Daily
CCI to engage with staff members in ‘orderly run-off’
31 May 2023
Catholic Church Insurance says it will be engaging with staff on next steps as an orderly run-off process is undertaken following the decision to not provide new insurance policies or renewals...
Hospital pharmacy hit by visitor restrictions loses BI dispute
31 May 2023
A pharmacy located inside a Victorian hospital has lost a battle over a business interruption claim lodged after pandemic restrictions prevented potential customers accessing the store...
CHU joins cyclone reinsurance pool
31 May 2023
Underwriting agency CHU says its strata and build-to-rent portfolios will enter the Federal Government’s cyclone reinsurance pool in July...
Sweet spot: WTW offers sugarcane growers new parametric option
31 May 2023
WTW has launched "unique" parametric insurance for sugarcane farmers in Queensland that covers yield shortfalls caused by reduced application of nitrogen fertiliser, which has doubled in cost in Australia in the past year...
CTP review: insurers divided as RACQ flags scheme participation at risk
30 May 2023
RACQ has warned persistent losses in its compulsory third party business may force the motoring club and insurer to review its participation in the Queensland scheme...
Brush with the law: claim dispute centres on violent painters
30 May 2023
Homeowners who lodged a claim after contracted painters damaged their property during a violent attack have lost their challenge to increase their insurer’s cash settlement offer of $53,000...
ANZIIF reveals new president, board lineup
30 May 2023
Ben Bessell has taken the position of President at the Australian and New Zealand Institute of Insurance and Finance, while Scott Leney is Deputy President, it was announced today...
Apartment owners left with 'unreasonable' $11,000 excess after burst flexi hose
30 May 2023
Owners of a Brisbane apartment will have to pay an $11,000 excess after a flexi hose burst in their ensuite bathroom, causing wider damage in the building and leading to the complex lodging an insurance claim...
Hazards Partnership tackling national data shortcomings
26 May 2023
The Hazards Insurance Partnership between the Federal Government and the industry has discussed developing national, centralised data resources on severe weather risks, and cover affordability and availability...
Retention levels positive as pricing adequacy key: Fitch Ratings
26 May 2023
Fitch Ratings says Australian insurers have managed to achieve double-digit rate hikes in recent periods, without affecting their business retention, which in turn has supported overall underwriting profitability...
Treasury consults on APRA funding levies
26 May 2023
Treasury has released for consultation its proposed 2023/24 supervisory levies to recover the majority of the operational costs of the Australian Prudential Regulation Authority and other Commonwealth agencies including the Australian Taxation Office...
Insureds lose dispute after dog attacks business customer at home
26 May 2023
Complainants who sought legal liability cover following a dog attack on their property have lost their claims dispute after an Australian Financial Complaints Authority ruling found that the incident arose due to business activities excluded by the policy...
Industry posts underwriting loss as claims costs go up
25 May 2023
General insurers made an underwriting loss of $100 million in the March quarter after recording a $1.6 billion profit in the preceding period, hurt by a sharp rise in gross incurred claims, the Australian Prudential Regulation Authority says in an industry update today...
‘Grim reality’: Tower says risk selection vital after tough first half
25 May 2023
Tower says being more selective on risks is vital given the accelerating frequency of New Zealand natural disasters, and the changed environment has highlighted that “sooner or later” corporate insurers will be unable to provide cover to everyone...
Hollard appoints new transformation, people chiefs
25 May 2023
Jamie Smith has been promoted to the role of Hollard Chief Transformation Officer while Shilpa Walker has been appointed Chief People Officer...
Insurer required to cover Porsche driver’s late-night crash
25 May 2023
The owner of a 2016 Porsche 911 Carrera S Cabriolet who was involved in a crash will have his losses covered after winning a dispute against his insurer’s decision to decline the claim because he had left the scene of the accident...
RAA appoints new insurance chief
24 May 2023
Tara Page has been appointed Insurance CEO at RAA after the departure of Tom Griffiths to the top role at Medical Insurance Group Australia...
Tower buys extra reinsurance cover after catastrophes
24 May 2023
New Zealand insurer Tower has completed the purchase of additional reinsurance for the remainder of its financial year following impacts from Auckland flooding and Cyclone Gabrielle...
Homeowner loses claims dispute over fire caused by son
24 May 2023
A complainant whose investment property was significantly damaged by a fire lit by his son has lost a dispute after his insurer declined the claim, but offered an ex-gratia payment of more than $260,000...
INsight podcast: commiserations on crop commissions
24 May 2023
CGU's decision to cut commissions on crop to zero is one of the key topics of discussion on the latest Insurance News podcast...