Daily
Floods push summer catastrophe bill to $3.5 billion
19 March 2020
Losses from floods and storms in Queensland and NSW earlier this year have risen dramatically to more than $466 million from 56,418 claims – pushing the total summer catastrophe bill towards $3.5 billion...
Withdrawn: did ASIC step in over FSC’s pandemic statement?
19 March 2020
The Financial Services Council has withdrawn a recent statement it made on behalf of the life industry stating that existing policies have no exclusions for pandemics...
Lloyd’s closes Underwriting Room to prevent virus spread
19 March 2020
Lloyd’s has closed its iconic Underwriting Room following advice from the UK Government on slowing the spread of the COVID-19 virus...
Confusion fears over ASIC product guidance
19 March 2020
Proposed regulatory guidance for new product design and distribution rules is inconsistent with the legislation and likely to cause confusion, insurers and brokers have warned...
Another virus risk: home working raises cyber worries
18 March 2020
Businesses face increased cyber risks that may not be covered by insurance as they send staff home to work on unsecured personal devices and criminals step up attacks using scams and malware...
Landlord wins in dispute over drug contamination
18 March 2020
A landlord has won a dispute with his insurer over a claim for damage to his property caused by methamphetamine contamination...
Insurers win access to boat crash alcohol test
18 March 2020
AIG and underwriting agency NM Insurance have won access to the results of a blood alcohol test taken after a boating accident triggered a claim for $341,000...
Global travel ban: what it means for insurers
18 March 2020
The fallout on Australia’s $1.2 billion travel insurance industry is likely to be more acute after the Federal Government raised its travel advisory to a maximum Level 4 “Do Not Travel” global restriction...
Pandemic: Finity predicts insurance impacts
17 March 2020
Various classes such as travel insurance, personal accident and workers’ compensation will be affected directly and indirectly by the worsening coronavirus outbreak in Australia, actuarial firm Finity says...
UAC postpones Melbourne expo as virus lockdown bites
17 March 2020
The Underwriting Agencies Council has postponed its Melbourne expo and is keeping a “watching brief” on future events as the coronavirus pandemic halts more large-scale industry gatherings...
‘Innocent non-disclosure’ wins $140,000 dispute for claimant
17 March 2020
Tokio Marine & Nichido Fire Insurance must pay a commercial claim for hail damage to the roof of a property, despite the claimant’s failure to properly disclose the property’s age and condition...
Catastrophe data firm adds motor to Australian reports
17 March 2020
Swiss catastrophe data company Perils has expanded its reporting to include Australian personal and commercial motor...
Home alone: industry turns to remote working in virus response
13 March 2020
A major broker has asked staff to work from home to prevent the spread of COVID-19 as the Federal Government advised against gatherings of more than 500 people and all non-essential international travel...
Coronavirus: Lloyd’s closes doors for backup trading test
13 March 2020
Lloyd’s is closing its underwriting room for 24 hours – for the first time in its 330-year history...
Insurer on hook over butcher who slipped on mince
13 March 2020
Lloyd’s managing agency Marketform must pay more than $600,000 compensation awarded to a 20-year-old apprentice butcher who slipped on a piece of sausage mince and injured his back, a court has ruled...
Suncorp's technology chief quits
13 March 2020
Suncorp is searching for a new Chief Information Officer (CIO) to replace Sarah Harland, who is leaving later this month after more than three years in the job...
Coronavirus claims prioritised as ICA declares catastrophe
12 March 2020
Insurers are ramping up their response to the coronavirus pandemic, with the Insurance Council of Australia declaring the COVID-19 respiratory illness outbreak an insurance catastrophe...
Event cancellations 'probably not covered' by insurance
12 March 2020
Sports clubs and event and conference organisers are not likely to be able to claim on insurance policies for coronavirus-related cancellations...
Convicted murderer loses claim to wife's insurance payout
12 March 2020
A former policeman currently serving life in prison for murdering his wife has no right to claim the payout from a life insurance policy they had jointly taken out weeks before her death, the Federal Court of Australia has ruled...
QBE swoops for IAG innovation expert
12 March 2020
QBE has announced the appointment of James Orchard as its new CEO of QBE Ventures...