Businesses count cost of NZ floods
29 April 2013
Widespread flooding in New Zealand on the weekend of April 20/21 will be an insurance event, with businesses and insurers still calculating losses…
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Ombudsman faces fewer disputes
29 April 2013
The number of disputes handled by the Financial Ombudsman Service fell 12% in the three months to December…
NZ launches earthquake advisory service
29 April 2013
New Zealand insurers will help fund a free earthquake support scheme for homeowners…
Bushfire costs could be passed to SP AusNet customers
22 April 2013
Power company SP AusNet can apply to pass to customers any shortfall in its insurance cover for the Black Saturday bushfires, the Australian Energy Regulator has decided…
Traditional broking in decline: research
22 April 2013
Business owners continue to switch to buying insurance online rather than through a broker, according to Roy Morgan Research…
Boston bombs ‘will affect terror cover for sports events’
22 April 2013
The Boston Marathon bombs will prompt price increases and tighter capacity in terrorism cover for big sports and entertainment events, SRS Underwriting Agency CEO Paul Lynam has warned…
Over-charging insurers must repay FSL cash
22 April 2013
Any insurer that over-collects the Victorian fire services levy this financial year will be expected to refund policyholders or pay the excess to the state’s Consumer Law Fund…
Bridgecorp D&O case heads for NZ Supreme Court
22 April 2013
New Zealand’s highest court will determine entitlement to directors’ and officers’ cover held by directors of failed finance company Bridgecorp, after the company’s receivers were last week granted leave to challenge…
US insurers to pay $US45 million to Lehman Bros creditors
22 April 2013
A group of US professional indemnity insurers will pay $US45 million ($43.5 million) to reimburse councils and charities that bought complex debt instruments from Lehman Brothers Australia, under a proposal…
Earthquake fraud may total $NZ2.25 billion
22 April 2013
Fraud relating to the Canterbury earthquakes could total $NZ2.25 billion ($1.84 billion) if events follow the same pattern as Hurricane Katrina in the US, a new report warns…
In Insurance News (the magazine) this month
22 April 2013
New laws and regulations are heading our way, governing the way the industry works, how it provides insurance and ultimately how much it costs…
State calls on insurers to cut premiums for flood mitigation
15 April 2013
The Queensland Government has written to the Insurance Council of Australia calling on insurers to cut premiums for householders who reduce flood risk…
Court reserves decision on Great Southern D&O cover
15 April 2013
The NSW Court of Appeal has reserved its decision on access to directors’ and officers’ insurance when a third party seeks priority to the funds over directors and executives…
‘Invisible forces’ pose future threat: ICA
15 April 2013
Three “invisible forces” are changing the industry, Insurance Council of Australia President Mark Milliner says…
Extreme weather will increase, Climate Commission warns
15 April 2013
Australia will be hit by more frequent and severe extreme weather as a result of climate change, according to the Climate Commission…
Lumley warns hauliers over vehicle claims rise
15 April 2013
The transport industry must tackle a “major spike” in large losses involving heavy goods vehicles, Lumley Insurance CEO John Nagle has warned…
Group settles New Zealand’s largest insurance claim
15 April 2013
Housing New Zealand has settled the country’s largest single insurance claim – $NZ320 million ($261 million) for damage to public housing in the Canterbury earthquakes…
Challengers take larger share of motor ‘cash cow’
15 April 2013
Challenger brands are continuing to gain ground on IAG and Suncorp in the Australian motor insurance market, according to a new report from Merrill Lynch…
NZ court makes landmark ruling on repair versus rebuild
15 April 2013
The New Zealand High Court has ruled that red-zone designation in Christchurch does not in itself trigger an insurance claim…
Survey reveals brokers’ affordability fears
08 April 2013
Brokers have raised concerns about affordability and underinsurance in a study that suggests more than 35% of clients are downgrading or ceasing personal lines and property coverage…