Daily
Household insurance costs climb at fastest pace in 22 years
07 February 2024
Home and motor insurance costs grew last year at their fastest pace since March 2001, surging 16.2%, according to the Australian Bureau of Statistics...
Catholic Church Insurance reports loss, capital slump
07 February 2024
Catholic Church Insurance, which was Australia’s oldest continuously operating general insurer until it entered run-off, recorded a net loss of $274.2 million last financial year while capital reserves deteriorated, the annual report shows...
Boat owner wins payout battle after rescue at sea
07 February 2024
A boat owner whose vessel was damaged and had to be rescued during a voyage to Perth has overturned his insurer’s decision to decline his claim after it determined a mechanical failure caused the incident...
INsight podcast: insurers face flood inquiry interrogation
07 February 2024
The government's flood inquiry is the main topic of conversation on the latest edition of the Insurance News podcast...
Cover-More, Flight Centre part ways after 33 years
06 February 2024
Zurich’s Sydney-based travel insurer Cover-More will no longer insure Flight Centre’s retail clients in Australia and New Zealand from late this year...
Australian commercial prices flat in Q4
06 February 2024
Commercial rates in Australia were flat at renewals in the fourth quarter of last year, according to Marsh’s latest Global Insurance Market Index...
Flood inquiry: IAG pledges to ‘do better’
06 February 2024
IAG says it is improving the way it manages demand for temporary accommodation after major events, particularly when customers require long-term support, and that enhanced digital capability has improved its oversight of claim status and prioritisation...
Strata owners seek answers as cover difficulties persist
06 February 2024
Strata groups have sought answers from insurers over the lack of cover availability in parts of the northern Australian market despite the participation of underwriters in the Cyclone Reinsurance Pool...
Insurer ordered to exceed sum insured with storm payout
02 February 2024
The Australian Financial Complaints Authority says Insurance Manufacturers of Australia must pay more than $740,000 to storm claimants – even though the damaged property’s sum insured was set at $400,000...
Flood inquiry: APRA seeks clearer view on consumer experiences
02 February 2024
The prudential regulator is looking to collect data that will give it more information about consumer experiences with insurers, the third public session of the federal parliamentary flood inquiry heard today...
Regulator censures icare after $15 million underpayment
02 February 2024
NSW’s insurance regulator has censured icare after up to 13,915 workers with compensation claims did not receive their full entitlement...
Strata broking specialists join forces
02 February 2024
Body Corporate Brokers and Collective Insurance Brokers are combining to create an expanded national business providing insurance services for the strata sector...
Flood inquiry: insurer staff ‘discussed bonuses in front of crying claimants’
01 February 2024
Insurance staff talked about their own bonuses in front of devastated claimants while attending a forum intended to help flood victims, an inquiry heard today...
ASIC reviews AI risk as tech ‘leaps forward’
01 February 2024
The Australian Securities and Investments Commission is reviewing the use of artificial intelligence in the insurance, advice, banking and credit sectors amid concerns rapid uptake of the technology is increasing risks for consumers and outpacing regulation...
Cover-More names interim chief
01 February 2024
Zurich’s Cover-More travel arm has appointed Justin Sebire as interim Group CEO...
Kuala Lumpur claims convention puts spotlight on technology
01 February 2024
Technological change and globalisation will be the focus at this year’s Asian Claims Convention in Kuala Lumpur, Malaysia...
ICA calls for $500 million annual buy-back fund
31 January 2024
The Insurance Council of Australia has called on the Federal Government to provide a $250 million annual fund to pay for buy-back and home-raising projects...
Flood inquiry: insurers urged to ‘clean up’ claims handling
31 January 2024
Consumer advocates today called for an immediate improvement in insurers’ handling of flood claims, saying the industry “can and should clean up their own house now”, as a federal parliamentary inquiry got under way...
Hacker targets Eric Insurance client database
31 January 2024
Motor add-on specialist Eric Insurance has notified almost 15,000 customers of a December breach in which personal information on a database was exposed to cybercriminals...
Coffee maker wins payout over sabotage
31 January 2024
A coffee manufacturer will be covered for a business interruption claim after a dispute ruling found it was subjected to several acts of sabotage that resulted in a loss of income...