18 March 2021
Westpac Group announced today its lenders’ mortgage insurance unit will be sold to Bermuda-based specialty lines insurer Arch Capital Group at book value, further accelerating the bank’s exit from non-core lending activities...
18 March 2021
A holidaymaker who unexpectedly found out she was seven weeks pregnant just three weeks after buying travel insurance has lost a claim dispute after she cancelled an overseas trip...
17 March 2021
QBE says it is doing its “utmost” to support a Gold Coast couple who moved into their new house and discovered a few months later the property was infested with termites - even though it didn't insure the home...
17 March 2021
The National Insurance Brokers Association says broking firms should consult a legal adviser on new design and distribution obligations as a priority as the industry continues discussions on how the new legislation will work...
17 March 2021
AIG has won a claim dispute after a warehouse owner failed to reveal that he owned half the business renting his property, or make it known that it had been placed under administration prior to the policy commencing...
17 March 2021
The panel on this week’s Insurance News podcast focuses on the Code Governance Committee’s disappointment at continued breaches of the General Insurance Code of Practice...
16 March 2021
The Federal Court has held an initial case management hearing for the insurance industry’s second business interruption legal proceedings, setting out a timeline for the next steps...
16 March 2021
The Insurance Council of Australia says the industry made progress in detecting, reporting and remedying Code of Practice breaches last year amid intense pressures from natural disasters and a pandemic...
16 March 2021
The financial dispute resolution body has ruled mostly in favour of Suncorp after a complaint was lodged by a Victorian holiday accommodation owner who believed he should have received a higher business interruption claim payout following bushfires in the area...
16 March 2021
The La Nina weather system is “nearing its end”, the Bureau of Meteorology says in an update today...
12 March 2021
Australian motor vehicle thefts last year declined 15% to the lowest level in two decades of data collection due to coronavirus restrictions...
12 March 2021
AM Best has revised its credit rating outlook for Guild Insurance to negative from stable, reflecting high uncertainty amid ongoing legal proceedings surrounding business interruption policy coverages in Australia...
12 March 2021
The High Court in Auckland has ordered ANZ New Zealand to pay $NZ280,000 ($260,169) for making misleading representations about credit card repayment insurance, and has warned deterrence will be a key factor in setting penalties for Financial Markets Conduct Act breaches...
12 March 2021
Blaming insurers for a rise in cyber crime is fundamentally “misguided” and making ransom payments illegal would only punish the victims, an industry expert says...
11 March 2021
The Australian Securities and Investments Commission has confirmed it will take no enforcement action against Griffiths Goodall, following a raid carried out in 2019...
11 March 2021
General insurance has accounted for 37% of COVID-19 financial complaints over the past year, with travel leading a table of concerns across all product types...
11 March 2021
The corporate regulator is seeking feedback on its plan to implement the deferred sales model for add-on insurance, which will start on October 5 after laws for the new scheme were passed in Parliament last December...
11 March 2021
Gallagher has won a dispute over the size of a settlement owed to a small business after it made no reference to a policy limit of $50,000 for legal defence cover, breaching its duty as an insurance broker...
10 March 2021
The prudential regulator has agreed to accept a court enforceable undertaking from Allianz Australia, with the insurer giving its commitment to finish rectifying the risk and compliance issues that have seen the business, at one point, forced to put up an extra $250 million in capital requirement...
10 March 2021
The COVID-19 pandemic and work-from-home repercussions have failed to jolt SMEs out of their cybercrime complacency with many remaining “clueless” about the risks, Cameron Research has warned...