Below average cyclone tally expected due to El Nino
09 October 2023
This coming cyclone season is likely to produce a “below average” number of storms because of the El Nino impact, the Bureau of Meteorology has predicted...
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Blameless accident: decision to stop benefits upheld
09 October 2023
A NSW motorist who has been receiving payments after he crashed his vehicle while trying to avoid deer, leaving him with catastrophic injuries, has failed to prove he has a case for extending the compensation beyond the mandated 104-week period...
Half-year intermediary premium tops $18 billion
02 October 2023
Brokers and other intermediaries placed about $18.49 billion in premium with general insurers in the first six months of the year, according to an Australian Prudential Regulation Authority bi-annual update...
Allianz says workers’ comp claims up 46%
02 October 2023
Allianz claims data shows a 46% increase in workers’ compensation volume since pre-covid, while the cost of claims jumped 36%...
ICNZ’s Tim Grafton calls time on top role
02 October 2023
Insurance Council of New Zealand, Te Kahui Inihua o Aotearoa CEO Tim Grafton has announced he will leave following next year’s Annual General Meeting in April...
Liberty creates parametric product for tomato grower
02 October 2023
Underwriter Liberty Specialty Markets has created a parametric solution for a tomato grower to protect a glasshouse worth $4 million from wind damage...
Australia among top financial services cyber attack targets
02 October 2023
The financial services sector in the Asia Pacific is one of the most cyber attacked sectors in the world, and Australia, Singapore and Japan are the top three most targeted countries – together accounting for more than three-quarters of all web application and API incidents...
Red zoning may lead to reputational risks: NZ actuaries
02 October 2023
The New Zealand Society of Actuaries says reputational risks may emerge for insurers from the red zoning of areas following the storms and floods earlier this year...
Radar warns on affordability pressures, rising regulatory scrutiny
25 September 2023
Affordability and availability pressures and increasing regulatory scrutiny are two key issues for the insurance industry, the annual Radar report from actuarial consultancy Taylor Fry says...
Bureau warns of rising fire risks as El Nino declared
25 September 2023
Declarations of an El Nino event and a positive Indian Ocean Dipole have underscored expectations for weather conditions that increase the risk of bushfires, the Bureau of Meteorology says...
Cafes, caravan and camping park lose BI disputes
25 September 2023
A caravan park and camping ground business and an operator of cafes in WA have both lost disputes over business interruption cover during the pandemic...
Law firm predicts rise in property claims after NZ weather events
25 September 2023
Third-party property damage claims in New Zealand are likely to rise after the significant weather events in North Island early this year, according to a report from law firm Wotton + Kearney...
Call for more research into 'reality gap’ of climate risk
25 September 2023
A UNSW academic says more work needs to be done to see how psychological factors will influence Australians as they make “increasingly difficult decisions” about home insurance...
Hailstorm, Tracy, Dinah show risks of devastation
18 September 2023
The eastern Sydney hailstorm and cyclones Tracy and Dinah would cause losses surpassing last year’s record-breaking floods if they struck today, figures recalculating losses based on current exposures show...
Echuca housing plan in flood-prone area prompts ICA action
18 September 2023
The Insurance Council of Australia has written directly to a local government in northern Victoria over concerns that a planning approval will allow townhouses to be built in an area of Echuca inundated by Murray River flooding last year...
Zurich report reveals climate transition hurdles
18 September 2023
Australian businesses are struggling to achieve net-zero goals, hindered by costs and regulatory challenges, according to a Zurich report...
NZ insurers work through twin catastrophe claims
18 September 2023
The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa says claims from this year’s twin disasters of the Auckland floods and Cyclone Gabrielle now total $NZ3.5 billion, and insurers have already paid out more than $NZ2 billion...
IBCCC to investigate high level of zero broker code breaches
11 September 2023
The Insurance Brokers Code Compliance Committee will conduct an inquiry to better understand a continuing under-reporting of breaches by subscribers that raises concerns about culture and processes...
QBE reaches agreement with artists over working at height policy terms
11 September 2023
Negotiations between QBE and artists over proposed changes to its policy terms for work undertaken at heights have ended and an agreement reached...
Victoria facing significant economic losses from rising sea levels
11 September 2023
The Victorian Marine and Coastal Council and Life Saving Victoria have warned that the state is at risk of suffering $442 billion in economic losses from sea level rise and storm surges by the end of the century...