ICA aims to drive changes in construction standards
26 March 2012
The Insurance Council of Australia is creating a resilience rating tool to enable homeowners to assess the resilience of their property in the face of extreme weather events…
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Hail and floods led to high loss ratios, says APRA
26 March 2012
Insurers wrote $30.6 billion in gross earned premium for the year to June 30 2011 and incurred claims of $23.8 billion…
Australia’s first test case of Bridgecorp decision lodged
26 March 2012
The New Zealand High Court’s Bridgecorp decision on who is entitled to directors’ and officers’ insurance proceeds has flowed on to Australia, with the NSW Supreme Court being asked to rule on…
Christchurch earthquakes: rock fall study aims to mitigate risk
26 March 2012
The Canterbury Earthquake Recovery Authority has commissioned a study that will help determine how to mitigate the danger of rockfalls in the Port Hills area outside Christchurch…
Christchurch rebuilding costs double
26 March 2012
Loss estimates in Christchurch are escalating as additional complications and damage are uncovered, according to Marsh…
Queensland Floods Commission of Inquiry: Insurers should be more open
19 March 2012
The Queensland Floods Commission of Inquiry has recommended that insurers be more open about the information they use to deny a claim…
ICA welcomes Queensland flood mitigation recommendations
19 March 2012
The Insurance Council of Australia has welcomed the mitigation measures proposed by the Queensland Floods Commission of Inquiry and called on governments to “get moving” on flood mapping…
Flood class action faces ‘significant hurdles’
19 March 2012
A potential class action against Queensland Government-owned utility Seqwater is premature and would face “significant hurdles” getting off the ground, law firm Slater & Gordon has warned…
Australia to see more droughts and flooding rain
19 March 2012
The climatic extremes experienced recently in Australia are expected to continue, a new study of long-term climate trends by the CSIRO and the Bureau of Meteorology has warned…
NZ Reserve Bank licenses 105 insurers under new prudential regime
19 March 2012
The Reserve Bank of New Zealand has licensed 105 insurers under its new Insurance (Prudential Supervision) Act 2010, which took effect on March 7…
Trucks, agriculture dominate workplace deaths list
19 March 2012
Truck-related incidents account for a third of all workplace deaths, and older workers are over-represented in the number of fatalities on agricultural properties…
IAG to hold summit on insurance affordability
19 March 2012
IAG is to hold a risk summit in May to look at insurance affordability through community resilience to natural disasters…
Code compliance steady despite catastrophes
12 March 2012
Insurers’ compliance with the General Insurance Code of Practice for the 2010/11 financial year was not affected by the immense pressure put on them during last year’s natural disasters…
Claims to rise as residents return to flooded homes
12 March 2012
Residents of flood-affected communities in NSW and Victoria are slowly returning to their homes as insurers tally the cost of the latest spate of floods…
Settlement reached on Beechworth bushfire action
12 March 2012
Settlement has been reached on the 2009 Beechworth-Mudgegonga bushfire class action…
NZ industry, police jump on earthquake insurance fraud
12 March 2012
The Insurance Council of New Zealand is liaising with local media to counter the view that insurance fraud is a victimless crime…
Choice rates car insurers
12 March 2012
An ever-expanding market of car insurers is giving consumers more options in cover and price but also making it harder for them to select from an “abundance of choice”, according to consumer organisation Choice…
Big floods hit NSW and Victoria after weekend deluge
05 March 2012
One hundred-year rains have soaked Victoria and NSW in the past few days, with loss adjusters saying it may be some time before they can access some of the hundreds of affected properties…
Industry profit falls in December quarter
05 March 2012
The general insurance industry collectively earned after-tax profit of $639 million in the December 2011 quarter, down from $1.1 billion in the December 2010 quarter, according to the latest statistics…
Insurers ‘must lift performance’ to attract investors
05 March 2012
Insurers must find different ways to drive productivity, with poor performance testing the patience of investors, Insurance Council of Australia President and Wesfarmers Insurance MD Rob Scott…