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…
Local
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…
Suncorp returns to Emerald
04 February 2013
Suncorp is reviewing risk pricing in Emerald and will offer cover there once again after the State Government pledged $5 million for flood mitigation work…
Outlook stable for Australia and NZ: Fitch
04 February 2013
The Australian insurance sector should maintain a strong credit profile and earnings this year, despite pressure from falling interest rates, according to Fitch Ratings – which has given the sector a stable outlook…
Wivenhoe flood class action maps revealed
04 February 2013
A class action stemming from the Brisbane floods of January 2011 has moved a step closer, with law firm Maurice Blackburn releasing maps of areas it says were hit following negligent operation of the Wivenhoe…
March deadline for Black Saturday fire action
04 February 2013
Victims of the 2009 Black Saturday bushfires in the Kilmore East and Kinglake districts of Victoria have until March 22 to join a class action run by lawyers Maurice Blackburn…
NZ brokers win on composite and split-tier policies
04 February 2013
New Zealand’s High Court has supported brokers and Vero in their case against the New Zealand Fire Service over composite and split-tier insurance policies…
ICA supports Victorian taxi reform
04 February 2013
The Insurance Council of Australia says key reforms proposed in the Victorian Taxi Industry Inquiry will reduce cab drivers’ financial exposure and benefit other road users and their insurers…
ICNZ takes Christchurch council to court
04 February 2013
The Insurance Council of New Zealand has taken Christchurch City Council to the NZ High Court for a judicial review of the authority’s powers to increase regulations on strengthening buildings…
Quake commission sets year-end target for claims
04 February 2013
By the end of this year New Zealand insurers will have all Canterbury quake claims above the Earthquake Commission cap of $NZ100,000 ($80,000), according to CEO Ian Simpson…
IAG and Munich Re form resilience roundtable
04 February 2013
IAG and Munich Re have joined other Australian businesses in a group to examine the social and economic costs of natural disasters, and how they can be cut by making communities safer and more resilient…
Design faults found in doomed building
04 February 2013
The Canterbury Earthquakes Royal Commission has found design faults in the CTV building that collapsed in the February 22 2011 quake, causing 115 of the 185 deaths that day…
Challenger brands chip at insurer ‘duopoly’
10 December 2012
The emergence of “challenger” insurers in the motor sector will dent industry profitability and weaken the grip of IAG and Suncorp, according to a report by Bank of America Merrill Lynch…
Code reviewer signals comprehensive revamp
10 December 2012
The ongoing review of the General Insurance Code of Practice is more thorough than past overhauls so it can “crack… unresolved issues that have lingered for some time”, according to independent reviewer…
Price war marks final days of Victorian FSL
10 December 2012
A price war has broken out in the final months of the Victorian fire services levy, with insurers dropping their rates by different amounts and Vero ditching the FSL on country policies altogether…
NIBA rejects ‘name and shame’ approach to code compliance
10 December 2012
The National Insurance Brokers Association has rejected calls to name General Insurance Code of Practice participants under investigation for breaches or non-compliance…