General insurance complaints soar 25%
09 October 2017
The number of general insurance disputes received by the Financial Ombudsman Service soared 25% last financial year to a new high…
Local
BOM expects ‘typical’ cyclone season
09 October 2017
Climate modelling shows the coming tropical cyclone season will likely be “typical”, with 10-13 cyclones in Australian waters, according to the Bureau of Meteorology…
Energy price shock takes top spot in business fears poll
09 October 2017
Abrupt rises in energy prices have overtaken asset bubbles as the biggest risk to local businesses, according to the World Economic Forum Executive Opinion Survey, conducted in conjunction with Zurich and Marsh…
Survey shows coverage gap among cruise passengers
09 October 2017
More than 50% of cruise ship passengers and people who intend to take a cruise over the next two years wrongly believe the Government will pay for their care and evacuation if they fall ill, according to a new survey…
D&O premium pool ‘must treble’ to restore profitability
09 October 2017
Directors’ and officers’ insurance premiums need to rise strongly to restore profitability in areas exposed to securities class actions, according to a report by insurer XL Catlin and law firm Wotton + Kearney…
NZ climate experts examine insurers’ coastal retreat
09 October 2017
While rising sea levels, erosion and powerful storm surges have not driven property buyers and developers away from New Zealand’s coast, “insurance retreat” may, according to the team behind a new study.
Major cities to face 50-degree days
09 October 2017
Days where the temperature exceeds 50 degree are being predicted for the Australia’s largest cities within 10 years – even if the Paris accord succeeds in capping the rise in average global temperature to two degrees above pre-industrial levels…
Suncorp completes most Debbie claims
09 October 2017
Suncorp has finalised three-quarters of the claims it received after Cyclone Debbie caused extensive property damage in Queensland and NSW…
Diversity survey shows areas for improvement
02 October 2017
An inaugural Australian insurance industry diversity and inclusion survey has highlighted areas for improvement in the local industry…
MP attacks as insurers hit Debbie claims milestone
02 October 2017
A federal parliamentarian has slammed insurers’ progress on claims filed after Cyclone Debbie struck northern Australia in March, even though a new record has been set in settling more than 75% of 68,848 claims…
Debbie loss estimate hits $1.66 billion
02 October 2017
Swiss catastrophe data company Perils has revised its loss estimate for Tropical Cyclone Debbie up to $1.66 billion from its June estimate of $1.41 billion…
Inquiry will probe brokers’ standards
02 October 2017
The Insurance Brokers Code Compliance Committee will conduct an “own motion” inquiry into brokers’ understanding of competency and professionalism, and how these standards are achieved…
Financial services ‘least trusted industry’
02 October 2017
The financial services sector, including insurance, is the least trustworthy industry, according to a new global survey into consumer attitudes…
‘Challenging’ bushfire season begins in ACT
02 October 2017
The ACT bushfire season started yesterday, and experts warn a dry winter and an increase in forest fuel will result in increased risk…
Intermediaries want more insurer support
25 September 2017
Brokers in Australia believe they should get better support from insurers to counter their more nimble and well-funded digital competitors, according to an EY survey…
Insurtech opportunities outweigh threats: Aon
25 September 2017
The insurance industry can take advantage of rising insurtech investment to become more efficient and expand into emerging markets, Aon Global CEO of Analytics Paul Mang says…
Skills gap causes risk management headache
25 September 2017
A shortage of skills in emerging technologies is stopping insurers and other financial services providers from effectively managing risk, according to Accenture…
Solicitor, health workers charged in CTP fraud crackdown
25 September 2017
A solicitor and two allied health professionals were last week charged over alleged roles in a group co-ordinating fraudulent compulsory third party (CTP) insurance claims in Sydney…
Record warm winter blamed on climate change
25 September 2017
Australia’s record warm winter was made 60 times more likely by climate change, according to a report from the Climate Council…
EQC teams up to clear flood debris
25 September 2017
The Earthquake Commission has worked with councils and contractors to clear silt and debris from 251 flood-damaged properties in the town of Edgecumbe, acting on a request from the Government…