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…
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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…
Insurers earn $32 billion in premium
02 December 2013
Insurers earned $32.59 billion of gross written premium and paid out claims totalling $20.77 billion last financial year, new figures show…
ICA unveils educational website
02 December 2013
The Insurance Council of Australia has launched a website to educate consumers and combat underinsurance…
Many NSW bushfire victims lack full cover
02 December 2013
More than one-quarter of residents affected by bushfires in NSW at the start of the year were not fully insured, new research shows…
Insurers, reinsurers to join flood class action
02 December 2013
Insurers that paid out on the 2011 Queensland floods will take part in what is expected to be Australia’s largest class action…
NZ brokers name their most valued insurer
02 December 2013
New Zealand brokers have voted IAG-owned NZI as their most valued insurer for 2013, followed closely by Vero…
Taskforce wants access to terror pool
02 December 2013
A taskforce has called on the Federal Government to expand coverage by the Australian Reinsurance Pool Corporation to cover insurance market failures in areas such as north Queensland…
Consumer credit cover profits criticised
02 December 2013
Consumer credit insurance is “exceptionally profitable” for insurers and may not give value for money, says the Consumer Action Law Centre…
Suncorp reassures bushfire victims
02 December 2013
Anger over delays in cleaning up properties burned in last month’s NSW Blue Mountains bushfires has prompted Suncorp to assure policyholders they are covered for clean-ups…
Suncorp warns on Sydney flood risk
25 November 2013
The Greater Sydney area faces the greatest flood impact risk in the country and mitigation should be a priority, Suncorp CEO Patrick Snowball has warned…
Cyber cover takes off as privacy crackdown looms
25 November 2013
Demand for cyber insurance is rising before the introduction in March of privacy laws that carry tough penalties for data breaches, AIG Australasian Professional Indemnity Manager Matthew Clarke says…
Researchers issue super El Nino warning
25 November 2013
Global warming is expected to increase the incidence of “super El Ninos”, which can cause multibillion-dollar losses and thousands of deaths…
Mental injury response requires overhaul
25 November 2013
Mental injury claims data shows the system needs an overhaul to encourage earlier returns to work and specialist medical intervention, according to actuarial consultant Finity…
12,000 claims follow Cook Strait quakes
25 November 2013
New Zealand’s Earthquake Commission says it has received 12,149 claims arising from the Cook Strait series…
Strata costs grow in WA cyclone zone
18 November 2013
Strata insurance costs have surged in northwest WA in the past five years as underwriters adopt a cautious approach to providing cover in the cyclone-prone region…