Insurance benefits lost on many young travellers
24 October 2016
A survey has revealed a major gap in the travel insurance market, showing 8% of Australian adult travellers – 850,000 people – took their last overseas trip without cover…
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Insurers have vital role on climate change: ICNZ
24 October 2016
The industry must change the way it views and prices risk amid rising sea levels and other consequences of global warming, according to the Insurance Council of New Zealand…
Marsh expects mining insurance sector to remain soft
24 October 2016
The global market for mining risks has softened for the fifth year in a row, but its pace has slowed in the past six months, according to a Marsh report…
Correction:
24 October 2016
In the latest edition of Insurance News (the magazine) a caption in an article on AKD Softwoods incorrectly named broker Peter Rothstadt as an employee of Marsh. Mr Rothstadt is, in fact, the Manager Corporate Victoria at Arthur J Gallagher.
Australian businesses underinsured: Swiss Re
17 October 2016
Australian businesses are underinsured compared with their US and UK counterparts, a new report from Swiss Re says…
No let-up in pricing pressures: KPMG
17 October 2016
Insurers will struggle to raise premiums as the tough operating conditions that have depressed margins in the past few years show no signs of easing, KPMG says…
Above-average cyclone season looms
17 October 2016
Insurers should brace for an above-average cyclone season due to weakening La Nina conditions in the Pacific Ocean and warmer than average sea temperatures to the north and east, according to the Bureau of Meteorology…
Ocean trends suggest wet weather to continue
17 October 2016
Two climate drivers monitored by the Bureau of Meteorology suggest little change to the rainy weather pattern that delivered Australia’s wettest May-September on record…
Industry taking steps to bridge trust gap: ICA
17 October 2016
Insurers are working hard to improve public confidence in the industry, which suffers a “trust gap” that is magnified when natural disasters strike, Insurance Council of Australia CEO Rob Whelan says…
ACSC calls on businesses to report cyber threats
17 October 2016
The Australian Cyber Security Centre has urged private businesses to report threats, despite reluctance among some companies to involve the Government…
Industry confidence dips
17 October 2016
The insurance and finance sector’s confidence fell 18 points to +40 on the Sensis Business Index in the September quarter, weighed down by concerns about tougher operating conditions…
Industry faces unprecedented ‘risk revolution’
17 October 2016
Technological advances and rapidly evolving risk have combined to create a period of unprecedented change for the insurance industry, according to Aon…
Brokers don’t understand terror pool: Booth
10 October 2016
Insurance brokers “have no idea” how the Australian Reinsurance Pool Corporation works, a major conference in Canberra was told last week…
Ex-Reliance chief fails to overturn court order
10 October 2016
Former CEO and founder of Australian Reliance Andrew Donnelly has failed to overturn a court order freezing his assets…
Commissions must fall, QBE chief warns brokers
10 October 2016
Reductions in broker commissions or disintermediation in some insurance classes may have to occur as insurers strive to run their businesses more efficiently, QBE Group CEO John Neal says…
Significant code breaches by brokers double
10 October 2016
The number of significant breaches of the Insurance Brokers Code of Practice more than doubled last financial year, an annual review has found…
ICA online hazard tool scores hits
10 October 2016
The Insurance Council of Australia’s updated natural hazards assessment tool is generating high demand online, with enhancements making it more user-friendly and improving data quality…
Soaring terrorism threat reveals ‘non-property protection gap’
10 October 2016
Australia is experiencing more terror attacks than ever, and insurers and governments are not adequately prepared for non-property-related damage, a conference has heard…
No finish line for cyber security: APRA
10 October 2016
Insurers and other financial institutions must keep tightening cyber security as threats become more sophisticated, the Australian Prudential Regulation Authority warns…
ICNZ puts Youi on probation, fines it $94,000
10 October 2016
Youi has been fined a maximum $NZ100,000 by the Insurance Council of New Zealand and risks expulsion if it again fails to meet best-practice standards…