Daily
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...
Victorian Government to abolish business insurance duty
23 May 2023
The Victorian Government has announced it plans to abolish business insurance duty over a 10-year period as part of moves to drive economic growth...
Policy wording confusion among systemic issues reported by AFCA
23 May 2023
The Australian Financial Complaints Authority says it has reported 10 general insurance systemic issues in the first half of the financial year, including around unclear wordings and not paying claims as specified in a product disclosure statement...
SIRA censures insurers over CTP claims delays
23 May 2023
NSW's State Insurance Regulatory Authority has reprimanded QBE and IAG-owned NRMA Insurance over delays in attending to claims-related matters, breaching their obligations as compulsory third party insurance providers...
Mustard Underwriting appoints CTO
23 May 2023
Mustard Underwriting has appointed Anton Royce as its Chief Technology Officer...
Marsh brokers win NIBA Victoria/Tasmania awards
19 May 2023
The National Insurance Brokers Association has named the winners of its 2023 broking awards for Victoria and Tasmania...
SIRA investigating unauthorised brokers over fraudulent home warranty sales
19 May 2023
The NSW State Insurance Regulatory Authority has commenced investigations into unlicensed brokers who are alleged to have sold fraudulent home building compensation insurance to residential builders...
Tasmania Government fills home warranty gap ahead of new scheme
19 May 2023
The Tasmanian Government says, following the collapse of another building company, that it has stepped in to provide cover for people affected by failures in the sector while a new home warranty insurance scheme is being established...
Shoe slip-up: complainant loses dispute over late-night theft
19 May 2023
A theft victim whose car was stolen after he left it running while he went inside to grab his shoes has lost his claims dispute...
ICA renews push for ‘public-private’ response to cyber protection gap
18 May 2023
Insurers have again pressed Canberra for more support to bridge the cyber protection gap facing Australian businesses, specifically in the form of a “public-private cooperation” model that is currently under consideration in the US and the UK...
New Zealand sets aside $6 billion to ‘build back better’
18 May 2023
The New Zealand Government is setting aside $NZ6 billion to build back with greater resilience after the Auckland floods and Cyclone Gabrielle and protect the community from increasingly severe and unpredictable weather events...
Sprinklers save lives, and property: fire expert
18 May 2023
An international fire expert says sprinkler systems are the “best protection” for older buildings such as New Zealand’s Loafers Lodge Hostel where six people died in a blaze this week...
Perils lifts Cyclone Gabrielle cost estimate to $1.81 billion
18 May 2023
Perils has increased its estimate for insured losses from Cyclone Gabrielle by a quarter to $NZ1.93 billion on higher average residential and commercial claims...