Flood figures double in a week
11 February 2013
The number of flood-related claims received by insurers has nearly doubled in the past week as a picture of the devastation wrought in central and southeast Queensland becomes clear…
Local
Insurers trimming exposures in flood-prone Queensland
11 February 2013
Insurers have learned from the pain of previous Queensland flood events and are using reduced risk cover and higher excesses to curb their losses from the current floods, according to a leading broker…
Code review close to hardship breakthrough, but consultations fizzle
11 February 2013
The development of a new draft guideline outlining how insurers should deal with hardship cases is imminent, according to the independent reviewer of the General Insurance Code of Practice…
Marsh forecasts a competitive year ahead
11 February 2013
Rate increases in Australia will be kept to a minimum this year because of heightened competition, according to a report from the Pacific division of global broker Marsh…
NZ court rejects Christchurch council’s building rules
11 February 2013
The Insurance Council of New Zealand has successfully challenged Christchurch City Council’s bid to make building owners strengthen existing properties to 67% of new building standards, up from the current 34%…
We can’t control hazards, but get moving on exposure: ICA
11 February 2013
An increase in frequency and intensity of extreme weather events is not the main driver of increasing losses, according to the Insurance Council of Australia…
NZ Fire Service lodges appeal over composite and split-tier policies
11 February 2013
The New Zealand Fire Service Commission has lodged an appeal against a High Court decision in favour of the Insurance Brokers Association of New Zealand and Vero over composite and split-tier insurance…
Insurers poor at explaining premium jumps: Choice
11 February 2013
Consumer group Choice says insurance premiums have spiked but companies are failing to explain the reasons behind their pricing decisions…
Insurers call for register of NZ homes damaged beyond repair
11 February 2013
The Insurance Council of New Zealand has called for a register of homes that insurers have written off after the Canterbury earthquakes…
Price increases expected on all lines
04 February 2013
The insurance industry expects rate increases across all lines this year, according to the latest JP Morgan/Taylor Fry General Insurance Barometer…
Queensland counts cost of floods as blame game begins
04 February 2013
The mounting cost of the second major flood to hit Queensland in as many years has turned attention towards mitigation measures recommended but yet to be implemented, and the cost and availability of insurance…
General insurers record $3.38 billion profit for 2011/12
04 February 2013
General insurers made a combined after-tax profit of $3.38 billion in the year to June 30 last year, according to the Australian Prudential Regulation Authority…
Government-subsidised flood cover debate resurfaces
04 February 2013
A Government-backed flood insurance scheme for householders in high-risk areas is again being raised following the latest Queensland and northern NSW floods…
Insurers count cost of Tasmania, NSW bushfires
04 February 2013
Devastating bushfires across Tasmania, Victoria and parts of NSW are expected to cost insurers nearly $100 million…
FOS backs policyholders in 40% of Queensland flood cases
04 February 2013
The Financial Ombudsman Service settled 40% of matters in favour of consumers in determinations on disputes from the 2011 Queensland floods…
Code review divides insurers and consumers
04 February 2013
Insurers and consumer groups are at odds over claims and dispute-handling standards in their submissions to the review of the General Insurance Code of Practice…
Ace faces further pay action from ex-agents
04 February 2013
Ace Insurance may face more claims from former agents over holiday and long-service leave after losing a Federal Court appeal…
NZ court overturns Bridgecorp decision
04 February 2013
Australian courts are expected to follow the New Zealand Court of Appeal’s decision to quash the Bridgecorp decision on directors’ and officers’ cover, which forced insurers to redesign policies…
Fire levy monitor investigates more than 100 complaints
04 February 2013
Victoria’s new Fire Services Levy Monitor is already investigating more than 100 complaints from householders and business owners, and he is writing to insurers requiring them to detail how they will…
Court approves bushfire settlement
04 February 2013
Settlement terms for a class action following the 2009 Black Saturday bushfires at Pomborneit in western Victoria have been approved by Justice David Beach in the state’s Supreme Court, paving the way…