Brokers upset after CGU wipes out commissions on crop
22 May 2023
Rural brokers are alarmed after CGU confirmed it will cut commission on its crop product from 20% to zero from July 1...
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Hunt for new Argis capacity provider continues
22 May 2023
Argis is yet to secure a new underwriter for its Farm Extra Insurance product after a five-year arrangement with HDI Global Specialty came to an end last month...
No time to lose as cyber threats grow: ICA CEO
22 May 2023
The Insurance Council of Australia (ICA) has urged the Federal Government to act quickly on fixing the “patchwork” of policies, laws and frameworks that are hobbling the country’s cyber deterrence...
Strata report puts focus on transparency, capacity
22 May 2023
Addressing capacity constraints and transparency are top priorities to improve the situation in the strata insurance market, consultant John Trowbridge says in the final report delivered as part of a three-phase review...
ICA appoints two insurer CEOs to board
22 May 2023
The Insurance Council of Australia says two executives appointed to its board at last week’s annual general meeting will bring extensive experience at a pivotal time...
Gallagher Bassett used US, UK teams for 24/7 Gabrielle claims handling
22 May 2023
Gallagher Bassett was able to mobilise its global taskforce to help support insurers battle unprecedented claims volumes in New Zealand after two catastrophic weather events this year...
Correction
22 May 2023
A feature article in the April/May edition of Insurance News magazine quoted Finity Travel Insurance Practice Leader Danielle Casamento as saying premiums for international travel insurance had increased by more than 5% on average compared to pre-pandemic levels...
Property pricing rising in two-tier market: Aon
15 May 2023
Australian property pricing rose 1-10% in the first quarter as catastrophe concerns contributed to a two-tier market, while coverages were more restrictive, Aon says...
Worsening claims trends drive up PI, public liability premiums
15 May 2023
Professional indemnity (PI) and public and products liability premiums have increased sharply since 2015 as claims trends deteriorated, according to an annual Australian Prudential and Regulation Authority (APRA) report...
Industry urged to look out for greenwashing risk as ASIC steps up surveillance
15 May 2023
Australian insurance providers have been urged to stay vigilant to “greenwashing” as companies globally face growing pressure from activist shareholders and consumers to adopt more pro-climate policies...
Bushfire smoke may influence La Nina climate drivers
15 May 2023
The Black Summer bushfires may have contributed to the following triple La Nina, with smoke from large-scale events having some similarities to impacts caused by volcanic eruptions, researchers have found...
ICA to consult with members over smash repair code recommendations
15 May 2023
The Insurance Council of Australia (ICA) will consult with its members over proposed measures, including introduction of sanctions, to improve the voluntary Motor Vehicle Insurance and Repair Industry Code of Conduct...
Survey finds 55% looking to change insurers
15 May 2023
More than half of general insurance customers are thinking about switching providers and younger consumers are more likely to change, a survey by customer insights agency Perceptive has found...
Insurers pledge contribution to financial counselling grant
15 May 2023
Insurers have contributed funds for a $7.75 million cross-industry commitment to Australia’s financial counselling services...
AFCA rules against dentists in BI covid disputes
08 May 2023
Two dental practices have lost disputes over covid-related business interruption cover, with the Australian Financial Complaints Authority (AFCA) finding insurers were entitled to decline the claims.
5G networks to create ‘tsunami’ of sensitive data
08 May 2023
An increase in reliance on 5G networks by key industries, including financial services, will create a “tsunami” of sensitive data and organisations are right to be concerned, Thales Cloud Security ANZ Director Brian Grant says.
Call for national flood claim procedure standard
08 May 2023
Researchers who polled more than 600 victims of last year’s record floods say insurers need to issue consistent factsheets across Australia on correct claims procedures, and say victims felt frustrated by a lack of choice when arranging repairs through their insurers.
Stormy summer: IAG’s New Zealand weather claims surge
08 May 2023
IAG received 41,596 weather claims in New Zealand during September-February – five times more than the 8293 received in the same period a year earlier.
Pacific Q1 commercial prices rise 7%: Marsh
01 May 2023
Pacific commercial prices rose at a faster pace in the first quarter, with catastrophe property risk the driver in a broadly moderating market, a Marsh report shows...
WA dodges billion-dollar bullet with Cyclone Ilsa: Risk Frontiers
01 May 2023
Losses from Tropical Cyclone Ilsa could have reached into the billions of dollars if the system had taken a different path, highlighting the sensitivity of damage impacts to the exact track of severe storms, Risk Frontiers says...