Code review submissions close
03 December 2012
The deadline for responses to an issues paper regarding the General Insurance Code of Practice review closed last Friday, with many submissions yet to be received…
Local
Long-tail rates need to rise, says CGU chief
03 December 2012
Falling interest rates are pressuring insurance premiums, with CGU CEO Peter Harmer warning liability rates will need to rise at least 8% to offset a steep fall in investment yields…
Lawyers frustrated by class action delay
03 December 2012
Law firm Maurice Blackburn has criticised delays of more than a month in its class action for victims of the Kilmore East Black Saturday bushfire because of delays building a new courtroom for the case…
Zurich watches D&O market ‘very closely’ after LIBOR
03 December 2012
Directors’ and officers’ (D&O) claims may result from the LIBOR manipulation scandal, according to Zurich Australia Head of Financial Institutions Damian Lynch…
ICA joins uni to research strata damage
26 November 2012
The Insurance Council of Australia and James Cook University in Townsville have joined forces to identify factors in the design of strata title buildings that lead to unnecessary insurance losses…
QBE cuts Victoria FSL, with others expected to follow
26 November 2012
Brokers are waiting for more insurers to cut the fire services levy on Victorian policies after QBE last week announced it would reduce its rates from January 5…
FOS to increase engagement with insurance industry
26 November 2012
Chief Ombudsman Shane Tregillis says the Financial Ombudsman Service has good relationships with members and their professional associations – but it wants to do more…
Vero NZ chief calls for reform of earthquake insurance
26 November 2012
New Zealand’s earthquake insurance model is systemically flawed when exposed to a large volume of claims, Vero NZ CEO Gary Dransfield says…
Earthquake map plots risk
26 November 2012
Geoscience Australia has developed an earthquake hazard map based on a study of past events…
Mortgage notes can withstand LMI downgrades: S&P
26 November 2012
Residential mortgage-backed securities ratings would withstand any downgrade of the two lenders’ mortgage insurance players, according to a Standard & Poor’s report…
NZ quake recovery ‘remarkable’: Bartlett
26 November 2012
Despite public criticism about the speed of rebuilding after the Canterbury earthquakes, “government, industry and community have made remarkable progress in the world’s most complex and proportionally…
Vehicle thefts rise for first time in a decade
26 November 2012
The number of motor vehicles stolen in Australia has risen for the first time in 10 years, according to the National Motor Vehicle Theft Reduction Council…
Insurers behind banks in enterprise risk management
19 November 2012
Banks have the most robust enterprise risk management practices of financial services organisations, followed by general insurers, according to a survey of delegates at the Actuaries Institute ERM seminar…
Insurers hit back at Earthquake Commission
19 November 2012
Vero and the Insurance Council of New Zealand have hit back at a suggestion insurers are trying to cut Canterbury quake claims by pushing costs onto the state…
Jury still out on climate change, insurers say
19 November 2012
Some insurers remain sceptical about climate change, a new survey shows…
Zurich explains how not to get sued over privacy
19 November 2012
Companies are six times less likely to be sued after data breaches if they provide free services to monitor accounts for suspicious transactions, according to Zurich…
Great Southern D&O case to begin in January
19 November 2012
A court case to determine whether directors’ and officers’ liability insurance can be used to pay directors’ legal costs will be heard by the NSW Court of Appeal on January 29…
Talk to customers about risk: Seymour
19 November 2012
Brokers must educate clients about risk rather than only discussing price, according to Macquarie Premium Funding CEO Gary Seymour…
Allianz stars again with Virgin travel product
19 November 2012
Virgin Australia’s comprehensive domestic travel insurance product, underwritten by Allianz Global Assistance, has again won a five-star rating in Canstar’s annual travel insurance survey…
Fraudsters love automated payments, says fraud expert
19 November 2012
Fraud rates will rise as insurers automate their claims systems, a Harvard University expert has warned…