Travel insurer stung by $220,000 fraud
21 August 2023
Travel insurer Cover-More has been left with a $220,000 bill after an employee carried out a long-running fraud...
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Flexihose claim ‘can’t be denied due to rust’
21 August 2023
The Australian Financial Complaints Authority says Suncorp cannot deny a burst flexihose claim due to rust on the hose’s exterior...
Bureau monitors atmosphere as El Nino alert continues
21 August 2023
The Bureau of Meteorology is continuing to monitor atmospheric conditions in the Pacific as it maintains an El Nino Alert...
Insurers face challenges from rising climate litigation
21 August 2023
The rise of climate litigation carries implications for Australian insurers, law firm Clyde & Co says after a United Nations global report has Australia as the jurisdiction with the highest number of cases outside of the US and the European Union...
Rising flood affordability issues need urgent action: actuaries
14 August 2023
Home insurance premiums have jumped 28% in the past year, the biggest gain in two decades, while high risk properties, such as those in flood-prone areas have seen increases of up to 50%, the Actuaries Institute says...
Complex products leading to accidental underinsurance: consumers
14 August 2023
Consumer problems with home and contents insurance include complex products, unaffordable premiums, inaccessible information on natural hazard risks and a lack of pricing reductions when homes are made more resilient, a report says...
Australia warned of ‘unfolding horror’ as US counts cost of Hawaii fires
14 August 2023
A University of Tasmania fire expert says the Hawaii wildfires hold lessons for Australia as the country braces for the likely arrival of El Nino, which raises the prospect of a scorching summer...
In Insurance News magazine this month
14 August 2023
What – or perhaps who – killed Catholic Church Insurance? The August/September issue of Insurance News magazine provides the background you need to understand why this venerable organisation needed recapitalising, which led to its owners placing it into runoff...
Australia market sees increased capacity, improved risk appetites
14 August 2023
Ample capacity and improved risk appetite are among key features observed in the Australian and wider Asia Pacific region during the second quarter, broker Aon says in a market update...
Insurer warns on heritage-listed home cover ineligibility
14 August 2023
Budget Direct says properties constructed more than 50 years ago may be deemed older properties, and this could have a bearing on home insurance, while homes built before the early 1900s could have heritage classification and not be eligible for cover at all...
Flood inquiry terms of reference ‘comprehensive’: ICA
07 August 2023
Terms of reference for the federal parliamentary inquiry into insurer responses to last year’s floods are comprehensive, the Insurance Council of Australia says following the release of details last week...
PI premiums grew in 2021: APRA data
07 August 2023
Professional indemnity gross premium for non-facility business rose to $3.02 billion in 2021 from $2.68 billion a year earlier, representing a gain of 12%, according to the Australian Prudential Regulation Authority...
Motor insurance and repair code revamp commences
07 August 2023
Work is underway to revamp the Motor Vehicle Insurance and Repair Industry Code of Conduct after an independent review made 15 recommendations to improve governance and customer outcomes, the Insurance Council of Australia says...
Survey highlights car technology as source of distraction
07 August 2023
A survey from Budget Direct has identified in-car technology as a major cause of driver distraction, with a majority of respondents saying they can be put off by its presence in modern vehicles...
Losing steam: Australia rates grow 2% in Q2
31 July 2023
Commercial insurance pricing growth in the Australian market slowed in the second quarter, rising 2% after clocking a 7% increase in the first quarter, broker Marsh announced today...
Industry groups roundtable presses floodplain message
31 July 2023
Planners, builders and insurers have presented a united message around preventing development on floodplains following an inaugural roundtable...
Claim delays make up 11% of all financial services disputes
31 July 2023
Complaints about delays in the handling of insurance claims jumped 76% in the year to June to be the most complained about issue across all financial services...
Underlying Australian climate has changed: Actuaries Institute
31 July 2023
The Australian Actuaries Climate Index provides a strong signal that the underlying Australian climate has changed, consistent with a warming climate, Index Lead Collator Rade Musulin says...
AFCA explains approach to motor vehicle total loss complaints
31 July 2023
The Australian Financial Complaints Authority has published a guide explaining its approach to disputes about whether a vehicle should be treated as a total loss, setting out the factors its ombudsmen consider...
Government launches inquiry into insurers’ floods response
24 July 2023
The Federal Government has announced a parliamentary inquiry into insurers’ response to last year’s devastating floods...