Daily
Lloyd’s on the hook for $235,000 car repair
18 February 2020
Lloyd’s relied on a non-disclosure exclusion to decline cover for damage to a luxury car, but has been ordered by the Australian Financial Complaints Authority to settle the repair bill of more than $235,000...
RAC Insurance told to pay claimant acquitted of car theft
14 February 2020
The Australian Financial Complaints Authority has found in favour of a claimant as his insurer, RAC Insurance, failed to prove he was making a fraudulent claim for losses caused by the theft and arson of his vehicle...
Tower seeks action on public’s ‘dim view’ of industry
14 February 2020
New Zealand insurer Tower says the insurance sector should take clear action to improve its standing following inquiries showing the general public takes 'a dim view' of the industry...
Bushfire claims top Black Saturday losses
14 February 2020
Bushfire losses from this season’s catastrophes have climbed toward $2 billion, an update to Insurance Council of Australia figures today shows...
Claims reform plan would hit disaster recovery: Suncorp
13 February 2020
Suncorp has warned that people recovering from such catastrophes as the summer bushfires could face lengthier repair times and higher costs due to proposed claims-handling laws...
Mike Wilkins named QBE Chairman
13 February 2020
Former IAG CEO Mike Wilkins will become QBE Group Chairman at the start of next month, taking over from Marty Becker, who is retiring from the board...
Subsidising the sinners: ICA makes its case for milder compo scheme
13 February 2020
The proposed compensation scheme of last resort should be designed to include financial services that are not solely provided by prudentially regulated firms, the Insurance Council of Australia says...
Former Austbrokers leader dies
12 February 2020
The broking industry has paid tribute to former Austbrokers executive Nigel Thomas, who died suddenly on Sunday...
Australia outperforms with large rise in renewal prices
12 February 2020
Commercial premium increases in the Pacific region, where Australia is the largest market, rose by more than a fifth last quarter to once again outperform global peers...
IAG cuts its outlook again after weekend weather disaster
12 February 2020
IAG has lowered its full-year financial outlook for the second time in three weeks after last weekend’s torrential rainfall and flooding continued “an exceptionally harsh” natural perils season...
Suncorp CEO demands more government action on mitigation
11 February 2020
Suncorp CEO Steve Johnston has criticised government inaction on disaster resilience, but says this season’s tragic bushfires provide an opportunity to put things right...
Flood and storm losses surge to $100 million
11 February 2020
Losses from severe storms and flooding that hit NSW and Queensland at the weekend have doubled to $100 million, the Insurance Council of Australia says...
Insurer wins in travel dispute over pregnancy exclusion
11 February 2020
The Australian Financial Complaints Authority has ruled Zurich did not act unethically when it declined a travel claim from a couple who cancelled a trip after the female partner became pregnant...
Chubb caught out by 'literal reading' of travel policy
07 February 2020
The Australian Financial Complaints Authority has ordered Chubb to pay a travel insurance claim triggered by the death of an 83-year-old, despite having a clause excluding deaths of relatives over the age of 80...
Suncorp's Matteson joins Willis Towers Watson underwriting agency
07 February 2020
Willis Towers Watson announced today Adam Matteson has been appointed as Head of Richard Oliver Underwriting Managers, a Melbourne-based business it acquired in the mid-1990s...
ProRisk secures capacity deal with Swiss Re
07 February 2020
Professional Risk Underwriting (ProRisk) has switched to Swiss Re Corporate Solutions from Lloyd’s for capacity in financial lines, casualty, property, and accident and health insurance...
Blazing row: insurers reject accusations of 'loose' policy wordings
06 February 2020
Accusations from consumer group Choice that insurers use “loose and complicated” wordings to define fire cover in home policies have been swiftly rejected by the industry...
Major claims disputes increasing, says law firm
06 February 2020
Disputes over major claims are snowballing as the insurance market continues to harden, law firm Herbert Smith Freehills says...
Hot, dry, windy spring set scene for fire crisis
06 February 2020
Spring was Australia’s seventh consecutive season of extreme dryness and laid the foundation for this summer’s tragic bushfire crisis, the latest Australian Actuaries Climate Index reveals...
IAG makes changes at the top to ramp up digital focus
05 February 2020
IAG announced today it is setting up a new division focused on strategy and innovation as the country’s leading personal lines insurer works to build a technological edge...