Daily
Brokers told to prepare for looming UCT reforms
20 May 2020
Insurance brokers have been urged to start preparing for the unfair contract terms reforms that will commence next year...
Whelan prepares to bow out as successor appointed
19 May 2020
Outgoing Insurance Council of Australia CEO Rob Whelan has spoken of his pride in his team as he prepares to leave in September, when successor Andrew Hall joins from Commonwealth Bank...
NIBA plays a straight bat on BI wordings issue
19 May 2020
The National Insurance Brokers Association says intermediaries should assess individual policy wordings before advising clients on business interruption claims – and adds that “the last thing brokers want to see is an unstable insurance sector”...
Submerged car covered, dealer to blame
19 May 2020
A motorist with a poor driving record whose Toyota Landcruiser became submerged in seawater has won an insurance dispute after the Australian Financial Complaints Authority ruled the car dealer who sold the policy failed to highlight the duty of disclosure...
Queensland boosts cyclone resilience funding
19 May 2020
The Queensland Government has announced funding to extend a grants program that helps improve the resilience of homes and reduces premiums in cyclone-affected regions...
Exclusion confusion: lawyers disagree on BI wording dispute
15 May 2020
Australian law firms have expressed a range of views on whether exclusions within business interruption policies that refer to a repealed act of parliament will hold up...
AFCA orders payout for man who didn’t have cancer
15 May 2020
A man who had a tumour believed to be malignant removed on expert medical advice – but discovered he did not have cancer after the surgery – has won a dispute over a claim under his trauma policy with life insurer OnePath...
Parliamentarians press ahead with class action inquiry
15 May 2020
A parliamentary inquiry into the class action system, targeting litigation funders and regulatory oversight of funding arrangements, has been launched after being delayed by the coronavirus outbreak...
Pay up, container spill insurer told
15 May 2020
The Australian Maritime Safety Authority has accused London-based marine insurer Britannia P&I of using “every trick in the book” to avoid paying for the cost of cleaning up pollution caused by a ship it insured...
‘Lawyers’ picnic’: insurers face scrutiny on BI wordings
14 May 2020
Business policy exclusions which still refer to an act of parliament that was repealed almost five years ago could leave Australian insurers facing a lengthy legal battle and possible class actions, legal sources have warned...
Personalise or lose your customers, insurers told
14 May 2020
Australian insurers and their peers overseas are not doing enough to retain their customers, who want more personalised offerings such as usage-based products, according to the annual World Insurance Report from Capgemini...
Lloyd’s reveals $6 billion virus payout
14 May 2020
Lloyd’s says it will pay out billions of dollars across the globe as a result of COVID-19, putting the cost of the crisis on a par with the 9/11 terrorist attacks in 2001 and 2017’s triple-whammy of hurricanes Harvey, Irma and Maria...
Junk insurance payback tops $160 million
14 May 2020
Consumer credit insurance remediation payments driven by the corporate regulator’s investigations into junk products are set to top $160 million...
Gallagher warns on return-to-work liability risks
13 May 2020
Gallagher has warned of rising liability risks for employers as easing coronavirus restrictions allow staff to return to the workplace...
QBE, Allianz dig in over disputed excavation claim
13 May 2020
The Federal Court has ruled in favour of QBE in a dispute with Allianz which was triggered after apartment development works in Sydney’s Double Bay damaged a neighbouring property...
Broker 'not to blame' for client's uninsured fraud loss
13 May 2020
The Australian Financial Complaints Authority has ruled a broker was not responsible for the financial loss suffered by a client who was conned out of more than $126,000 by one of his staff...
Claims data proves older buildings are greater bushfire risk
13 May 2020
As insurers work through 35,000 claims from the summer’s bushfire catastrophe, some key trends are emerging...
Australia-led region’s rate growth trumps the world
12 May 2020
Commercial rates in the Pacific region, where Australia is the biggest market, recorded the strongest increase of 23% in the first quarter, according to the latest quarterly pricing report from Marsh...
InterRISK to rebrand as Austbrokers Corporate
12 May 2020
Broking firm InterRISK will rebrand as Austbrokers Corporate from July while its SME portfolio and other scheme businesses will be transferred into a joint venture run by MGA, under changes announced by AUB Group...
Non-disclosure washes out Ford Mustang claim
12 May 2020
A woman who damaged her Ford Mustang when water was “accidentally introduced to the engine rather than the windscreen water reservoir” has lost her bid to claim for the loss – because of non-disclosure...