Insurers, reinsurers make $2.4 billion profit
16 May 2016
General insurers and reinsurers made an overall net profit of $2.42 billion last year, according to annual company-level statistics from the Australian Prudential Regulation Authority…
Local
Soft pricing hits bottom, S&P says
16 May 2016
The Australian non-life insurance sector has a stable outlook despite challenging market conditions and limited investment opportunities, according to Standard & Poor’s…
Urban areas unprepared for more intense rainfall: study
16 May 2016
Cities will be more vulnerable to flash floods as climate change intensifies storms, creating narrower and more concentrated downpours, according to an Australian study…
Disgruntled client guilty of blackmailing IAG
16 May 2016
A New Zealand man will be sentenced next month after being found guilty of trying to extort $NZ5.5 million from IAG…
QBE, Budget take Canstar car insurer award
16 May 2016
QBE and Budget Direct have won Canstar’s national award for outstanding value in car insurance for the second year in a row…
Tourist boom brings new risks: Aon
16 May 2016
More than 10 million tourists a year are expected to visit Australia by 2025, bringing opportunity for businesses but also a new world of risk, according to Aon…
Winley mystery takes bizarre twist
09 May 2016
A bizarre fundraising stunt with a global television audience was being planned by the US-based couple who emptied the broker trust account of Perth authorised representative company Winley Insurance…
CSIRO identifies catalysts in Great Ocean Road fires
09 May 2016
A CSIRO report on the Christmas Day bushfires in Victoria identifies “extensive surface litter” and domestic fuels as the main contributors to loss or damage of homes…
General insurance complaints rise 21%
09 May 2016
The Financial Ombudsman Service is investigating why disputes related to general insurance grew 21% in the first quarter of this year…
Ex-AFL coach loses case against Chubb
09 May 2016
Chubb Insurance is not obliged to pay legal bills of almost $660,000 accrued by James Hird, the former coach of AFL club Essendon, according to the Victorian Supreme Court…
Code committee acts on first hardship breach
09 May 2016
The General Insurance Code Governance Committee has made its first determination under new financial hardship provisions, according to the Financial Ombudsman Service…
Swiss Re roundtable ponders questions of technology
09 May 2016
Technology’s impact on risk management and the wider insurance industry dominated discussion at a Swiss Re roundtable last month…
Ombudsman probes insurer’s claim denials
09 May 2016
The Financial Ombudsman Service says it has approached a general insurer following a “large volume of complaints” from policyholders whose claims were declined…
Canterbury insurance payouts reach $16.5 billion
09 May 2016
Insurers have paid out $NZ17.8 billion to Canterbury earthquake victims, according to latest figures from the Insurance Council of New Zealand…
More apartments on ‘high alert’ over flammable cladding
09 May 2016
Two Melbourne apartment blocks with flammable cladding have been added to a Metropolitan Fire Brigade list of buildings considered a greater risk if fire breaks out…
Millions in compensation remains unpaid: FOS
09 May 2016
The Financial Ombudsman Service says 194 consumers are still waiting for compensation worth $12.61 million, plus interest…
Pratten jailed for tax fraud following retrial
02 May 2016
Rural & General Insurance founder Charles Pratten has been jailed for five years after failing to declare more than $5 million income…
Insurance law advice service faces closure
02 May 2016
The Financial Rights Legal Centre says its Insurance Law Service will have to close in July next year due to a lack of government funding…
Storms ahead for insurers as losses mount: Hannover Re
02 May 2016
Climate change, concentration of assets and the interdependence of industries will continue to increase the severity of economic and insured losses, the Actuaries Institute has heard…
Cyclone season set for record low amid El Nino effect
02 May 2016
Australia is on course for a record low number of cyclones this season, according to a senior climatologist at the Bureau of Meteorology…