Daily
Federal Court decision awaited on IAG pricing promises penalty
12 May 2023
The Australian Securities and Investments Commission and IAG have made Federal Court submissions on a $40 million agreed penalty related to a failure to honour discount promises made to customers...
QBE reports ‘adverse development’ on catastrophe impacts
12 May 2023
QBE has raised its full-year gross written premium guidance after strong first-quarter pricing, but the outlook for the combined operating ratio has deteriorated due to natural catastrophe impacts...
Greenwashing risk flagged as ESG pressures grow
12 May 2023
Law firm Sparke Helmore has flagged the risk of “greenwashing” as the Australian insurance industry faces growing environment, social and governance pressures from regulators, activist shareholders and consumers...
AFCA releases covid complaints data
12 May 2023
The Australian Financial Complaints Authority says it received more than 17,000 covid-related complaints about banking, insurance and other financial services, with travel insurance the most complained-about product...
Black Summer bushfire smoke linked to triple La Nina
11 May 2023
Billowing smoke from the Black Summer bushfires may have contributed to the rare triple La Nina that has caused record Australian flooding, a US study has shown...
Government expects to provide QAR response late May or June
11 May 2023
The Albanese Government may be ready later this month or early June to “share the stages of work” it has been undertaking as part of its response to the Quality of Advice Review final report...
IAG to integrate AI-powered vehicle inspection in some brands
11 May 2023
IAG has invested in Tel Aviv-based Ravin AI and plans to roll out its AI-powered visual inspection solutions across a range of its brands to streamline condition assessments, maintenance and repair of commercial motor fleets and policyholder vehicles...
Complainant compensated for 'poorly handled' storm claim
11 May 2023
The Australian Financial Complaints Authority has criticised Hollard for its handling of a homeowner’s storm damage claim in a determination that found the insurer to be “disengaged and indifferent to its obligations toward the complainant”...
Budget’s resilience focus a welcome start, insurers say
10 May 2023
Insurers have welcomed funding for disaster resilience in the latest federal budget but say much more needs to be done soon to cut risk and protect communities as claims costs from last year reach almost $7 billion...
Smash repair code review: sanctions, wording clarity among recommendations
10 May 2023
An independent review of the voluntary smash repair code has recommended that sanctions for non-compliance be introduced and a “thorough” rewrite be undertaken to address “vague” wordings as part of a 15-point plan to improve governance and consumer outcomes...
Insurer fails in bid to decline claim over deflated tyre
10 May 2023
A driver who damaged her vehicle in a late-night crash will be reimbursed for her losses after a dispute ruling determination...
INsight podcast: IAG exits and insurtech’s new era
10 May 2023
Some key executive departures from IAG are the main talking point on the latest Insurance News podcast...
Sydney jeweller accused of involvement in robbery to defraud insurer
09 May 2023
NSW police have alleged jeweller Michel Germani helped plan and coordinate a staged armed robbery at his Hilton Hotel store in Sydney’s CBD in January in an attempt to defraud an insurer...
NSW man convicted of defrauding workers’ comp scheme
09 May 2023
A NSW man who submitted fake certificates of capacity to continue receiving workers’ compensation benefits has been convicted and ordered to pay restitution of $7795.20 and prosecutor’s fees of $6185.78...
icare board approves underpaid claims remediation payouts
09 May 2023
The board of NSW state insurer icare has approved a plan to remediate injured workers who were underpaid benefits due to calculation errors, with up to $40 million to be paid from July...
Insurer must pay deadly boat accident claim
09 May 2023
An insured who sought indemnity for legal liability after a fatal incident while he had been driving his boat will be covered after winning a claims dispute...
Dentists lose covid BI disputes as test cases guide AFCA
05 May 2023
The Australian Financial Complaints Authority has found against dental practices in two business interruption disputes decided following legal clarifications provided by covid-related test cases...
Envest acquires authorised representative CPS General
05 May 2023
Envest Group, the Ardonagh Group-owned insurance investment and distribution business, has acquired CPS General for an undisclosed amount...
RACQ pushes for ‘premium equalisation’ to restore CTP scheme fairness
05 May 2023
RACQ has urged the Queensland Government to consider introducing “premium equalisation” to the state’s compulsory third party motor insurance scheme...
Insurer required to pay homeowner after 'poor management' of storm claim
05 May 2023
A homeowner whose property was severely damaged following a “supercell thunderstorm” will be covered for her losses after winning a claims dispute against her insurer...