Beware the cyber threat within, risk experts warn
29 August 2016
Organisations face cyber risks from within their own workforces, a Risk and Insurance Management Society forum in Melbourne heard last week…
Local
Data breach legislation ‘will change cyber landscape’
29 August 2016
The Australian cyber-insurance landscape will alter dramatically when mandatory data breach notification rules are introduced, Aon says…
Car thefts fall by half since 2000
29 August 2016
Passenger and light commercial vehicle thefts have dropped 62% since 2000, according to the National Motor Vehicle Theft Reduction Council…
QBE tells why it rejected NRL player’s claim
29 August 2016
QBE has defended its decision to deny an NRL player’s claim for a “career-ending injury” that has been highlighted by media during the past week, saying the injury that forced Parramatta Eels player Anthony Watmough into retirement was due to a pre-existing condition…
Cost-cutting miners increase risk: Aon
29 August 2016
Slumping metal prices have put pressure on mining companies to cut operations and reduce costs, raising concerns their insurance risks may increase…
Industry net profit grows 15% as claims losses dip
22 August 2016
Insurers and reinsurers are in the midst of a dismal financial period, according to recent reports in insuranceNEWS.com.au, but new figures from the prudential regulator show they nevertheless made a combined after-tax net profit of $3 billion for the year to June 30 – a 15.3% rise on the previous year…
Major blast still a threat, warns terrorism pool
22 August 2016
A major bomb attack at the core of a key city remains a threat despite the recent trend towards armed terror assaults, according to the Australian Reinsurance Pool Corporation…
RIMS forum tackles industry’s challenges
22 August 2016
Insurance leaders have taken a hard look at the industry’s future development in a volatile business environment at the Risk and Insurance Management Society Australasia forum in Melbourne today…
Insurer stands ground on Collaroy sea damage response
22 August 2016
NRMA Insurance has defended its decision not to cover sea erosion damage to properties in Collaroy after June’s east coast low…
Class action risks rising: Allens
22 August 2016
Class action risk has increased significantly over the past decade, with a rising number of claims filed and more law firms and funders becoming involved, a report by lawyers Allens says…
IMF team vets NZ insurance sector stability
22 August 2016
An International Monetary Fund team is reviewing New Zealand’s insurance and banking sectors as part of routine surveillance to gauge financial system stability…
Marsh flags further falls in premium
15 August 2016
Premiums will continue to decline across multiple classes in Australia as competition intensifies amid weak economic growth, according to Marsh…
Relationships ‘crucial for brokers in data-driven world’
15 August 2016
Brokers must focus on client relationships to provide personalised advice as the community becomes increasingly comfortable with disruptive technologies, a forum on innovation heard today…
Macquarie opens broking survey
15 August 2016
Macquarie Business Banking wants brokers to complete its “new and improved” Insurance Broking Benchmarking Survey…
GI complaints rise further, FOS says
15 August 2016
General insurance matters accounted for about one-third of disputes considered by the Financial Ombudsman Service in the June quarter, as the number of complaints continues to rise…
Insurers take Canterbury payouts past $NZ18 billion mark
15 August 2016
Private insurers have paid out more than $NZ18 billion for commercial and residential claims since the 2010/11 Canterbury earthquakes, according to the Insurance Council of New Zealand’s latest figures…
Code committee widens insurance outsourcing inquiry
15 August 2016
The Code Governance Committee has widened the scope of an inquiry into general insurance outsourcing to include claims investigation practices and policies, says the Financial Ombudsman Service…
In this issue of Insurance News (the magazine)
15 August 2016
The collapse of New Zealand’s Western Pacific Insurance with a $31 million reinsurance shortfall came swiftly on the heels of the 2011 Christchurch earthquakes. The latest issue of Insurance News (the magazine) looks inside the company to discover its major business focus was Australia, where its exposures totalled $5.8 billion…
Industry ‘must stamp out’ smash repair fraud
08 August 2016
Rogue panelbeaters are charging insurers inflated bills for repair work that is, in many cases, deliberately engineered, according to industry experts…
Social networks can’t be ignored: Finity
08 August 2016
Tech giants such as Facebook and Google pose challenges for personal lines insurers and it is “commercially questionable” to disregard social media as a key distribution channel, according to Finity Consulting and Deutsche Bank’s Pendulum report…