Daily
ICA pledges to 'bring Hayne reforms to life'
10 December 2020
The Insurance Council of Australia has welcomed today’s passage of the Financial Sector Reform Bill 2020 through Parliament...
Motorist loses claim dispute after woman steals car during test drive
10 December 2020
A man who lodged a claim for the theft of his car while it was out on a test drive with an unaccompanied prospective buyer has lost his dispute with Suncorp...
Ombudsman proposes action on insurance 'national crisis'
09 December 2020
The Australian Reinsurance Pool Corporation’s role should be extended to natural disasters and broker conflicted remuneration should be banned as part of measures to address an insurance “national crisis”, a small business ombudsman inquiry has recommended...
Industry set for challenging year after 50% profit drop: KPMG
09 December 2020
Next year could be just as tough for the general insurance industry, which has seen profits crash by almost 50% to a near 10-year low of $2.3 billion, KPMG says in a new report today...
Insurer liable for art destroyed by bushfire, despite exclusion
09 December 2020
A woman whose valuable art collection was destroyed when a bushfire changed direction and unexpectedly burnt down a property she had taken the paintings to for safekeeping has won a claim dispute...
INsight podcast ponders pending ACCC affordability report
09 December 2020
The Australian Competition and Consumer Commission has completed its third and final major report on insurance in northern Australia – but at this stage we can only speculate as to what it will recommend...
ICA pursues High Court appeal on BI exclusion
08 December 2020
The Insurance Council of Australia will seek leave from the High Court to appeal a decision that found business interruption exclusions citing the Quarantine Act are not valid in rejecting COVID-19 related claims...
D&O insurers engaging in 'opportunistic pricing': Marsh
08 December 2020
Insurers have compounded the hardening directors’ and officers’ rate environment by engaging in “opportunistic pricing” and offering little flexibility, leaving companies in a bind as premiums show no signs of easing in the foreseeable future, says Marsh...
Assetinsure CEO to resign after 17-year stint
08 December 2020
Assetinsure CEO Gregor Pfitzer will resign at the end of the month after 17 years with the insurer, which included a difficult period due to the financial troubles of former owner CBL...
Broker who misunderstood client must pay to cover claim
08 December 2020
Australian Broker Network was found to have breached its duty of care when it reduced the sum insured of a client’s business truck from $50,000 to $20,000, and must compensate the client who could not claim fully for the vehicle’s repair bill of $26,501.45...
Financial regulators watching BI outcomes 'closely'
04 December 2020
Australia’s financial regulation agencies say they are keeping a close eye on efforts to test the validity of business interruption insurance pandemic exclusions and have called on the industry to move as quickly as possible to resolve uncertainties...
La Nina claims 'manageable', analysts predict
04 December 2020
While La Nina this summer could lead to significant claims events, they should be “manageable” for general insurers, according to a note from advisory firm Bell Potter...
'Black Summer to black swan': APRA calls for risk model rethink
04 December 2020
Structural changes will persist post-COVID, requiring that insurers adjust their underwriting accordingly and scrutinise risk models, Australian Prudential Regulation Authority Chairman Wayne Byres says...
Driver who drank whisky and wine before crash loses claim dispute
04 December 2020
A drunk driver who crashed into a house and asked for “special consideration” to have her unsuccessful claim for third-party property damage overturned, citing her financial hardship, has lost her dispute against the insurer...
Court calls out AFCA over fairness breach
03 December 2020
The Australian Financial Complaints Authority has come in for rare criticism after it emerged that the dispute-handling body most likely did not act impartially and fairly in handling two cases that were lodged against DH Flinders, a specialist funds management advisory business...
AUB joins forces with accounting network group
03 December 2020
AUB Group has entered into a partnership with accounting and tax services network group Kelly+Partners to provide a wider range of advice and assistance for clients and members...
Insurer hit with 'formal directions' over non-compliance
03 December 2020
The Reserve Bank of New Zealand announced today it has issued “formal directions” to Pacific International Insurance after the insurer repeatedly failed to comply with its reporting and disclosure obligations...
Qantas flies into home insurance market
03 December 2020
Qantas Home Insurance, underwritten by Auto & General, was today added to the airline’s stable of cover options, which spans health, travel, life and car insurance...
Pro-active approach critical in hard market: FM Global
02 December 2020
Risk managers will need to ensure their businesses step up mitigation action to ease the impact of a hard insurance market, which still has some way to run due to a number of drivers, FM Global says...
Car insurance disruptor Koba clinches funding for 2021 launch
02 December 2020
Car insurer Koba is on track to introduce its kilometre-based motor insurance in Australia next year after successfully completing a first funding round...