Daily
No breach: JLT wins councils mutual class action
16 January 2023
The NSW Supreme Court has dismissed a class action launched against JLT by local governments that became dissatisfied with a mutual scheme, finding the company was not acting as a broker for individual councils in conflict with its role as an adviser for the pool...
IAG places reinsurance, Berkshire equity deal ends
16 January 2023
IAG has placed its reinsurance for this year, at an increased expense and with a higher retention, while the insurer has also announced changes in its arrangements with Berkshire Hathaway...
WTW merges Asia, Australasia businesses
16 January 2023
WTW has appointed Simon Weaver as Head of Asia Pacific, a newly created role after the broker combined its Asia and Australasia operations into one regional division...
Claimant wins dispute over non-disclosure of criminal conviction
16 January 2023
A complainant who had his claim denied after he failed to inform his insurer of a previous criminal conviction has won his dispute after an Australian Financial Complaints Authority determination ruled that the wording of questions had been misleading...
Rough weather set to extend into summer
21 December 2022
Extreme weather conditions remain a high risk as summer gets underway, with the eastern states likely to experience flood, tropical cyclones and even grassfire outbreaks, IAG-owned NRMA Insurance says in a report today...
Innovation key to growth amid market challenges: UAC Chairman
21 December 2022
Underwriting Agencies Council Chairman Heath Amber says product and service innovation has been key to growth in the sector and will remain vital as challenging market conditions make it difficult for some communities and individuals to acquire the cover they require...
NZ claim costs surge after waves of storms, flooding
21 December 2022
New Zealand claims lodged as a result of waves of extreme weather earlier this year have reached a value of $NZ123.8 million ($117.6 million)...
ARPC makes inaugural declaration for season’s first cyclone
21 December 2022
The Australian Reinsurance Pool Corporation (ARPC) has this week made its inaugural declaration of a cyclone event following the arrival of the first tropical cyclone in local waters this summer...
ACCC cyclone pool baseline report shows premium pain
20 December 2022
The Australian Competition and Consumer Commission has released its initial cyclone reinsurance pool monitoring report, setting a baseline for prices and costs ahead of insurers joining the scheme and highlighting price pressures facing northern regions...
Consumer credit insurance mis-selling charges against CBA dismissed
20 December 2022
Criminal proceedings against Commonwealth Bank of Australia over mis-selling of consumer credit insurance have been dismissed, as the legal action commenced after the statute of limitation period...
QBE expands impact investments portfolio
20 December 2022
QBE says its Premiums4Good initiative, aimed at making a positive environmental and social impact, has expanded its investments over the past year as the group sets its sights on a $US2 billion target by 2025...
Landlord loses delays dispute after insurer not ‘solely responsible’
20 December 2022
A landlord whose rental property was flood damaged has lost his bid to increase compensation for assessment and make-safe delays after a dispute ruling determined that he was partly responsible for the inconveniences...
Perrottet puts national reinsurance pool on the table
19 December 2022
NSW Premier Dominic Perrottet will ask National Cabinet to consider the feasibility of a reinsurance pool to assist flood-affected areas around the country with insurance affordability and accessibility, building on work to create the Northern Australia cyclone scheme...
IAG ups investment in digital mortgage provider
19 December 2022
IAG has through its corporate venture capital arm expanded its investment in online home loan lender Tic:Toc...
Crystal ball gazing: inflation, renewals challenges not going away in 2023
19 December 2022
Cost pressures will continue to strain the industry next year, as insurers grapple with fallout from ongoing supply chain issues and record-breaking flood catastrophes in the eastern states since February, analysts say in a preview of what to expect over the next 12 months...
Farm owner loses dispute after miscommunication causes disclosure failure
19 December 2022
A complainant who lodged a claim relating to fire damage to his farm will not be compensated for the losses after it was revealed that he failed to inform his insurer that the property had sustained pre-existing bushfire damage...
'Fake' insurance broker guilty of fraud
16 December 2022
A man has been convicted of fraud offences after the Australian Securities and Investments Commission (ASIC) alleged he “dishonestly” represented himself as an insurance broker and sold “invalid” insurance policies...
Major insurers 'not walking away' from flood risk communities
16 December 2022
Australia’s biggest home and contents insurers are not abandoning communities with high flood risk, despite suggestions made by critical mainstream media headlines...
SunWater loses appeal over Wivenhoe cover dispute
16 December 2022
Queensland water services provider SunWater has lost a NSW Court of Appeal decision over insurance cover for liabilities related to the operation of the Somerset and Wivenhoe dams and the Queensland floods in January 2011...
Lloyd's extends UAC partnership with expo naming rights
16 December 2022
Lloyd’s is taking on naming rights sponsorship for next year’s Underwriting Agencies Council Sydney expo in an extension of a long-standing partnership between the organisations...