Industry makes $2.6 billion net profit
29 May 2017
Insurers and reinsurers made a combined net profit of $2.6 billion in the year to March 31, the Australian Prudential Regulation Authority says…
Local
Remaining Infinity cables a ‘ticking time-bomb’
29 May 2017
Nearly half the faulty Infinity electrical cabling installed in homes and buildings across Australia and subject to a national recall is yet to be fixed, leaving thousands of people at risk of electrocution or fire…
Regulations threaten LMI premiums: S&P
29 May 2017
S&P Global is pessimistic about the Australian mortgage insurance industry’s premium prospects due to regulatory actions amid rising housing market risks…
NSW puts CTP fraud mastermind behind bars
29 May 2017
The mastermind behind an elaborate scam to cheat the NSW compulsory third party scheme has been jailed for at least three years as the state steps up its crackdown on fraudulent claims…
Personality analysis to aid mental health claims
29 May 2017
New technologies such as cognitive and personality analysis can help insurers more accurately profile mental health claimants and better handle claims, a KPMG research paper says…
Most cyclists lack adequate liability cover
29 May 2017
About 95% of Victorian cyclists risk huge public liability payouts and other costs in the event of an accident, campaigners have warned…
Financial fears setting back recovery: Konekt
29 May 2017
Worries about job security and finances are setting back the recoveries of injured Australians, according to research from workplace rehabilitation services provider Konekt…
Ambitious SMEs offer broking opportunities: Vero survey
22 May 2017
SME owners with long-term ambitions to build their businesses present a key opportunity for brokers, according to a Vero survey…
Local business unusually upbeat on economy, says Lambrou
22 May 2017
Australian businesses are more optimistic about the economy than their counterparts worldwide, while brand reputation, regulation and innovation pose the biggest threats, according to this year’s Aon Global Risk Management Survey…
Most insurance customers ‘open to robo-advice’
22 May 2017
Consumers’ embrace of robot-driven advice will herald a shift in the way insurance is sold, according to consultant Accenture’s latest industry report…
Data legislation ‘will transform business landscape’
22 May 2017
Mandatory reporting of data breaches will transform the Australian business landscape and push cyber insurance to the fore, QBE has warned…
IAG’s risk management model earns global praise
22 May 2017
IAG’s risk management model, where the CRO reports directly to the CEO and the board’s risk subcommittee, is a “best practice example” of how companies should handle risks, according to Deloitte Global’s latest report…
New modelling improves cyclone forecasts
22 May 2017
The Bureau of Meteorology can more accurately forecast tropical cyclones near offshore gas and oil facilities following a two-year research program jointly funded by energy companies…
Updated CoastAdapt site helps manage climate risks
22 May 2017
The CoastAdapt online risk management tool has been released in a final version to help local governments and other groups assess climate change effects…
Clarification:
22 May 2017
In last week’s article on the latest Australian Prudential Regulation Authority general insurance institution-level statistics, insuranceNEWS.com.au reported the results for WR Berkley, which the company says has not written any significant business in Australia since 2014…
Industry earns almost $3.4 billion in net profit
15 May 2017
The general insurance industry has recorded a combined annual net profit of $3.38 billion, according to the Australian Prudential Regulation Authority’s latest statistics…
Businesses warned as global cyber attack exposes security flaws
15 May 2017
Companies must step up their security against cyber attacks following the massive ransomware assault that crippled the UK’s public health system and companies in Europe and the US, experts say…
Single complaints authority to absorb FOS
15 May 2017
The Financial Ombudsman Service will be rolled into the new Australian Financial Complaints Authority from July next year…
Broker business holds up among NZ SMEs, Vero finds
15 May 2017
The first New Zealand edition of Vero’s SME Insurance Index shows most of the country’s small businesses are buying cover through brokers – but it warns against complacency…
Debbie losses approach $900 million
15 May 2017
Insured losses from Cyclone Debbie and associated flooding have risen to $897 million from 56,135 claims, the Insurance Council of Australia says…