Daily
Standard definition changes no cure-all, ICA warns
12 April 2024
Standard definition reforms alone will not resolve underinsurance or affordability issues and changes may have cost and competition implications that lead to poorer consumer outcomes, the Insurance Council of Australia says...
Sure’s northern Queensland strata limit increases fourfold
12 April 2024
Northern and regional Queensland specialist Sure Insurance says it is raising its sum insured limit for residential strata to $20 million from $5 million, increasing competition in the market...
Sick traveller wins payout after waiting period dispute
12 April 2024
A traveller who suffered dengue fever during a Bali holiday will be covered for her medical expenses, despite her insurer’s protests that she became unwell before her policy’s waiting period had ended...
Mobile phone claim costs rising as tech advances
12 April 2024
Mobile phone claims are costing more as increasingly complex technology is built into the devices, a New Zealand insurer has warned...
'A lot of mental toll': Lismore’s insureds share flood trauma stories
11 April 2024
Flood-hit Lismore residents today shared stories of difficulty with insurance claims as the federal inquiry into insurers’ handling of the 2022 catastrophes visited the NSW town...
Thousands lodge claims after NSW storm
11 April 2024
More than 11,500 claims related to the post-Easter storm in NSW have been lodged as the industry escalates its disaster management response to the event...
IAG wins dispute over hire car damage
11 April 2024
A driver who sought cover for damage to a hire car after a not-at-fault accident has lost her claim dispute after the complaints authority sided with her insurer...
'Lifting the veil': Russia, Ukraine top list of cybercrime hubs
11 April 2024
Russia is the world’s biggest cybercrime hotspot, followed by Ukraine, China, the US and Nigeria, according to a study released today by the University of NSW...
Flood inquiry: insurance jargon ‘confusing for consumers’
10 April 2024
Flood-hit communities in Queensland have aired their frustrations for the second day running as a federal inquiry into insurers’ handling of the 2022 catastrophes enters its final stages...
State seeks feedback on ESL reform options
10 April 2024
The NSW Government has released a consultation paper outlining property-based options to replace the emergency services levy on insurance, as it moves forward with funding reforms...
Family death triggers trip cancellation, but no payout
10 April 2024
A man who cancelled his international holiday following the death of his father-in-law has lost a bid to overturn his insurer’s application of a policy exclusion...
INsight podcast: accidentally axing commissions
10 April 2024
An embarrassing error by the Federal Government that could have accidentally axed some broker commissions is the main topic of discussion on the latest Insurance News podcast...
Honey gains ‘firepower’ with $108 million fundraising
09 April 2024
Honey Insurance, which uses smart technology to smooth the buying process and improve risk monitoring, has completed a $108 million funding round as it aims to further challenge “the local home insurance oligopoly”...
Flood inquiry hears from affected community
09 April 2024
Policyholders have expressed their frustration with insurer conduct at the first of three community hearings under the federal inquiry into responses to the record-breaking floods of 2022...
Committee flags life claims handling concern after surge in breaches
09 April 2024
Claims-related breaches of the life industry’s code of practice recorded the biggest increase by category in 2022-23, up 18% to 9149, an annual compliance report shows...
Sink hole claim collapses as insurer flags long-term issues
09 April 2024
A policyholder who lodged a claim after noticing a possible sink hole forming under a property passageway has failed to win cover after the damage was assessed to be a long-term issue caused by gradual deterioration and wear and tear...
Commission consent laws under review after ‘drafting error’
05 April 2024
Insurers and brokers say moves are under way to address unintended consequences from a bill to legislate disclosure and consent requirements for general insurance commissions...
IAG pays workers $37 million after entitlement breaches
05 April 2024
IAG has back-paid staff more than $37 million and signed an enforceable undertaking with the Fair Work Ombudsman following underpayments over the past decade due to “flawed processes”...
NSW regulator warns nine builders over insurance lapses
05 April 2024
Nine construction firms in NSW have been cautioned by the state’s insurance regulator over failures to acquire compulsory home building compensation insurance...
‘Should have kept a closer eye’: insurer pays for loss adjuster’s delays
05 April 2024
The Australian Financial Complaints Authority has ordered QBE to pay a claimant an additional $65,000 for business interruptions after finding the insurer did not adequately address issues with its appointed loss adjuster that delayed property repairs...