Daily
CCI proposes scheme of arrangement to address claims uncertainty
21 July 2023
Catholic Church Insurance has proposed a scheme of arrangement, setting out how claims will be managed as the financially troubled insurer seeks to proceed with an “orderly” run-off...
IAG reshuffle may lead to job losses
21 July 2023
IAG has announced a “consolidation” of corporate functions, to enable support services to work more closely with customer-facing divisions...
NIBA reveals SA/NT award winners
21 July 2023
The National Insurance Brokers Association Broker of the Year award for SA/NT has been won by Thomas Insurance Brokers MD Gary Thomas, while the region’s Young Broker of the Year award went to Guardian Insurance Brokers Account Executive Adam Luppino...
'Not gradual': insurer liable for leaky pipe damage
21 July 2023
Complainants who sought cover for water and mould damage caused by a leaky pipe will be compensated after successfully challenging their insurer’s application of a policy exclusion relating to wear and tear...
‘Mean-spirited’: MP slams insurers over flood claim denials
20 July 2023
Independent MP Andrew Gee has attacked insurers for denying flood claims in his constituency – despite the fact that most insureds did not have flood cover...
QBE revises first-half cat costs to $1 billion after North American storms
20 July 2023
QBE has revised its catastrophe costs in a trading update provided today, citing “additional pressure” from a series of North American convective storms last month...
ICA reviews use of wear and tear exclusion
20 July 2023
The Insurance Council of Australia is reviewing findings from an inquiry that the Code Governance Committee says indicate possible “systemic issues” in insurer claims decisions when wear and tear is a factor...
Property owner loses dispute over inundated home
20 July 2023
A Queensland homeowner whose property was damaged during last year’s record flood event will not be covered for her losses after a dispute ruling sided with her insurer’s decision to decline the claim...
Federal Government launches inquiry into floods response
19 July 2023
Financial Services Minister Stephen Jones has announced that the Federal Government will launch a parliamentary inquiry into the response of insurers to significant flooding events last year...
ASIC warns more ‘stop orders’ on the cards after DDO review
19 July 2023
The insurance industry’s failure to fully comply with its design and distribution obligations has sparked a warning from the Australian Securities and Investments Commission to expect a tougher enforcement approach going forward...
Tower flags possible annual loss, tightens risk selection
19 July 2023
Tower has slashed its full-year earnings guidance as inflation, car thefts, supply chain difficulties and extreme weather challenges in New Zealand increase claim frequency and hurt profitability...
INsight podcast: still talking about broker commissions
19 July 2023
The issue of broker commissions and transparency is discussed again on the latest episode of the Insurance News podcast...
'Issues we can’t ignore’: wear and tear exclusions under fire
18 July 2023
Too many insurers are relying on maintenance or wear and tear exclusions and poor-quality reports from builders, plumbers and electricians to deny claims, the General Insurance Code Governance Committee says...
Not wear and tear: homeowners win rainwater damage dispute
18 July 2023
Complainants whose home had been damaged by rainwater will have their claim paid after successfully challenging their insurer’s decision to apply several policy exclusions...
Gallagher buys Sunshine Coast brokerage
18 July 2023
Gallagher has acquired Thompson Insurance, a broker based in Maroochydore, Sunshine Coast...
Bureau stops short of calling El Nino, remains on 'alert'
18 July 2023
The Bureau of Meteorology has held back from officially declaring El Nino in its most recent Climate Driver Update but says it remains on “alert” with further warming expected in upcoming months...
Government talks up cyclone pool as QBE and other insurers join
14 July 2023
Almost two thirds of all Australian home insurance policies are now covered by the cyclone reinsurance pool as the deadline looms for larger insurers to sign up to the scheme by December 31...
CGC cracks down on financial hardship obligations
14 July 2023
An investigation of insurer websites has found many are not complying with rules for communicating financial hardship options to customers...
Insured wins disclosure dispute over 'unoccupied' property
14 July 2023
A policyholder, whose claim for fire damage was rejected because her insurer says she didn’t disclose that the house was unoccupied, has won an insurance payout...
Company fined for giving forklift rides to children
14 July 2023
Workplaces have been cautioned on risks of children being injured after video footage captured a forklift driver giving rides to young children...