axa XL has announced it will no longer write management liability or financial institutions business in the London market due to persistent profitability concerns, but the decision does not affect Australia...
Holiday rental landlord loses dispute over COVID losses
22 October 2020
A man has lost a dispute with Suncorp after he lodged a claim for lost rental income from cancelled holiday bookings due to COVID-19 pandemic restrictions...
Businesses hit by 'insurance stress' as market hardens
21 October 2020
Australian businesses are increasingly suffering “insurance stress” caused by price spikes, reduced coverage or an inability to secure insurance at all, a new survey has found...
Opal Tower builder gains insurance win
21 October 2020
The builder of Sydney’s Opal Tower has won Federal Court action taken against Liberty Mutual and QBE over insurance claim denials for construction problems at the high-profile development...
Online form confusion sees asbestos roof claim upheld
21 October 2020
Hollard has lost a dispute over a roof damage claim after it was found the online insurance application process didn’t make clear the presence of asbestos needed to be disclosed...
ICA creates Indigenous forum, seeks dam plan feedback
21 October 2020
Insurers are facilitating greater Indigenous engagement with the creation of a new liaison forum and a round of consultation to understand how a proposal to raise the wall of Sydney’s Warragamba dam by 14 metres could impact upstream areas and cultural heritage sites...
‘Out of excuses’: NIBA slammed for code review delay
20 October 2020
The National Insurance Brokers Association has received sharp criticism for significant hold-ups in reviewing its Insurance Brokers Code of Practice...
Insurers told to have BI court result plan
20 October 2020
Insurers should have a plan for responding to the outcome of the business interruption test case heard earlier this month, the Australian Securities and Investments Commission has told company directors...
ASIC targets UCT reform readiness
20 October 2020
The Australian Securities and Investments Commission is stepping up regulatory preparations for the start of laws extending consumer and small business unfair contract term protections to insurance...
New report proposes changes to advice definitions
20 October 2020
The Financial Services Council has today released a report setting out suggestions on ways to improve the provision of advice to consumers, some of which could also impact general insurance...
Insurance companies brace for JobKeeper changes
16 October 2020
Almost half of insurance and finance businesses responding to a survey say they are accessing the Federal Government's JobKeeper scheme, and a similar number say upcoming changes will hit them hard...
BOQ offloads insurance arm
16 October 2020
The Bank of Queensland has signed an agreement to sell St Andrew’s Insurance for $23 million to private investment vehicle Farmcove...
Blue Zebra, Point join forces to launch new personal accident brand
16 October 2020
Fast-growing insurtech underwriting agency Blue Zebra has partnered with Point Insurance to launch a new personal accident and sickness insurance brand...
Insurer loses COVID dispute over cancelled UK trip
16 October 2020
An insurer has lost a dispute over a travel claim it denied because the policyholders cancelled their trip three weeks before an Australian government travel ban on March 25...
Allianz aims to acquire Westpac GI business: report
15 October 2020
Allianz is in “advanced discussions” to buy Westpac’s general insurance business in a deal estimated at $500 million, a media report claims today...
Court rules against insurtech subsidiary in COVID-19 lease dispute
15 October 2020
The NSW Supreme Court has found against Cover Genius Services in a dispute over office leasing and unpaid rent amid financial impacts from the COVID-19 pandemic...