Daily
DXC launches insurtech contest
02 June 2020
US-based DXC Technology, an IT services provider listed on the New York Stock Exchange, announced today the launch of its annual contest for promising insurtechs, including those from Australia and New Zealand...
ASIC puts insurance industry on notice over unfair contract terms
29 May 2020
The Australian Securities and Investments Commission has warned insurance companies to prepare for upcoming unfair contract terms reform, after securing a court victory over a bank...
ESL Monitor set to bow out – but is there a sting in the tail?
29 May 2020
NSW Emergency Services Levy Monitor Allan Fels will close down his office at the end of next month, but he could take one final swipe at the industry as he investigates a “top four insurer” over alleged prohibited conduct...
Wombats and overflowing gutters 'not covered'
29 May 2020
A man who disputed a claim denial after his home was damaged by wombats and overflowing gutters has lost his case...
Agile-backed offering targets gig economy
29 May 2020
Agile Underwriting Services is the security provider for a soon-to-be-launched product designed for the booming food delivery gig economy...
SMEs holding on to their insurance, says Vero survey
28 May 2020
Most SME owners and managers have not changed or cancelled their business insurance to cut expenses, even though their revenues have taken a hit from the virus-induced economic slump...
NSW's levy rise 'a severe blow' during hard times
28 May 2020
An increase of more than 20% in the NSW Emergency Services Levy has been condemned, with news emerging that councils are being let off from paying their share but no relief is being offered to insureds...
icare supports Mansfield Awards
28 May 2020
NSW state insurer icare has announced its continuing support for the industry’s premier claims awards – the Mansfield Awards...
Summer catastrophes claims bill tops $5 billion
28 May 2020
Insurance claim costs from Australia’s worst summer of natural catastrophes have reached $5.19 billion, with more than 15,000 new claims worth $270 million lodged in the past four weeks...
Brokers escape premium deferral impact: NIBA
27 May 2020
Brokers have been left relatively unscathed by insurers’ premium deferral offering for coronavirus-affected SMEs because very few clients have taken it up, the National Insurance Brokers Association says...
Industry moves: prominent retirement, appointments announced
27 May 2020
Guy Carpenter stalwart Paul Allison will retire at the end of June, following 19 years’ service with the company...
Travel claims top AFCA’s coronavirus disputes list
27 May 2020
About 1070 general insurance disputes sparked by the virus pandemic have been lodged with the Australian Financial Complaints Authority (AFCA), with most related to travel claim denials...
Disclosure reprieve offers little D&O relief
27 May 2020
Temporary changes to prevent opportunistic shareholder class actions over company coronavirus disclosures are unlikely to bring relief to the directors’ and officers’ insurance market, Marsh says...
$350,000 ransom paid as cyber crooks change tack
26 May 2020
Digital thieves have become more brazen since the pandemic lockdown began, cyber insurance specialist Emergence says, revealing it has made a $350,000 bitcoin payment to free a client’s system from a new strain of ransomware...
Bushfire dispute numbers 'relatively low', royal commission hears
26 May 2020
The Australian Financial Complaints Authority has so far received a relatively low level of bushfire-related claims disputes, Lead Ombudsman Insurance John Price told the Royal Commission into National Natural Disaster Arrangements today...
EQC leaks thousands of private claims details – again
26 May 2020
New Zealand’s Earthquake Commission apologised today for “unintentionally” sending thousands of private claims details to a customer and their lawyer...
AFCA ruling puts down marker on pre-existing conditions
26 May 2020
The Australian Financial Complaints Authority has set out what it defines as a pre-existing medical condition in a travel insurance dispute ruling...
Study wants ‘Medicare-style’ insurance pricing
22 May 2020
A University of NSW report wants a “Medicare-style” system introduced to address the premium affordability problem in bushfire-prone areas...
Smoke, but no claim: BI appeal lost
22 May 2020
A small business which lost more than $150,000 in profit when thick smoke from bushfires on SA’s Kangaroo Island deterred tourists in January has lost its dispute over a Business Interruption claim...
Class action funders placed under AFSL regime
22 May 2020
Litigation funders will be required to hold an Australian Financial Services Licence, stepping up regulation of a sector blamed for fuelling class action activity and directors’ and officers’ insurance premium increases...