Daily
ASIC prosecutes financial services firm over lax cyber policy
05 May 2022
The Federal Court has today ruled that RI Advice breached the Corporations Act with inadequate cyber security measures, the first Australian Financial Services licensee to be so prosecuted...
Land use planning failing on flood risk: ICA report
05 May 2022
Land use planning is failing to protect properties from riverine and flash flooding after high intensity rainfall, as risks are underestimated despite the events representing one of the nation’s costliest extreme weather impacts, a research report released today by the Insurance Council of Australia says...
Coal call: Adani wants government backing for mutual insurance scheme
05 May 2022
Adani Australia has stepped up its push for a government-backed mutual scheme to address the insurance crisis facing the coal sector, raising the pressure on politicians as the country prepares to go to the polls in slightly more than two weeks’ time...
Gallagher unveils latest acquisition
04 May 2022
Gallagher has sealed the acquisition of Melbourne-based Woodridge Insurance Services in a deal that closed this week...
More flood disputes rolling in: AFCA
04 May 2022
Disputes from the NSW/Queensland floods have risen to 135, with insurance-related claims matters accounting for the majority of cases, an update today from the Australian Financial Complaints Authority shows...
Insurer loses pre-existing conditions dispute over Daisy the dog
04 May 2022
A dog owner has been awarded cover for six of seven of the pet’s medical problems during a claim dispute hearing, with the industry adjudicator ruling conditions that arise and are treated during a policy waiting period are not always pre-existing...
INsight podcast: industry faces up to hard truths
04 May 2022
The global economic environment and what it means for insurers is the focus for the panel on the latest Insurance News podcast...
ICA confirms recent flood is Australia’s costliest at $3.4 billion
03 May 2022
Updated Insurance Council of Australia data on the storms and floods that impacted southeast Queensland and coastal NSW in February and March shows the event set a record to be Australia’s costliest flood ever...
'Uninsurable nation': half a million homes face insurance crunch, says report
03 May 2022
Australia faces the dire prospect of becoming an “uninsurable nation”, with more than half a million homes, or one in 25 properties, forced to go without insurance cover in eight years’ time because of climate change, a new report warns ahead of the May 21 federal election...
Lismore acts to avoid 'endlessly repeating' floods heartbreak
03 May 2022
Lismore City Council has proposed “a planned retreat” from high-risk residential areas, government-backed reinsurance protection for the central business district and consideration of a new commercial precinct as it seeks to avoid a repeating cycle of flooding devastation...
Better tools needed to drive climate action investment: actuaries
03 May 2022
Tools and measures relied upon to make investment decisions on climate change adaptation spending are not adequate in the current environment and new approaches are urgently needed, the Actuaries Institute summit heard today...
'Worst is over' for D&O, but floods dent property rate relief hopes: Marsh
29 April 2022
Marsh says the “worst is over” for directors’ and officers’ following the release of its latest quarterly rate tracker, and that the NSW/Queensland floods have curtailed any pricing relief that had been predicted for the property class at the start of the year...
'Lasting legacy': Honan founder dies aged 92
29 April 2022
Tributes have been paid to the founder of Melbourne-based Honan Insurance Group, who has died aged 92...
Strong inflationary pressures fanning claim headwinds
29 April 2022
Property and casualty insurers face profitability pressures this year as inflation increases claims severity while benefits from higher interest rates will take longer to come through, Swiss Re says in a report on the global economy...
Motorcyclist who parked in street, not garage, misses theft payout
29 April 2022
A man whose motorbike was stolen from the street outside his home after he had told his insurer it would be parked in his garage has lost a claim dispute...
Bushfire Building Council launches resilient home project
28 April 2022
An NRMA Insurance-backed project aimed at improving the resilience of homes against floods, bushfires and other weather disasters has been launched, offering free architectural drawings, construction specifications and handbook guides...
ProRisk offers covid cash-benefit insurance
28 April 2022
Professional Risk Underwriting (ProRisk) has launched a covid insurance product that offers a one-off cash benefit if a fully vaccinated policyholder is hospitalised due to contracting the virus...
Mazda driver who forgot to update phone, email loses dispute
28 April 2022
A motorist who missed two policy premium payment instalments when he changed his job, email address and phone number has lost a claim dispute...
INsight podcast: floods continue to cast shadow
28 April 2022
The east coast flood catastrophe continues to dominate discussion on the Insurance News podcast, as one estimate puts insured losses at close to $4 billion...
Rare flood-causing storm cluster points to overlap risks
27 April 2022
A Risk Frontiers paper says the cluster of storms causing extreme rainfall and flooding in Queensland and NSW arose from a rare combination of influences, while warning of severe risks if changing climate patterns lead to greater overlap between tropical cyclones and east coast lows...