Daily
Court allows AR network to terminate member’s licences
15 April 2020
The NSW Supreme Court has ruled that Community Broker Network may terminate a member’s authorised representative licences after a planned sale of the AR’s book led to inquiries into its business conduct...
D&O cover: virus makes a tough market tougher
15 April 2020
Directors’ and officers’ insurance in Australia faces yet another challenge as the uncertainty surrounding the coronavirus outbreak takes its toll, says broker BMS Group...
AFCA dismasts insurer’s boat claim decision
15 April 2020
A yachtsman who changed direction while sailing, heard a crash and saw his mast break and fall over the side of his boat and the sails partially submerge has won his fight to claim repair costs and mooring fees under a Lloyd’s Australia yacht insurance policy...
QBE’s actions ‘temper volatility’
15 April 2020
QBE’s capital-raising and risk management measures will temper the effects of recent market volatility and leave it better placed for growth when conditions improve, S&P Global Ratings says...
Virus injection: QBE to raise $1.3 billion
14 April 2020
QBE will raise up to $US825 million ($1.3 billion) to shore up its capital defences due to “unprecedented economic and investment market uncertainty” as the coronavirus pandemic continues...
Expert proposes ‘drastic’ removal of mandatory PI for surveyors
14 April 2020
Building industry regulation expert Bronwyn Weir has suggested governments consider removing the requirement for licensed surveyors to hold professional indemnity insurance...
New insurer, different wording: broker cops a hefty bill
14 April 2020
The Australian Financial Complaints Authority has ruled Resilium Insurance Broking must compensate a claimant for storm-related damage to several greenhouses on his farm...
Swiss Re warns on rising risks and outdated data
14 April 2020
The insurance industry will need to assess climate change and urban development risks more effectively to ensure cover in high-exposure regions is sustainable in the long term, Swiss Re says...
Insurers drop rent default cover from landlord products
09 April 2020
A number of insurers in Australia have stopped offering rent default cover in residential landlord policies in response to the coronavirus outbreak, which has already led to massive layoffs in many industries...
IAG names new EGM Business Distribution
09 April 2020
IAG announced today that EGM Product and Pricing Steve Marshall will become its new EGM Business Distribution...
Report supports NZ insurers’ call to change EQC’s role
09 April 2020
The Insurance Council of New Zealand says it is clear legislation must be changed to avoid “ad-hoc responses being foisted” on the Earthquake Commission which it is not equipped to carry out...
Understand the impact: how coronavirus is affecting insurance
09 April 2020
The coronavirus emergency has forced the insurance industry to change its focus from managing billions of dollars in natural catastrophe claims to dealing with a hazard that’s invisible but even more destructive...
IAG set for a 9-month transition as Harmer bows out
08 April 2020
IAG MD and CEO Peter Harmer says his decision to announce now that he’s leaving the group before the end of the year will allow a “flexible nine-month transition during which time my successor will be appointed”...
Zurich unveils SME support, Hollard works on ‘unique response’
08 April 2020
Zurich has published a series of measures aimed at supporting coronavirus-affected clients and brokers, while Hollard says it is developing its “own unique response” in close consultation with intermediaries...
Fitch lowers Suncorp’s outlook to negative
08 April 2020
Fitch has lowered its outlook on Suncorp to negative after reviewing the insurer’s ratings in light of financial uncertainty and increased risks to capital and earnings from the COVID-19 pandemic...
APRA suspends new insurance licences, advises prudence
08 April 2020
Applicants seeking an Australian insurance licence will have to wait at least six months, with the regulator deciding to suspend issuing new permits due to the economic turmoil created by the COVID-19 pandemic...
Industry holds its focus during ‘unprecedented’ pandemic
07 April 2020
The insurance industry’s focus on supporting customers and keeping clients covered during the COVID-19 crisis is a source of pride for Insurance Council of Australia Head of Risk and Operations Karl Sullivan...
icare provides workers’ comp relief, as SIRA tracks claims
07 April 2020
NSW workers’ compensation insurer icare says it has reduced premiums for more than 2000 businesses and suspended policies for a number of firms as part of coronavirus support measures...
Life insurers commit to supporting frontline health workers
07 April 2020
Life insurers have moved to reassure healthcare workers who are in the front line of the coronavirus outbreak battle that they won’t be denied access to cover...
QBE selects a new International CEO
07 April 2020
QBE announced today that Axa XL executive Jason Harris will become its new London-based International CEO later this year when Richard Pryce retires...