Daily
SIRA begins performance audits at icare
01 November 2022
NSW’s State Insurance Regulatory Authority has kicked off a series of audits to address concerns about the performance of the Nominal Insurer, which is managed by icare, and the time it is taking to implement case management improvement initiatives...
'Get it done': insurer loses bid to cash-settle roof repair
01 November 2022
Homeowners who had repairs to their roof left unfinished by insurer-appointed builders have successfully appealed their insurer’s decision to cash-settle the claim after a dispute ruling required the repairs be completed...
Perils pegs southern Australia storm losses at $972 million
01 November 2022
Catastrophe data company Perils estimates losses from severe storms that lashed three southern Australian states with hail, heavy rainfall and wild winds a year ago at $972 million...
NSW gains $800 million funding; insurers link with Qld program
28 October 2022
The flood-hit NSW Northern Rivers region will receive $800 million in federal and state government funding for home-raising, retrofitting and buy backs, while in Queensland Suncorp and RACQ have entered into a partnership with the state’s $741 million program to improve household resilience...
Early 2022 floods top Australia’s costliest disaster list
28 October 2022
The estimate of insured losses from flooding in NSW and Queensland in February and March has risen to $5.56 billion, equalling Sydney’s 1999 hailstorm...
Farms and flood: underwriters explain reluctance, but direct insurer confirms cover
28 October 2022
Leading rural underwriters CGU, QBE and Allianz have explained why they don’t cover flood risks for farm properties, while direct insurer Achmea has said flood is built into its farm policies...
Mix and match: claimant loses appeal over partially damaged bedroom suite
28 October 2022
A complainant who sought to have his entire five-piece bedroom suite replaced after parts of it was damaged has lost his claims dispute after his insurer refused to cover the non-damaged items...
Commercial rates continue to moderate, cyber 'plateauing', Marsh says
27 October 2022
Marsh’s latest pricing monitor shows Australia commercial premium rates continue to moderate, as the pace of increase weakens after many quarters of record-breaking rises...
NSW coast sets extreme rainfall winter record
27 October 2022
The Actuaries Institute’s latest quarterly climate index shows the East Coast South region - which covers Sydney and most of the NSW coast - set a record for extreme rainfall in winter...
Electric vehicle strategies 'a looming imperative': Finity
27 October 2022
Electric vehicle sales in Australia are set to become a larger proportion of the motor market and developing strategies and underwriting approaches is a looming imperative for insurers, Finity says...
Family loses dispute over 'intentional' property fire
27 October 2022
Homeowners who sought compensation following a series of fires at their property have lost their claims dispute after an Australian Financial Complaints Authority ruling determined that the most serious blaze was likely intentionally lit by one of the inhabitants...
'Eye off the ball': BI wordings lapse stems from risk governance weaknesses
26 October 2022
The industry’s failure to update business interruption policy wordings to take into account pandemic-related legislative changes, leading to legal disputes after claims were declined, is most probably not a one-off risk management lapse, the Australian Prudential Regulation Authority says...
Federal Budget targets resilience, insurance issues
26 October 2022
The Federal Government’s first Budget since its May election has provided funding aimed at improving access to affordable insurance in areas prone to natural catastrophes and has formalised a commitment for annual spending of $200 million on resilience and mitigation...
Fraud victim loses claim dispute after failing to take precautions
26 October 2022
A small business that had $130,510 siphoned from its accounts by an employee will not be compensated for its losses after a dispute ruling determined that its insurer’s “segregation of duty” exclusion was correctly applied...
INsight podcast: farmers and flood cover
26 October 2022
Rural property owners' access to flood cover was the main discussion point on the latest edition of the Insurance News podcast...
Investment losses stymie profitability rebound: Optima report
25 October 2022
The insurance industry has made its first loss on investments in at least two decades leading to another year of low profitability as strong claims inflation also impacted results, the annual Finity Optima report says...
Coast from Townsville to Wollongong on severe rain alert
25 October 2022
Coastal areas from Townsville in north Queensland down to Wollongong, south of Sydney, may experience severe thunderstorms from tonight, with heavy rainfall and possible damaging winds and large hail...
'Insurance safety net': NSW acts on building defects cover after advisory report
25 October 2022
The NSW Government announced today it is considering a proposal requiring high-rise developers or builders to take out decennial liability insurance to cover potentially serious defects for up to 10 years...
Claimant loses dispute over delayed ceiling collapse
25 October 2022
A Victorian homeowner who alleged that last year’s earthquake caused his kitchen ceiling to collapse six weeks later has lost his dispute after an Australian Financial Complaints Authority ruling determined his insurer’s decision to deny the claim was valid...
IAG customer retention rates high despite rising premiums
21 October 2022
IAG says customer retention rates are the strongest it's seen despite premium increases put through in response to the high level of natural catastrophe claims and inflation impacts...