Daily
Hundreds of claims lodged as collapsed builder fallout continues
05 April 2023
Property owners caught out by the sudden collapse of Victorian homebuilder, Porter Davis, have started to lodge claims as liquidator Grant Thornton says it is working with Queensland and Victorian state-backed insurance schemes to support them through the crisis...
Chubb enters first Oz insurtech collaboration with Qikio
05 April 2023
Local insurtech Qikio has agreed a deal to distribute contents insurance underwritten by Chubb, which says the alliance is its first digital collaboration with an insurance startup in Australia...
Charred vehicle claim must be paid, despite insurer suspicions
05 April 2023
A complainant whose car was found burnt out has won his claims dispute after an Australian Financial Complaints Authority determination overruled his insurer’s assessment which questioned the legitimacy of the event...
INsight podcast: relocation, relocation, relocation
05 April 2023
IAG's detailed report on relocating homes after natural catastrophes is the main topic of discussion on the latest episode of the Insurance News podcast...
Code committee targets culture after more than half of brokers report no breaches
04 April 2023
Brokers have been urged to review their internal compliance processes and culture after more than half did not self-report a single breach of the Insurance Brokers Code of Practice and 45% reported zero complaints in 2021...
ASIC sues Auto & General over alleged 'unfair' contract term
04 April 2023
Australia’s corporate watchdog is suing Auto & General over a contract term requiring its policyholders to notify the insurer ‘if anything changes about your home or contents’...
ACCC flags doubts over insurance impact from Suncorp bank sale
04 April 2023
The Australian Competition & Consumer Commission has doubts over several aspects of the proposed $4.9 billion sale of Suncorp’s banking arm to ANZ, including assertions that insurance customers across the country will benefit from it...
Insurer wins dispute over flooded garage 'seepage' exclusion
04 April 2023
A complainant who lodged a claim for water damage after her garage was inundated will not be compensated after a dispute ruling backed her insurer’s decision to deny the claim...
Court sentences 'fake' broker to more than two years in prison
31 March 2023
A man who sold false insurance policies while dishonestly representing himself as a broker has been sentenced to two years and 10 months’ imprisonment, the Australian Securities and Investments Commission says...
CGU acts on rising workplace mental health claims
31 March 2023
CGU says workplace mental health claims are rising nationally and has taken action to streamline and automate its workers’ compensation claims process...
AUB and PSC Tysers joint venture start date slips to May
31 March 2023
The Tysers Retail joint venture between AUB Group and PSC Insurance Group is now expected to start operation in May as finalisation of the transaction continues...
Strata complainant denied cover for mould damage
31 March 2023
A complainant whose strata unit and contents were damaged by mould has lost her dispute after a ruling found that she failed to show that the mould stemmed from an insured event...
Rates rise in April reinsurance renewals, focus shifts to Australia
30 March 2023
Reinsurance pricing at the April reinsurance renewals is “set to increase markedly” as attention now shifts to mid-year negotiations involving Australia and New Zealand, Aon Reinsurance Solutions Asia Pacific CEO George Attard says...
The Bridge appoints former IAG executive, expands practice
30 March 2023
The Bridge International has appointed former IAG executive Ian Edgell to lead a new management consulting practice focused on insurance product, pricing and underwriting as the group expands its suite of services to assist firms facing a challenging environment...
Claims totals from last year's floods continue to rise
30 March 2023
Insured losses from the record-breaking flood catastrophe that hit NSW and Queensland in February and March last year have risen to $5.81 billion, according to the latest figures on the Insurance Council of Australia website...
AFCA consults on proposed rule changes
30 March 2023
The Australian Financial Complaints Authority is seeking submissions on proposed changes to its official Rules and Operational Guidelines – revamps that are aimed at adopting recommendations made in a Treasury review of the ombudsman...
Industry books highest profit in five years, rate rises expected: KPMG
29 March 2023
Higher rates drove general insurance profit to $4.95 billion last year – the industry’s best result since 2018 – and premiums are set to go up by at least 10% from now until December as insurers seek to ease the impact of inflation and rising reinsurance costs, KPMG says in an annual state-of-the-market report...
Intermediary premium rises to $18.5 billion in December half: APRA
29 March 2023
General insurance intermediaries placed about $18.5 billion in premium for the six month-period to December, up from almost $17.2 billion a year earlier, the Australian Prudential Regulation Authority says in a bi-annual update today...
Cyclone pool inquiry expresses ‘serious’ roll-out concerns
29 March 2023
A Parliamentary Committee report into the Cyclone Reinsurance Pool has expressed “serious concerns” about its implementation and has made recommendations designed to improve the scheme roll-out over the next few years...
Driver loses dispute after reversing cars collide
29 March 2023
A driver who collided with another vehicle as she was reversing out of her driveway will not be compensated after a dispute ruling found she was not able to establish fault for the accident...