Daily
Industry faces 'balancing act' as costs continue to rise, S&P says
23 February 2023
Australian insurers need to find the right balance as they push ahead with charging higher premiums to manage the impact of higher claims and reinsurance costs, at a time when policyholders are also struggling with living costs, S&P Global Ratings says today in a new report...
Insurance Brands Australia acquires Southern Cross Brokers
23 February 2023
Insurance Brands Australia has acquired Port Melbourne-based Southern Cross Brokers, providing clients of the firm with access to a further range of products and benefits...
'Total loss': vehicle owner paid $54,000 after insurer fails to fix parking sensors
23 February 2023
A complainant will be compensated for his damaged vehicle that was deemed “impractical to repair”, as well as non-financial losses relating to his insurer’s claims handling, following a dispute ruling determination...
INsight feature: deep dive into the cyclone pool
23 February 2023
The government's new cyclone reinsurance pool will have a positive impact on insurance affordability over the long term, the Australian Reinsurance Pool Corporation says...
Steadfast first-half revenue jumps 27%
22 February 2023
Steadfast’s earnings and revenue jumped significantly during July-December, boosted by strength in price and volume and “prudent” acquisitions, including Insurance Brands Australia...
AUB profit jumps, Tysers makes first contribution
22 February 2023
AUB Group says a strong performance across broking and agency operations and a first contribution from the UK Tysers acquisition drove a 52% increase in underlying net profit in the first half...
PSC upgrades earnings outlook as half-year profit grows
22 February 2023
PSC Insurance Group has raised its 2022/23 outlook after the business posted higher first-half earnings, supported by strong contributions from its core Australia broking business, growing UK operations and recent acquisitions...
INsight podcast: insurers' identity crisis and what to do about it
22 February 2023
A report that claims insurers are facing an identity crisis is the focus for the latest episode of the Insurance News podcast...
Allianz expands cover in cyclone-prone north after joining pool
21 February 2023
Allianz Australia says it has started offering direct home and landlord cover to consumers in cyclone-prone areas of northern Queensland and WA as a result of its entry into the government-backed reinsurance pool scheme...
Johns Lyng ups earnings target after strong first-half
21 February 2023
Johns Lyng Group says its insurance-focused unit is the “bedrock” of its business as the building services provider today announced first-half net profit rose 83.6% to $34.1 million from a year earlier...
Unions call for engineering stone ban amid rising silicosis cases
21 February 2023
Major Australian unions have urged governments to introduce a ban on the use of engineered stone products, saying that inaction runs the risk of an asbestos-like health crisis...
Claimant loses salvage dispute over wrecked $150,000 Porsche
21 February 2023
A vintage car owner who sought to lower his vehicle’s salvage cost after it was deemed a total loss has lost his claims dispute...
QBE sees momentum as full-year premiums, earnings rise
17 February 2023
QBE Insurance Group full-year earnings have been boosted by premium rate growth, with the Australia Pacific division delivering a stronger result despite natural catastrophe and inflation challenges and the North America division returning to an underwriting profit...
Coverforce Partners names new CEO
17 February 2023
Coverforce Partners has appointed Allianz Australia National Relationship Manager James Stanley as its new CEO, effective from February 22...
Steadfast upgrades earnings outlook
17 February 2023
Steadfast has raised its earnings guidance to take into account how its business has performed since the start of the 2022/23 financial year...
Insurer must pay for mould damage caused by lengthy disputed claim
17 February 2023
A homeowner will be compensated for mould remediation costs after winning a dispute against her insurer over its handling of several water damage claims that led to the growth...
Insurers should shift from loss coverage to risk prevention: Bain
16 February 2023
The insurance sector is set for a “collective shift in the industry’s central purpose” from loss reimbursement to risk solutions over the next decade, a new report from Bain & Company says, as policyholders increasingly look to providers for help after "intense turbulence and uncertainty” in recent years...
Floods recovery must drive building rethink as threats rise: ICNZ
16 February 2023
The Insurance Council of New Zealand says the rebuilding of property and infrastructure damaged by recent catastrophic storms and flooding must take account of changes needed for communities to better withstand the impacts of more extreme and frequent weather events...
Hundreds gather at sell-out InsurtechLIVE
16 February 2023
Insurtech Australia hosted a sell-out InsurtechLIVE 23 event on Wednesday where hundreds of experts, many who flew in from other countries and states, gathered in Sydney to discuss the latest trends and breakthroughs in insurance technology...
Junk excuse: cover denied after email confusion
16 February 2023
A business that claimed for a damaged vehicle will not be compensated after a dispute ruling found the insurer was entitled to cancel its policy due to the complainant’s failure to respond to an email and pay the premium on the policy’s renewal...