Daily
Capacity ‘boost’ defines Q1 conditions
24 May 2024
Commercial lines pricing in Australia and the broader Pacific region was flat in the first quarter amid “abundant” underwriting capacity, broker Aon says...
Court freezes claimant's funds over fraud allegation
24 May 2024
A statutory benefits claimant has had her bank funds frozen amid allegations of a “brazen fraud” involving forged invoices for medical care she never received...
Brokers warn over fire levy hikes on commercial properties
24 May 2024
Proposed changes to New Zealand’s emergency services funding could lead to severe levy rises for commercial property owners, increasing non-insurance risks, brokers have warned...
Policyholder denied payout after son’s ‘reckless’ 105kmh smash
24 May 2024
A car owner who claimed for a vehicle written off in a crash by his son will not receive a payout after the complaints authority sided with his insurer’s application of a reckless driving exclusion...
Flood pool, subsidies back on agenda as affordability taskforce announced
23 May 2024
Government intervention measures such as a flood reinsurance pool or direct subsidies are being considered by Insurance Council of Australia members, as efforts to assist with affordability challenges are ramped up...
Traveller denied cover after Greek grapple
23 May 2024
A holidaymaker who was injured in a scuffle with a public official in Greece will not be covered for medical and other expenses after he was found to have inflamed the incident by swearing at the man...
Hollard chief joins ICA board as Enthoven exits
23 May 2024
Hollard CEO Paul Fahey has been appointed to the board of the Insurance Council of Australia, which will next month elect a replacement for outgoing president Nick Hawkins...
INsight podcast: federal budget fails to impress
23 May 2024
A disappointing federal budget is the main topic of discussion on the latest Insurance News podcast...
‘Important acquisition’: AUB to buy financial lines underwriting agency
22 May 2024
AUB will buy a 70% stake in Pacific Indemnity, an Australian underwriting agency specialising in financial lines products that had gross written premium of $177 million last financial year...
IAG launches cyber underwriting agency
22 May 2024
IAG’s new Cylo underwriting agency will offer cyber insurance for businesses with annual revenue up to $10 million via CGU-affiliated brokers...
CBL insolvency ‘breaks new legal ground’ with claims ruling
22 May 2024
The New Zealand High Court has ruled in favour of CBL Insurance’s liquidators in finding outstanding claims liabilities should be considered “due debts” and two payments of £397,000 ($754,407) and €25 million ($40.6 million) to Danish company Alpha should be set aside...
Hail claim falls short after golf balls batter roof
22 May 2024
A strata building policyholder that lodged a $49,000 hailstorm claim will be only partially covered after the insurance complaints authority found there was limited damage to the property’s roof – and much of it was probably caused by golf balls...
Brokers face acquisition barrier as deal prices climb
21 May 2024
Rising acquisition multiples are making it more difficult for locally listed brokers to complete deals that add value, a Macquarie Equity Research report says...
ICA recruits ex-detective in fight against scams
21 May 2024
The Insurance Council of Australia has set up a unit to combat fraud, which totalled more than $500 million in the industry last year...
New association aims to raise quality of expert reports
21 May 2024
A new professional association for building and engineering consultants working with insurance claims has been created to address concerns over a lack of consistency, professionalism and quality in expert reports...
AFCA orders Suncorp to review vulnerable mother's theft claim
21 May 2024
The Australian Financial Complaints Authority has ordered Suncorp to reinstate a vulnerable single mum’s policy and reopen her theft claim after it was found to have poorly investigated the matter...
Senators investigate climate impact on premiums, coverage
17 May 2024
The Senate has begun an inquiry into climate risk and its impact on insurance premiums, covering issues such as affordability and access to cover...
‘Shallowfake’ images fuel motor fraud
17 May 2024
The growing use of technology to distort images has “all the signs” of driving the next big scam to hit the insurance industry, Allianz warns...
NSW storms add $176 million to ‘staggering’ weather losses
17 May 2024
Storms that battered NSW early last month caused $176 million in insured damage from 14,781 claims, the Insurance Council of Australia says...
Smash driver ‘recklessly exposed’ family to danger
17 May 2024
The owners of a luxury BMW that was wrecked in a high-speed crash have lost an insurance dispute after the driver was found to have recklessly caused the accident...