NZ records second-worst year for weather damage
03 February 2014
Weather-related damage led to more than $NZ174 million ($163.75 million) of insured losses last year, according to the Insurance Council of New Zealand…
Local
Insurer to refund policyholders over fire levy
03 February 2014
Insurance Manufacturers of Australia, jointly owned by RACV and IAG, will refund $11 million to Victorian policyholders whose premiums increased after removal of the state’s fire services levy…
A NOTE FROM THE PUBLISHER
16 December 2013
This is the 45th and final Monday insuranceNEWS.com.au bulletin for 2013. We will return on February 3. During the period any news of significance to the industry…
Insurers record $5.72 billion profit
16 December 2013
General insurers made a combined net profit of $5.72 billion in the last financial year, according to the Australian Prudential Regulation Authority…
Revamped research centre promotes bushfire resilience
16 December 2013
The Federal Government’s Bushfire and Natural Hazards Co-operative Research Centre has been launched with a wider role than its predecessor and a renewed focus on community resilience…
Compliance committee prepares to oversee broker code
16 December 2013
Brokers are starting to receive copies of the revamped Insurance Brokers Code of Practice, which also outlines how the new Code Compliance Committee will work…
Emergency chief vows to engage with industry
16 December 2013
Queensland’s newly appointed Inspector General of Emergency Management says he will prioritise communication with the insurance industry…
Fitch upbeat on Australia and New Zealand
16 December 2013
Fitch expects to maintain Australian insurers’ ratings over the next two years, citing strong capitalisation and generally robust earnings…
Court sides with Vero on Antarctic oil spill
16 December 2013
It had appealed to the Full Court of the Federal Court after the court last year ruled a policy applied to buildings, plant and equipment but not to land at the Australian…
Comparison site adds detail to star ratings
16 December 2013
LMI Group says star rating criteria on its insurance claims comparison website will be made more transparent for the second round of performance rankings…
Australian crash standard wins UN approval
16 December 2013
The United Nations has agreed to an Australian-led standard that will cut death and injury in side-impact car crashes…
Injury premiums pose huge challenge, actuaries warn
16 December 2013
Premium affordability in personal injury schemes is a “massive issue”, with many employers seeing workers’ compensation as a tax, incoming Actuaries Institute President Daniel Smith warns…
Asia-Pacific reinsurance premiums to ‘double in six years’
09 December 2013
Reinsurance premiums in the Asia-Pacific region could double by 2020, but the increase will come with high exposure to natural catastrophes, according to Munich Re…
CEOs rate reputation damage as leading risk
09 December 2013
Risk management is changing to meet the threat from social media, as business executives worldwide seek ways to respond to attacks on their companies’ reputations…
Risk management ‘in chaos’
09 December 2013
Risk management is experiencing a “massive transition” and is in a state of chaos, according to the President of the US-based Risk and Insurance Management Society…
Insurance proceeds to flow following Lehman settlement
09 December 2013
A group of local and international insurers will pay $48 million following settlement of the Wingecarribee class action against failed US investment bank Lehman Brothers…
EQC misses repair target, gags whistleblower
09 December 2013
New Zealand’s Earthquake Commission will miss its target for repairing homes with major damage this year…
Injuries at work cost $60 billion a year
09 December 2013
Workplace injuries cost the Australian economy more than $60 billion a year, research by workplace healthcare provider Konekt shows…
In Insurance News (the magazine) this month
09 December 2013
The December edition of Insurance News (the magazine) contains our annual list of the 20 most influential people in the insurance industry. This year there are some surprises…
Insurers face big jump in FOS fees
02 December 2013
The insurance industry faces a large increase in membership fees for the Financial Ombudsman Service…