Daily
Slow cyclone pool roll-out reflects complexities: insurers
25 November 2022
Northern Australia cyclone reinsurance pool complexities are preventing insurers joining more quickly, while the Federal Government would need to consider subsidising the scheme if it wanted to deliver more significant savings for consumers, insurers have told a federal parliamentary committee inquiry...
Youi appoints David Foster as Chairman
25 November 2022
Youi board director David Foster will become Chairman on January 1, taking over from Campbell Corfe who has served in the role since 2011 and will stay on as Non-Executive Director...
'Same risk, different premium': insurer wins dispute over properties 600m apart
25 November 2022
A complainant who said his insurer incorrectly applied premium increases to properties in close proximity has lost his dispute after an Australian Financial Complaints Authority ruling...
$200 million a year disaster mitigation fund becomes law
25 November 2022
The Australian Parliament has passed amendments to ensure up to $200 million a year in disaster funding focuses "solely on mitigating the impacts of natural disasters", the Federal Government says...
Industry triples underwriting profit, but investment losses bite
24 November 2022
The industry more than tripled its underwriting profit to $6.1 billion for the 12-month period to September from a year earlier, successfully pushing through premium increases across key lines as floods and other extreme weather events drive up claims...
Reinsurance renewal rates to jump 'well over 10%': Fitch
24 November 2022
Reinsurance property catastrophe rates will likely jump “well over 10%” in the January renewals, with increases next year to be most pronounced in regions worst affected by disasters, including Australia, Florida and France, Fitch Ratings says...
Liability claim disputed after car fell on tow truck driver
24 November 2022
An insurer's liability claim denial has been overruled by an Australian Financial Complaints Authority panel, which ordered court proceedings be monitored to determine if a complainant is personally liable for injuries sustained in an accident...
Hutch launches residential strata offer with cyber
24 November 2022
Sydney-based Hutch Underwriting has launched a new residential strata insurance policy, which it says offers body corporates protection from cybercrime for the first time...
Trends driving longer fire seasons, intense rainfall gather pace
23 November 2022
Changes to weather and climate extremes, which are driving more intense rainfall, longer fire seasons and rising sea levels, are happening at an increased pace across Australia, a report from the CSIRO and Bureau of Meteorology has found...
Tower sees higher 2023 profit
23 November 2022
New Zealand’s Tower expects underlying net profit to rise to $NZ27-32 million ($25-30 million) in fiscal 2023 and gross written premium to increase 10-15%...
Zurich names Australia CIO
23 November 2022
Zurich announced today Deepak Budhiraja will take up the role of Australia and New Zealand Chief Information Officer on January 16 next year, relocating from Hong Kong to Sydney for the job...
INsight podcast: why Levy left commissions alone
23 November 2022
A detailed interview with Quality of Advice reviewer Michelle Levy is the main focus for discussion on the latest Insurance News podcast...
Allianz to join cyclone reinsurance pool by January
22 November 2022
Allianz Australia has become the first insurer to announce that it’s joining the cyclone reinsurance pool, advising that it will transition its householder portfolio into the Federal Government-backed scheme by the start of January...
'No contact': AFCA worried insurers neglecting dispute resolution duty
22 November 2022
There are indications insurers are failing to meet their obligations regarding the resolution of claims disputes, the Australian Financial Complaints Authority says...
'Mature' La Nina rumbles on, as flood claims stack up
22 November 2022
The flood-inducing La Nina weather system continues in the tropical Pacific, as insurance claims continue to roll in...
Homeowners defeat insurer's 'defective construction' exclusion
22 November 2022
Complainants whose home was damaged by a severe storm will be compensated for their losses after a dispute ruling determined that their insurer’s decision to deny cover for the property’s retaining walls was invalid...
'Extremely disappointed': consumer groups push for commissions ban
18 November 2022
Consumer groups say they are “extremely disappointed” with many of the proposals suggested by the Quality of Advice review and have called for a prohibition on life, general and consumer credit insurance commissions and a move away from using disclosure as a way to reduce harm...
Cyclone reinsurance pool savings cut following new analysis
18 November 2022
Estimated premium savings set to be delivered to consumers by the Federal Government’s cyclone reinsurance pool have dropped after recalculations based on new data...
Envest takes majority stake in Sydney marine broker
18 November 2022
Privately held insurance investor Envest has expanded into the marine business, acquiring a majority stake in North Sydney-based Australian Risk Applications...
Playing possum: homeowners lose dispute over collapsed ceiling
18 November 2022
Complainants who say a possum caused their ceiling to collapse will not be covered for their loss after a dispute ruling determined they had not established a valid claim...