Daily
EQC secures $6 billion reinsurance
18 June 2020
New Zealand’s Earthquake Commission has renewed its $NZ6.2 billion reinsurance, continuing one of the world’s largest annual programs...
Insurers face higher reinsurance costs as climate risk bites
17 June 2020
Reinsurance costs for Australia’s three leading insurers are set to rise at July renewals, Morgan Stanley has warned, and the upward trend is likely to persist, reflecting the increased business risk they face from climate change...
Unlikely ally: ESL Monitor flags doubts over NSW levy's future
17 June 2020
The NSW Emergency Services Levy Monitor has strongly hinted that the levy he’s employed to keep watch over should be abolished...
ASIC says product intervention power 'timely'
17 June 2020
The Australian Securities and Investments Commission has released a regulatory guide on its product intervention powers, while stressing the importance of the new rules amid the COVID-19 pandemic...
$100,000 claim for ruined clothes dismissed
17 June 2020
A man has lost his bid to claim $100,000 for 25 storage containers full of clothing he failed to recover from a dry cleaner after a sewerage pipe burst at his property...
COVID worsens D&O crisis: Marsh
16 June 2020
Directors’ and officers’ premiums will soar further, after surging in the first quarter, as the coronavirus pandemic worsens existing problems created by Australia’s class action environment, Marsh has warned...
Claimant wins BI dispute despite flood exclusion
16 June 2020
A Suncorp customer who made an unsuccessful claim for business interruption losses incurred during a flood catastrophe last year has won his dispute before the Australian Financial Complaints Authority...
Insurance House set for growth after investor merger
16 June 2020
Merged investment firm Quintet Yorkway is set to support further Insurance House Group growth through acquisitions as the equity investor looks at expanding its exposure to broking...
Allianz Partners to axe 45 jobs in travel business
16 June 2020
Allianz Partners Australia will cut about 45 jobs from its travel division as part of a “strategic roadmap” that was started in February to sharpen the competitive base of the business...
Hostsure is no more after Miramar merger
12 June 2020
Leisure insurance specialist Hostsure Underwriting Agency has been absorbed by fellow Steadfast agency Miramar, reducing coverage options for some clients...
Cold shower: claimants caught out by leak exclusions
12 June 2020
Water leaks in bathroom areas such as shower recesses have triggered dozens of disputes lodged with the Australian Financial Complaints Authority, despite exclusions for such claims in most home and contents policies...
UK regulator sets out case for BI virus cover
12 June 2020
The coronavirus outbreak has become so widespread in the UK that business interruption policies with distance restrictions would be triggered, the Financial Conduct Authority is arguing in a High Court test case...
Repeat of horror bushfire season 'unlikely' this year
12 June 2020
A period of lower bushfire risk is likely to persist for three to five years, providing a short window of opportunity to start managing fires more sustainably and prevent last summer’s devastation being repeated a decade from now...
Adani mine: insurers play down project links
11 June 2020
Reports based on leaked documents have named three insurers as being involved with the Adani coal mine – but the companies today sought to distance themselves from the controversial Carmichael project in Queensland...
Coal sector struggles for cover in tough market
11 June 2020
Businesses associated with the coal mining industry are facing soaring premiums and difficulty gaining cover due to political and environmental pressures that have reduced capacity amid a hardening market, brokers say...
Broker networks predict BI payouts
11 June 2020
Steadfast and AUB Group believe some business interruption policies will respond to coronavirus-related shutdowns, despite insurers’ intentions to rely on pandemic exclusions...
AFCA backs broker in burglary dispute
11 June 2020
The Australian Financial Complaints Authority has found in favour of Melbourne Insurance Brokers in a dispute triggered by the theft of $75,000 in stock from a business premises...
ACCC allows COVID assistance to year-end
10 June 2020
The Australian Competition and Consumer Commission will allow insurers to continue co-ordinating on COVID-19 SME assistance measures until the end of the year...
Hollard stalwart Heilig leaves for insurtech investor
10 June 2020
Insurtech investor Envest has hired Hollard Commercial Insurance CEO Richard Heilig to take up the newly created position of Chief Commercial Officer...
Gallagher buys Brisbane brokerage
10 June 2020
Gallagher has acquired Queensland’s CA Insurance Brokers as it broadens its business insurance offering in Australia...