Daily
Business interruption demand rising despite pandemic wording issues
19 January 2023
Business interruption insurance demand could be set for growth, despite legal battles and confusion during the covid pandemic, with wordings clarified and more firms aware of the product’s importance, a global group of lawyers says...
Terrorism pool retrocession program finalised
19 January 2023
The Australian Reinsurance Pool Corporation has finalised its terrorism retrocession program for this year, in line with arrangements under a previously negotiated multi-year agreement...
Renewable energy projects 'caught out' by floods severity: WTW
19 January 2023
Australia’s renewable energy industry could face higher premiums as underwriting appetite worsens after the country suffered its worst floods last year, broker WTW says in a report released today...
'Not up to code': AFCA criticises insurer over delayed storm claim
19 January 2023
The Australian Financial Complaints Authority has criticised Allianz’s handling of a storm claim, saying it was hit by delays and poor communication...
Another insurer joins cyclone reinsurance pool
18 January 2023
Sure Insurance is the second insurer to announce its participation in the Federal Government’s cyclone reinsurance pool, which aims to reduce premium prices in Australia’s disaster-prone north...
UAC names its inaugural CEO
18 January 2023
The Underwriting Agencies Council has appointed Jenny Bax, who has held senior positions at Ansvar Insurance, Allianz and QBE, as its inaugural CEO...
BMS buys Austbrokers Coast to Coast
18 January 2023
BMS Group has acquired Austbrokers Coast to Coast as the UK-based broker continues to build its operations in Australia...
Natural catastrophes rise to top spot in Australia risk list
18 January 2023
Extreme weather events and other forms of natural catastrophes have emerged as the top business threat facing Australia this year, pushing down last year’s joint top threats, business interruption and cyber incidents, to second and fourth respectively, an annual risk survey by Allianz Global Corporate and Specialty has found...
S&P warns on impacts from escalating floods, fires
17 January 2023
Property and casualty insurers’ ability to absorb additional natural catastrophes could be tested in the case of severe downside scenarios involving an escalation of events such as fires and floods, S&P Global Ratings says...
Flooding rainfall hits Northern Queensland, but La Nina fading
17 January 2023
Warnings for heavy rainfall and flooding were issued for the Queensland Central Coast and Whitsundays region today, as the Bureau of Meteorology monitors a low pressure system that is affecting the state...
Tradie wins claim dispute after covid vaccine complications stop him working
17 January 2023
Lloyd’s must pay disablement benefits after incorrectly denying a personal accident and sickness claim related to covid vaccine complications...
Insurer fined $3.3 million over 'misleading' premium changes
17 January 2023
The High Court of New Zealand has fined Chubb-owned Cigna $NZ3.575 million for “misleading” more than 52,000 customers about premium changes made to their life policies...
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...