AIG appoints new client and broker engagement head
19 February 2021
AIG Australia says Lisa Jeffery has joined the business as Head of Client and Broker Engagement as well as interim Head of Claims...
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On a floodplain but no flood cover: Elders wins $30,000 claim dispute
19 February 2021
Farmers claiming $30,000 to repair flood-related damage to a Tweed River property after Cyclone Debbie have lost a dispute with its insurer...
New icare CEO overhauls executive team
18 February 2021
New icare CEO Richard Harding has announced an overhaul of the state-owned insurer’s leadership team, involving creation of a new governance role and the departure of a number of executives...
Aon-WTW merger will 'lessen competition' in broking sector: ACCC
18 February 2021
The country’s competition watchdog has “preliminary concerns” that the proposed union of Aon and Willis Towers Watson could lead to a less competitive commercial insurance broking sector in Australia, with the market dominated by the merged entity and Marsh...
Fraudster and former broker Pratten must pay $2.4 million penalty
18 February 2021
Former Sydney insurance broker and convicted tax cheat Timothy Charles Pratten must pay a $2.43 million penalty as sought by the Commonwealth, the Supreme Court of NSW has ruled...
Hacked business wins $90,500 payout under management liability policy
18 February 2021
A business has won a dispute over a claim denied by Zurich after hackers accessed its accountant’s email and fraudulently lured payment from a customer...
AUB sets up placement vehicle to handle complex risks
17 February 2021
Austbrokers, the broking arm of AUB Group, has established a dedicated unit to handle complex risks in response to ongoing challenging conditions in the market, which have been described by the industry as the toughest since 2000...
Risks flagged as add-on insurance reforms contested
17 February 2021
Laws to defer add-on insurance sales could expose consumers to immediate financial risk in a number of scenarios including rental vehicle hiring, brokers have warned as the Government considers exemptions to the new rules set to take effect this year...
Fair and reasonable: industry applauds permanent disclosure plan
17 February 2021
A major broker has welcomed a plan to permanently ease continuous disclosure requirements for listed companies, saying the proposed rule change will put Australia in step with the US and UK, and help address soaring directors' and officers' insurance premiums...
Playing catch-up: INsight podcast welcomes broker code review progress
17 February 2021
The National Insurance Brokers Association’s discussion document on proposed changes to the Code of Practice was the key talking point for the latest Insurance News podcast, INsight...
MGA’s Myanmar expansion plans on hold after military coup
16 February 2021
Australian broking group MGA has been forced to freeze plans to set up operations in Myanmar following political unrest in the South East Asian country...
Insurance House expands with 'strategically timed' mergers
16 February 2021
Melbourne-based Insurance House Group has expanded its presence in the Victorian capital and moved into SA through “strategically timed” mergers with PSB Insurance Brokers and Malcolm Hutson & Associates...
'Loyal customer' not covered for rotting pergola, AFCA rules
16 February 2021
A decision by Suncorp to reject a claim for a collapsed pergola from a home and contents policyholder, who had been with the insurer for 44 years and never previously claimed, has been upheld by the Australian Financial Complaints Authority...
East coast low losses reach $989 million: Perils
16 February 2021
An Australian east coast low which hit NSW and Queensland last February caused insurance losses of $989 million, Zurich catastrophe data company Perils says in a final estimate...
SIRA takes aim at workers' comp surgeons' fees
12 February 2021
The State Insurance Regulatory Authority plans to remove surgical fee loadings that have contributed to soaring costs in the NSW workers’ compensation scheme...
Genworth posts large loss, braces for COVID-19 claims
12 February 2021
Genworth Mortgage Insurance posted a 2020 underwriting loss of $234 million as it shored up its reserve war chest in anticipation of “sustained pressure on claims” this year...
ANZ awaits penalty ruling after credit cover breach
12 February 2021
ANZ New Zealand is awaiting a High Court decision on a financial penalty after admitting to misleading representations in supplying credit card repayment insurance...
AFCA rejects $11,000 repair quote for 'egged' vehicle
12 February 2021
The Australian Financial Complaints Authority has backed a decision by Suncorp to refuse a repair quote of $11,221.08 from a claimant whose vehicle was damaged after eggs were thrown at it...
Liability premium prices to keep rising: Marsh
11 February 2021
Casualty insurers are expected to continue increasing liability rates, limiting capacity and reviewing coverage well into this year following a deterioration in profitability and as higher reinsurance costs have an impact, Marsh says...
Insurance SMEs report rising concern over JobKeeper's end
11 February 2021
A new survey has revealed growing distress about the impending loss of JobKeeper next month among Australia’s small businesses, particularly in insurance and finance...