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Tasmania fire levy reform plans spark local government anger

03 November 2023

The Tasmanian Government’s proposed emergency services funding reforms, which include abolishing a levy on business insurance policies, have sparked anger from local governments concerned about rising taxes for property owners...

Howden acquires 100% of Perth brokerage

03 November 2023

Howden has acquired full ownership of Perth-headquartered Unicorn Risk Solutions after taking a minority stake in the general insurance broker last year...

Hardening cycle ‘at end of the phase’: Marsh

02 November 2023

Australia commercial pricing conditions continue to turn in favour of buyers as insurers put in more capacity to write more business, according to Marsh’s quarterly Global Insurance Market Index...

CCI fined for workers’ comp breach; payment scheme approved

02 November 2023

Catholic Church Insurance has been fined in NSW for giving insufficient notice of its intention to cease offering workers’ compensation cover, while separately the Federal Court has today approved a scheme for paying future claims in other classes if its financial situation deteriorates...

Claimant's photos help overturn insurer’s flood exclusion

02 November 2023

A homeowner whose water damage claim was denied due to a flood exclusion has won her dispute after the Australian Financial Complainants Authority found her insurer failed to prove the inundation was caused by floodwater...

APRA increases insurer's capital requirement over 'governance weaknesses'

01 November 2023

The Australian Prudential Regulation Authority has imposed on RAC Insurance an additional $20 million capital requirement after a governance prudential review by the regulator found “significant weaknesses” in areas of outsourcing controls, conflict management and board decision making...

Closer scrutiny needed on code breach causes: IBCCC

01 November 2023

The Insurance Brokers Code Compliance Committee has questioned whether breaches are being adequately investigated for their causes as it again raises concern over the level of subscriber reporting...

Insurer required to repair flooded home despite alleged assault

01 November 2023

An Australian Financial Complaints Authority panel has required Suncorp to complete repairs to a vulnerable claimant’s home after the insurer proposed a cash settlement due to unsafe work conditions stemming from the homeowner’s aggressive behaviour...

Flood catastrophe scale exposed weaknesses: Deloitte

31 October 2023

A Deloitte review of insurer responses to record flooding in southeast Queensland and NSW last year has found inadequate scenario planning and outdated systems and processes were exposed by the scale and complexity of the catastrophe...

Suncorp to cut 25 senior insurance positions: FSU

31 October 2023

The Finance Sector Union says it was briefed on Monday by Suncorp executives that around 25 senior positions are to be made redundant as part of a revamp of the insurer’s operational structure...

AFCA backs claim denial after tenant's death

31 October 2023

A landlord who sought compensation for losses following the death of his tenant has lost his claims dispute after the Australian Financial Complaints Authority found the circumstances of the loss were not coverable under his policy...

Claim accepted, then denied on the day insureds were moving out

27 October 2023

A homeowner will have his claim paid and has been compensated the maximum amount for non-financial loss after his insurer accepted a claim, then changed its mind and denied it on the day his family was moving to temporary accommodation...

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