Daily
Flood inquiry: insurance jargon ‘confusing for consumers’
10 April 2024
Flood-hit communities in Queensland have aired their frustrations for the second day running as a federal inquiry into insurers’ handling of the 2022 catastrophes enters its final stages...
State seeks feedback on ESL reform options
10 April 2024
The NSW Government has released a consultation paper outlining property-based options to replace the emergency services levy on insurance, as it moves forward with funding reforms...
Family death triggers trip cancellation, but no payout
10 April 2024
A man who cancelled his international holiday following the death of his father-in-law has lost a bid to overturn his insurer’s application of a policy exclusion...
INsight podcast: accidentally axing commissions
10 April 2024
An embarrassing error by the Federal Government that could have accidentally axed some broker commissions is the main topic of discussion on the latest Insurance News podcast...
Honey gains ‘firepower’ with $108 million fundraising
09 April 2024
Honey Insurance, which uses smart technology to smooth the buying process and improve risk monitoring, has completed a $108 million funding round as it aims to further challenge “the local home insurance oligopoly”...
Flood inquiry hears from affected community
09 April 2024
Policyholders have expressed their frustration with insurer conduct at the first of three community hearings under the federal inquiry into responses to the record-breaking floods of 2022...
Committee flags life claims handling concern after surge in breaches
09 April 2024
Claims-related breaches of the life industry’s code of practice recorded the biggest increase by category in 2022-23, up 18% to 9149, an annual compliance report shows...
Sink hole claim collapses as insurer flags long-term issues
09 April 2024
A policyholder who lodged a claim after noticing a possible sink hole forming under a property passageway has failed to win cover after the damage was assessed to be a long-term issue caused by gradual deterioration and wear and tear...
Commission consent laws under review after ‘drafting error’
05 April 2024
Insurers and brokers say moves are under way to address unintended consequences from a bill to legislate disclosure and consent requirements for general insurance commissions...
IAG pays workers $37 million after entitlement breaches
05 April 2024
IAG has back-paid staff more than $37 million and signed an enforceable undertaking with the Fair Work Ombudsman following underpayments over the past decade due to “flawed processes”...
NSW regulator warns nine builders over insurance lapses
05 April 2024
Nine construction firms in NSW have been cautioned by the state’s insurance regulator over failures to acquire compulsory home building compensation insurance...
‘Should have kept a closer eye’: insurer pays for loss adjuster’s delays
05 April 2024
The Australian Financial Complaints Authority has ordered QBE to pay a claimant an additional $65,000 for business interruptions after finding the insurer did not adequately address issues with its appointed loss adjuster that delayed property repairs...
‘Dynamic, serious situation’: bureau warns on NSW flood risk
04 April 2024
Severe weather in NSW could cause Hawkesbury-Nepean River flooding and bring intense rainfall to a region extending from the state’s south to north of Sydney, the Bureau of Meteorology has warned...
Suncorp to sell NZ life business in $375 million deal
04 April 2024
Suncorp will sell its New Zealand life business to Resolution Life for $NZ410 million as it continues to divest non-core assets and focus on its general insurance operation...
Councils seek answers as levees fail to hold back premium surge
04 April 2024
Queensland local governments say insurers are not recognising the impact of levees in reducing flood risk in their communities as premiums continue to soar...
Insurer wins battle over rainwater damage to home
04 April 2024
A homeowner will not be reimbursed for water damage to his investment property after a claim dispute hearing found an incorrect roof installation was the main factor behind the loss...
Aon sees good signs for mid-year reinsurance renewals
03 April 2024
Reinsurance buyers at April renewals benefited from a “dramatic shift” towards ample property catastrophe capacity, in a trend that bodes well for the mid-year period, Aon says...
Disaster Ready Fund should more than double, councils say
03 April 2024
The Federal Government’s Disaster Ready Fund is heavily oversubscribed and needs more than twice its current funding to protect communities from future natural disasters, the Australian Local Government Association says...
Traveller loses claim dispute after misstep on trip cover
03 April 2024
A traveller who was forced to end his Bali holiday early when his wife became sick will not be paid for his losses after his insurer argued the expenses occurred outside its period of cover...
Disaster package earmarks $5 million for mitigation schemes
03 April 2024
The Federal Government is investing more than $5.4 million in four disaster resilience projects, including drone research to enhance bushfire risk reduction...