Daily
‘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Business policy exclusions which still refer to an act of parliament that was repealed almost five years ago could leave Australian insurers facing a lengthy legal battle and possible class actions, legal sources have warned...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...
Business as unusual: IAG backs brokers with training and support
12 May 2020
IAG will give its broker partners access to free counselling and training as part of a range of measures designed to help intermediaries through the ongoing coronavirus crisis...
Federal Government delays Hayne reforms
08 May 2020
The Federal Government will defer implementation of Hayne royal commission reforms by six months due to disruptions caused by the coronavirus pandemic...
Travel claim denials face scrutiny
08 May 2020
The General Insurance Code of Practice Governance Committee is scoping a targeted inquiry into travel insurance due to a rising number of declined claims...
Old dog, new trick: excess ambiguity triggers full payout
08 May 2020
A pet insurer’s application of an age excess has been ruled “ambiguous” by the Australian Financial Complaints Authority, which says a claimant with a 12-year-old dog must be paid the full amount of his claim...
'Fire-breathing dragon of clouds’ among rising storm risks
08 May 2020
Fire-generated thunderstorms in Australia during summer are among recent events highlighting rising global risks from convective storms, the New York-based Insurance Information Institute says...
Funder launches lower-cost product to help virus-hit SMEs
07 May 2020
IQumulate Premium Funding has announced a new “lower-cost” product that gives brokers another option to help struggling SME clients through the coronavirus crisis...
ICA fast-tracks aid for vulnerable, but delays code deadline
07 May 2020
The Insurance Council of Australia will speed up vulnerable customer support provisions contained within the new General Insurance Code of Practice, due to the “unparalleled impact” of COVID-19...
And again: QBE shareholders reject fossil fuel action demand
07 May 2020
QBE shareholders today again overwhelmingly rejected a resolution demanding the insurer set out targets to reduce its risk exposure to fossil fuel industries...
Industry seeks more time to implement Hayne reforms
07 May 2020
The industry has asked for more time to implement outstanding Hayne royal commission reforms, saying the pressing task right now is to help customers affected by the virus pandemic and last summer’s natural disasters...