Daily
ICA declares catastrophe for ex-Cyclone Jasper
21 December 2023
The Insurance Council of Australia has declared a catastrophe for ex-Tropical Cyclone Jasper, with more than 3800 claims already lodged in an area extending from Cape York Peninsula to Mackay...
ASIC suggests timeframe on Deloitte flood review response
21 December 2023
The Australian Securities and Investments Commission says it generally supports recommendations in the Deloitte report into last year’s floods response, but suggests insurers may need “an external deadline” to ensure actions are fully delivered...
Axa XL appoints Australia claims head to APAC, Europe role
21 December 2023
Axa XL Australia Head of Claims Julijana Sumner has been appointed Chief Claims Officer for APAC & Europe and XL Insurance Company SE, subject to regulatory approvals...
Insurer fails to overturn AFCA decision in spine exclusion dispute
21 December 2023
The Federal Court has dismissed a life insurer’s appeal against an Australian Financial Complaints Authority decision in a superannuation dispute arising from a total and permanent disability claim...
Insurers well placed to meet ‘modest’ Jasper claims: S&P
20 December 2023
Claims from floods related to Tropical Cyclone Jasper are slowly mounting, though S&P says the area’s low property density and prevalent underinsurance should limit fallout for insurers...
Business as usual: Ebix Australia says unaffected by US issues
20 December 2023
Ebix Australia has reassured the local market that its operations are not affected by the decision of Ebix Inc in the US to file for protection under Chapter 11 of the Bankruptcy Code...
Wild summer weather looms despite ‘quietest’ spring
20 December 2023
Potentially damaging hail, bushfires and other wild weather events remain a threat in the next few months even after a benign spring, NRMA Insurance says...
INsight podcast: signing off with a significant flood
20 December 2023
The Far North Queensland flooding in the wake of Cyclone Jasper is the main topic of discussion on the latest edition of the Insurance News podcast...
Aon carries out ‘targeted redundancies’, former local chief departs
19 December 2023
Broking giant Aon is restructuring parts of its workforce as it aims to serve Australian clients better through its local operations...
IAG appoints interim counsel after Peter Horton departure
19 December 2023
IAG has appointed Karen Ingram as interim Group General Counsel, replacing Peter Horton who vacated the role suddenly after the insurer said earlier this month his behaviour had "fallen short" of its expectations...
NZ insurers put on notice over ‘onerous or unusual’ policy terms
19 December 2023
New Zealand’s financial complaints ombudsman has aired concerns over consumers being disadvantaged by “onerous or unusual” insurance policy conditions, after recent dispute rulings went against insurers...
Homeowner wins partial victory in storm damage claim
19 December 2023
An Australian Financial Complaints Authority panel has awarded a complainant with the option to cash settle or continue with a storm claim after it found his insurer did not appropriately assess the reported damage to his home...
Chubb to withdraw Home product, commissions under pressure
15 December 2023
Chubb will withdraw its Home insurance product from the Australian market from March, the insurer said in a business update to its intermediary partners...
Precision chosen as Beazley Safeguard Australia coverholder
15 December 2023
NSW-based Precision Underwriting is to offer abuse insurance to care facilities, leisure clubs, school camp operators and other organisations after a new binder with UK-based Beazley incepted on Monday...
Cyclone Jasper claims fallout minimal so far as rain continues
15 December 2023
Insurers say they do not expect significant claims from Cyclone Jasper, which crossed the Queensland coast near Port Douglas on Wednesday as a category two storm...
Complainant loses dispute over device stolen from gym locker
15 December 2023
A complainant who had her device stolen from a gym locker has lost her dispute against her insurer’s decision to decline the claim...
Consumer groups target ‘wild variance’ in terms and conditions
14 December 2023
Consumer groups have proposed reforms to address “wild variance in terms and definitions” and are calling on the Federal Government to re-examine the flood definition, in a submission to a parliamentary inquiry into insurers’ responses to last year’s flooding...
NSW broker hit with life ban for misconduct
14 December 2023
Former NSW-based insurance broker Cesar Cutro has been served a life ban after he misled clients about the true base premium and also engaged in other deceptive misconduct, the Australian Securities and Investments Commission announced today.
Australia to introduce world-first ban on engineered stone
14 December 2023
A nationwide ban on the use and importation of engineered stone products will begin next year following unanimous agreement from state and federal workplace ministers to stop the production of the cancer-linked material...
ROLLiN’ policyholders given premium cuts for safe driving
14 December 2023
IAG brand ROLLiN’ has launched a new app called Safe ‘n Save that records driving data, then rewards customers achieving good scores with a discount of up to 15% on the next month’s premium...