Daily
Consumer lobby presses for changes to cyclone pool
13 September 2023
The Commonwealth-backed cyclone reinsurance pool has not delivered “substantial” premium savings since it commenced on July 1 last year, the Australian Consumers Insurance Lobby says in a report released today...
Sydney hailstorm would top floods, reworked figures show
13 September 2023
The hailstorm that hit Sydney two decades ago would cause an estimated $8.85 billion in losses if it happened today, topping the record southeast Queensland and NSW floods and highlighting rising risks as a result of population growth, an Insurance Council of Australia report says...
Aon appoints Asia Pacific COO
13 September 2023
Professional services firm Aon has named Jeff Plein as its new Asia Pacific COO, succeeding Bill Hooper, who has been promoted to Global COO of Commercial Risk Solutions...
INsight podcast: reinsurance reassurance at Monte Carlo
13 September 2023
The Rendez-Vous de Septembre in Monte Carlo is the main topic of conversation on the latest episode of the Insurance News podcast...
Insurance among top sectors to report data breaches
12 September 2023
The insurance sector reported 25 data breaches in the six months to June, placing it among the top five sectors to notify the Office of the Australian Information Commissioner of a cyber incident...
El Nino creeps closer, positive IOD ‘very likely’
12 September 2023
Conditions are preparing the way for a concerning combination of El Nino and positive Indian Ocean Dipole – two weather systems that are likely to contribute to reduced rainfall and potentially severe summer bushfires...
Reinsurers seek ‘rebalancing’ amid secondary perils rise
12 September 2023
Primary insurers are best suited to “absorb frequency and attritional losses” while reinsurers are reverting to their core function of supporting underwriters in recovering from large loss events such as the earthquake in Turkey, Swiss Re says...
Cyclone roof damage claim ruled out due to wear and tear
12 September 2023
A WA homeowner whose property was damaged by Cyclone Seroja in 2021 will not have his roof claim paid after it was found to have pre-existing wear and tear...
Treasury exploring standard definition issues
08 September 2023
Treasury has held meetings with key stakeholders on standard definitions and the standard cover regime, as it moves ahead with work on the issue in line with action flagged in the Federal Budget last October...
Artists urge QBE to rethink height rule policy changes
08 September 2023
QBE is in negotiations with artists over proposed amendments to its policy terms for work undertaken at heights...
Lloyd’s returns to profit on underwriting, investment results
08 September 2023
Lloyd’s has reported a half-year profit before tax of £3.92 billion ($7.67 billion), rebounding from a year-earlier loss of £1.8 billion ($3.52 billion) on the market’s best underwriting performance since 2007 and a turnaround in investment returns...
Landlord's claims denied over property's undeclared wedding use
08 September 2023
A landlord has lost a claims dispute after he used his rental property as an undisclosed wedding and events venue...
Allianz reviewing optional flood cover after catastrophic events
07 September 2023
Allianz says last year’s catastrophic floods have sparked the insurer to examine whether it is viable to continue offering optional flood cover in its home insurance product...
‘It’s a yes from us’: IAG backs Voice proposal
07 September 2023
Giant insurer IAG has officially thrown its support behind the Voice, as the nation prepares to take part in next month’s referendum...
AMA Group posts loss after inflation, rising repair severity
07 September 2023
Crash repairer AMA Group, which today posted a net loss and outlined details of a capital raising, says pricing must remain a focus given impacts from inflation and increasing repairs severity...
Uninsured scooter rider loses dispute over crash
07 September 2023
An uninsured scooter driver who alleged that an insured driver was at fault for a collision will not be compensated for damage after losing his claims dispute...
Howden New Zealand acquires Apex Insurance
06 September 2023
Howden has acquired Auckland-based Apex Insurance New Zealand, a brokerage focused on commercial mid-market, SME and domestic customers across a wide range of industries...
Funeral insurer hit with $1.2 million penalty
06 September 2023
ACBF Funeral Plans made false, misleading representations selling its funeral insurance products to Indigenous customers, the Federal Court has ruled, ordering the company to pay a penalty of $1.2 million...
Policyholder loses 'overinsured' antique furniture dispute
06 September 2023
A complainant who insured antique furniture for up to $50,000 has lost a dispute after his insurer valued the items, which were ruined by a water leak, at just $9700...
INsight podcast: Australia's fiery future
06 September 2023
The most recent weather forecasts, which point to a fiery spring and summer for Australia, are the main talking point on the latest episode of the Insurance News podcast...