Risks pile higher in financial lines: Gallagher
20 January 2021
Insurers are wary of emerging financial lines risks and are approaching directors’ and officers’ and management liability renewals as if a fiscal cliff is imminent, Gallagher says...
Daily
Contagious diseases, climate change 'key global risks': WEF report
20 January 2021
Infectious diseases and a number of climate change-linked threats have dominated a risk survey as part of an annual World Economic Forum report produced in collaboration with Zurich Insurance Group and Marsh...
Austbrokers Corporate CEO resigns as trio set to join Marsh
19 January 2021
Austbrokers Corporate CEO John Mutton has resigned, as he and two other executives prepare to join rival broker Marsh...
CommInsure assessor accused of inflating repair cost in return for 'gift'
19 January 2021
The Fair Work Commission has dismissed an application for relief from unfair dismissal by a former Commonwealth Insurance motor assessor, who was terminated for “serious misconduct” last year over an undeclared transfer of $500 to his bank account...
Pandemic 'biggest threat' to Australian business: Allianz survey
19 January 2021
Pandemic outbreaks have for the first time been listed as the biggest threat to Australian businesses, according to an annual risk survey by Allianz Global Corporate and Specialty...
Industry moves: WTW among firms making key appointments
19 January 2021
Willis Towers Watson has appointed Lee Garvey to the newly created position of Head of Financial Solutions for Australia and New Zealand as the New Year brings a number of personnel changes across the insurance industry...
QBE raises virus cost estimate after UK ruling
18 January 2021
QBE has made an extra $US185 million allowance for potential Australian business interruption claims after a UK Supreme Court ruling on Friday went against insurers...
NIBA to take ACCC report concerns to Treasurer
18 January 2021
The National Insurance Brokers Association will raise concerns over the Australian Competition and Consumer Commission’s insurance inquiry report with Treasurer Josh Frydenberg...
Allianz announces restructure, Hosking departs
18 January 2021
Allianz Australia has introduced a new operating model to sharpen its focus on three key customer segments and announced the departure of Chief GM Broker and Agency David Hosking amid a number of changes...
Floods, damaging winds forecast as Cyclone Kimi intensifies
18 January 2021
Queensland’s Cyclone Kimi has strengthened to a Category 2 and shifted south, the Bureau of Meteorology has warned...
QBE expects to report $US1.5 billion full-year loss
18 December 2020
QBE expects to report a net loss of about $US1.5 billion for this year, with the result hit by COVID-19, catastrophes and a writedown of North American goodwill...
Wanted: experienced brokers, claims handlers
18 December 2020
Brokers with at least five years’ experience are among insurance industry personnel expected to be in high demand as business activity increases next year, recruiting firm Hays says...
Broker breached duty by not asking client to seek life advice
18 December 2020
A general insurance brokerage breached its duties when the business did not recommend a self-employed client seek advice from a life insurance broker about his coverage needs, according to a dispute ruling...
360 partners with QBE on farm, regional
18 December 2020
Agricultural underwriting agency 360 Farm & Regional says QBE will be its sole capacity provider for all new and renewal business starting on January 1 next year...
Business interruption appeal documents warn of $10 billion claims total
17 December 2020
The High Court should hear an appeal over business interruption exclusions due to the financial repercussions for insurers and the legal issues around contract language and correction of mistakes, documents filed by the industry argue...
‘Perfect storm’ blows insurance industry off course
17 December 2020
Australian general insurers are facing a “perfect storm” of challenges that has put the industry on an “unsustainable trajectory”, a new report from Oliver Wyman warns...
ASIC study reveals gaps in claims handling processes
17 December 2020
The Australian Securities and Investments Commission has set out a three-point action plan for insurers to consider after its research found gaps in the handling of claims for the Canberra hailstorm catastrophe in January and last year’s Townsville flood disaster...
Report flags Consumer Data Right impact on insurance
17 December 2020
A study commissioned by the Financial Rights Legal Centre has outlined what it sees as the risks and opportunities from the extension of the Consumer Data Right to the insurance industry...
No relief in sight for property challenges: Marsh
16 December 2020
Property market conditions will continue to be challenging given ongoing COVID-19 related losses, potential natural catastrophe impacts and expected rising reinsurance rates in the January renewals, Marsh warns...
Brokers set to be excluded from claims handling licensing requirement
16 December 2020
Treasury has released for consultation an exposure draft regulation paper outlining the prescribed circumstances in which a person is excluded from new laws requiring a licence to perform claims handling services...