Daily
APRA eases culture-targeted pay overhaul
12 November 2020
The Australian Prudential Regulation Authority has revised a proposed remuneration standard aimed at improving corporate culture, after insurers and other financial firms said the plans would have unintended consequences...
ICA board appoints four new directors
12 November 2020
The Insurance Council of Australia board today appointed four directors, and accepted the resignation of outgoing IAG CEO Australia Mark Milliner...
Insurers must prioritise best digital bang for buck
11 November 2020
Insurers are advised to strategically select areas of innovation that will generate maximum payback, with customer experience and distribution likely to offer the greatest returns on investment for local cover providers, consultant Accenture says...
NIBA concerned over icare letter changes
11 November 2020
The National Insurance Brokers Association has taken issue with NSW state insurer icare over proposed changes to letters of appointment used in the workers’ compensation scheme...
Cover Genius partners with Skyscanner to launch COVID-19 travel insurance
11 November 2020
Australian-headquartered global insurtech Cover Genius has teamed up with travel marketplace Skyscanner to introduce “first of its kind” COVID-19 travel insurance, giving cover for sickness and disruption caused by the virus...
AFCA dismisses complaint after life cover premium soars 700%
11 November 2020
An MLC life insurance customer whose premium rose more than 700% in 14 years has lost a dispute after seeking a refund of premiums paid...
AUB lifts earnings outlook, citing 'strong momentum' in Q1
10 November 2020
AUB Group says the business has started the new financial year with “strong momentum”, giving it the confidence to raise its 2020/21 earnings guidance...
UCT reform announcement: ICA fears 'ramifications'
10 November 2020
Treasury has announced plans to outlaw unfair contract terms following a public consultation on ways to improve the existing framework’s protections for small businesses and consumers who sign on to standard form contracts...
SIRA proposes workers' comp COVID cost-sharing plan
10 November 2020
The NSW State Insurance Regulatory Authority has proposed spreading COVID-19 workers’ compensation costs across the state scheme amid uncertainty about the potential volume and size of possible claims...
That’s Christmas sorted: insurance board game launched
10 November 2020
That awkward Christmas Day after-lunch slot when everybody’s slumped on the couch but can’t agree what to watch might just have been dealt with – thanks to a new board game from IAG subsidiary NRMA Insurance...
Insurers’ earnings likely to fall further, Fitch warns
06 November 2020
Australian insurers are set for more pain in the coming months as earnings continue to take a hit from the virus-linked recession, Fitch Ratings warns in a new report...
General insurance complaints up 17%, AFCA figures show
06 November 2020
General insurance disputes received by the Australian Financial Complaints Authority increased to 19,103 last financial year, according to its annual review published today...
Hailstorm dominates Suncorp disaster costs
06 November 2020
Suncorp says natural hazard costs across Australia and New Zealand for the first four months of the financial year are estimated at $348-408 million following last weekend’s destructive hailstorm...
Farmer’s $42,000 shed kit not covered by property policy
06 November 2020
A NSW woman whose farm shed kit was damaged in a bushfire before it could be constructed on a newly laid concrete slab has lost her claim dispute...
D&O, COVID spark another record jump in insurance prices
05 November 2020
Commercial rates in the Australia-dominated Pacific market set a new record for the second straight quarter, rising 33% in the three months to September, according to the latest pricing report from Marsh...
COVID support clouds claims visibility: Genworth
05 November 2020
Genworth Mortgage Insurance Australia has strengthened its claims reserving due to reduced loan delinquency visibility caused by COVID-19 restrictions and government and lender support packages, and with an uneven economic recovery expected...
Crawford buys insurance-focused Australian law firm
05 November 2020
Global claims management group Crawford & Company has acquired Australia’s HBA Group, a law firm with a significant presence in the insurance industry servicing underwriters, brokers and other insurance-related businesses...
Three excesses in one day: skier loses dispute over multiple charges
05 November 2020
A driver whose wheel arch was dented and his rear door scraped by a ski while in a carpark at an Alpine resort has lost a claim dispute after his insurer charged multiple excesses...
IAG awaits test case outcome before BI update
04 November 2020
IAG will await the results of a legal test case before updating the market on possible business interruption claims losses, despite some investor concerns about the need for more immediate disclosure...
Insured disputing renewal price told new quotes 'irrelevant'
04 November 2020
A homeowner who complained new customers were being offered home and contents cover for hundreds of dollars less than he was charged at renewal has lost a dispute over his annual premium increase...