Daily
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...
Agencies ‘moving into traditional insurer territory’: UAC CEO
28 March 2023
Underwriting agencies are no longer just about hard-to-place risks, but are moving into territory traditionally occupied by the mainstream insurers, the Steadfast Convention has heard...
Local Lloyd’s head promoted with expanded role
28 March 2023
The role of Lloyd’s Australia and New Zealand Regional Head Chris Mackinnon has been expanded to include Deputy Regional Director for Asia Pacific Middle East and Africa...
‘Difficult discussion’: IAG study makes relocation policy proposals
28 March 2023
An IAG report examining use of planned relocation to protect from natural disasters says the strategy is particularly economically viable in higher risk locations, and makes seven policy recommendations...
APRA Chair warns cyber reviews show more work to do
28 March 2023
The Australian Prudential Regulation Authority says reviews it has asked banking, insurance and superannuation groups to complete have shown cyber security improvements are needed in areas including safeguards to protect sensitive customer data...
FAR, CSLR go before Senate after House of Representatives passage
24 March 2023
The Financial Accountability Regime Bill 2023 and legislation for the compensation scheme of last resort are now before the Senate after securing passage in the House of Representatives this week...
Insurer wins court appeal in heart attack disclosure dispute
24 March 2023
The Federal Full Court has ruled a life insurer is entitled to decline cover due to a doctor’s non-disclosure of his heart problems, despite the false information being given to an earlier provider before a group policy changed hands...
Tower recruits Chief Risk Officer from APRA
24 March 2023
Tower has appointed Australian Prudential Regulation Authority General Manager Sharyn Reichstein as its new Chief Risk Officer...
Claimant loses dispute over travel cover eligibility
24 March 2023
A traveller who suffered a heart attack overseas will not be compensated after an Australian Financial Complaints Authority determination backed his insurer’s decision to deny the claim...