Daily
'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...
Go figure: INsight podcast analyses story behind APRA stats
02 December 2020
The latest episode of the Insurance News podcast examines the latest APRA statistics and what they mean for the industry and its customers...
Bali holidaymaker injured in mystery fall wins claim dispute
02 December 2020
A man who woke up in hospital and had no recollection of how he got there after a night out during a vacation in Bali has won a claim dispute for medical expenses...
Another BI case: Federal Court considers Vero dispute
01 December 2020
The Federal Court is considering a business interruption exclusion in a Vero policy that a Melbourne cafe and restaurant argues does not prevent cover for losses triggered by COVID-19 restrictions...
Jet skier who breached alcohol limit wins claim dispute
01 December 2020
A jet skier who was involved in a collision and had his insurance claim for watercraft damage denied because his blood alcohol content reading exceeded the legal limit has won his complaint against the insurer...
ACCC hands final insurance affordability report to Government
01 December 2020
The Australian Competition and Consumer Commission has completed its final report on insurance affordability in northern Australia...
Confidence key to renewable energy cover: BHSI
01 December 2020
Renewable energy projects need to provide as much information as possible to give underwriters confidence given the pace of expansion and innovation in the sector, Berkshire Hathaway Specialty Insurance says...
Federal Court declares Youi breached insurance law
27 November 2020
The Federal Court has ruled Youi breached Insurance Contracts Act requirements on five occasions in its handling of a Broken Hill hailstorm claim that was the subject of a Hayne royal commission case study...
Chubb, NTI win top Insurance Advisernet awards
27 November 2020
More than 400 authorised representatives and industry partners watched a virtual presentation of this year’s Insurance Advisernet awards yesterday...
ASIC sets out new claims handling regime as reforms gather pace
27 November 2020
The Australian Securities and Investments Commission has today provided draft details of how insurance claims handling will be regulated as a financial service when legislation for the Hayne royal commission proposal is passed in Parliament...
Web of deceit: claimant blamed spider for crash
27 November 2020
A complainant who spun a tale about how a spider caused him to lose control of his car, sending the vehicle crashing into a guard rail, has failed in his bid to have his motor insurance claim accepted...
Test case result leaves many questions: AM Best
26 November 2020
The NSW Court of Appeal test case decision on business interruption policy wordings represents “one piece of a much larger puzzle” and has left insurers facing continued uncertainty and possible reputational impacts, AM Best says...
icare extends EML contract, plans tender
26 November 2020
NSW state insurer icare has extended EML’s workers’ compensation claims services provider contract for 12 months ahead of a tender planned for the middle of next year that could increase the number of agents...