Daily
'Prepare for El Nino': triple La Nina may prove tipping point for next big dry
13 December 2022
The triple-dip La Nina, which has brought record insurance losses from flooding this year, may be signalling a shift toward a prolonged drought cycle, a report released by Aon Reinsurance Australia says...
'Singular focus': disaster protection role flagged as ACCC reviews Suncorp bank sale
13 December 2022
ANZ has highlighted the advantages of Suncorp focusing solely on insurance in an application to the Australian Competition and Consumer Commission seeking clearance for its proposed $4.9 billion purchase of the company’s banking division...
Allianz confirms consumer chief leaving next year
13 December 2022
Allianz Australia says Chief GM Consumer Michael Winter will leave mid-next year after more than 20 years with the business...
'Loyal customer for 46 years' loses dispute over expired policy
13 December 2022
An elderly driver who sought cover following a collision with another vehicle will not be compensated after a dispute ruling determined she did not have an active policy...
RACQ declines to confirm reports that it’s about to sell insurance business
09 December 2022
RACQ has declined to comment on “market speculation” that it aims to sell its insurance business, saying it is committed to continuing to offer insurance to its members...
Heath Amber elected as UAC chairman
09 December 2022
The Underwriting Agencies Council has elected Austplacements CEO Heath Amber as its new chair and honoured long-serving GM William Legge at a farewell function ahead of his retirement at year end...
Lismore victim loses claims dispute over optional flood cover
09 December 2022
A Lismore resident whose home was severely damaged by floods in February will not have his claim paid after an Australian Financial Complaints Authority panel backed his insurer’s decision to decline it...
Perils pegs eastern Australia October flood losses at $791 million
09 December 2022
Catastrophe data company Perils estimates losses from October’s floods in NSW, Victoria and Tasmania at $791 million, making it Australia’s fifth largest flood event loss since 1980...
Strata review proposes revamp of 'convoluted' remuneration
08 December 2022
Conflicts of interest that can’t be satisfactorily managed across the strata industry should be phased out, an independent review of "convoluted" arrangements within the sector has recommended...
ASIC takes insurer to court over claims handling 'failure'
08 December 2022
The Australian Securities and Investments Commission has filed court proceedings seeking financial penalties against an insurer for allegedly breaching its duty to act with utmost good faith during claims handling...
Property owners want embedded insurance, says Cover Genius
08 December 2022
Cover Genius’ latest report says a rising segment of property owners will switch away from traditional insurance and towards embedded options as customers are lured by convenience...
Insurance professionals recognised for 'making a difference'
08 December 2022
The Australian and New Zealand Institute of Insurance and Finance has announced the newest winners of its annual Making a Difference awards...
Rain-causing negative IOD ends, La Nina persists
07 December 2022
An Indian Ocean climate driver that has contributed to this year’s record-breaking flooding has returned to neutral territory, but Australia’s third-consecutive La Nina is likely to persist into next month or February, the Bureau of Meteorology says in its latest update...
ICA holds flood forums for regional NSW communities
07 December 2022
The Insurance Council of Australia will host in-person meetings for flood-impacted communities in the central-west NSW towns of Eugowra and Forbes next week...
INsight podcast: broken pricing promises, and broker acquisitions
07 December 2022
A substantial rise in significant breaches of the insurers' code of practice is the main discussion point on the latest episode of the Insurance News podcast...
Fusion, io.insure aim new M&A offering at SMEs
07 December 2022
Underwriting agency Fusion Specialty today announced the global launch of Mio, a merger and acquisition insurance product aimed at SME businesses that are considering deals valued at between $1 million and $100 million...
Gallagher acquires Sunshine Coast brokerage
06 December 2022
Queensland-based Ausure Coast & Country has been acquired by Gallagher, which says the brokerage has a strong track record of serving clients across the Sunshine Coast, Cooroy and Bundaberg...
ASIC takes Federal Court action over DDO breach
06 December 2022
The Australian Securities and Investments Commission has launched its first court action seeking civil penalties over alleged breaches of design and distribution obligations...
WTW appoints Asia Pacific crisis management chief
06 December 2022
William Miller has been appointed WTW’s Asia Pacific Head of Crisis Management, a new line of business that protects corporate employees from kidnap, ransom and terrorism events, as well as a broader range of risks...
Under pressure: insurer wins dispute over damaged pool exclusion
06 December 2022
A homeowner whose pool was damaged by heavy rainfall will not be compensated for her loss after a dispute ruling determined that her insurer was entitled to rely on a policy exclusion relating to hydrostatic pressure...