HIH collapse wasn’t due to industry failings: Wilkins
15 August 2011
The HIH collapse in March 2001 was due to poor management and not systemic risk in the insurance industry, IAG CEO Michael Wilkins says…
Local
RACQ turnaround on flood claims
08 August 2011
RACQ Insurance has approved the flood claims of 247 customers who had previously been rejected after it received new hydrological information from Brisbane City Council…
ICA rejects disaster chief’s criticism
08 August 2011
The Insurance Council of Australia has rejected criticism that the industry has refused requests from the Queensland Reconstruction Authority for data to help the post-disaster recovery…
Brokers and insurers agree – the hard market is coming
08 August 2011
Despite a relatively uneventful June 30 renewals period, major brokers and insurers remain convinced the market will harden…
Mobile the way to go for insurers: Telstra
08 August 2011
Mobile phone technology will deliver simpler, more customised options for insurers, according to Telstra…
NZ rates up as underwriters shift focus
08 August 2011
Brokers say that despite ongoing rate rises in the Christchurch region and little capacity to write new business, the New Zealand industry is now heading in the right direction as underwriters move from…
In Insurance News (the magazine) this month
08 August 2011
The insurance industry has come under fire from governments and consumers over flooding, but the latest edition of Insurance News (the magazine), examines the considerable work the industry is…
Financial Services Ombudsman quits
01 August 2011
The Financial Ombudsman Service Chief Ombudsman Colin Neave is stepping down from the top job, electing not to be reappointed for another two-year term…
Insurers not impacted by flood inquiry report
01 August 2011
The general insurance industry doesn’t rate a mention in the Queensland Floods Commission of Inquiry interim report, despite months of ongoing backlash over the industry’s response to the…
ICA continues attack on mandatory flood cover
01 August 2011
The Insurance Council of Australia is intensifying its opposition to the Natural Disasters Insurance Review proposal to introduce compulsory flood cover…
Flood review: Claims pool better than insurance pool, says Allianz
01 August 2011
A flood claims pool that enables insurers to retain subsidised premiums and manage claims would be the most effective way to make flood cover available to high-risk properties, Allianz argues…
EQC forced into shorter reinsurance contract
01 August 2011
A reinsurer to the New Zealand Earthquake Commission has renewed on an annual instead of a three-year basis following claims from the Christchurch events…
Strata under pressure
01 August 2011
Developers, unit owners and retirees are being urged to take what strata insurance they can in Far North Queensland as the region faces continued market withdrawals…
Market uncertainty, rises ‘unjustified’
01 August 2011
Brokers are experiencing a “mixed bag” following the June 30 renewals, bringing into question whether the market really is going into a hard market…
Industry faces backlash over rising premiums, CEO warns
01 August 2011
CGU CEO Peter Harmer has identified a backlash against rising insurance premiums as the next major reputational issue facing the insurance industry…
Customers need clearer policies
01 August 2011
Global insurers are still struggling to meet customer standards of disclosure despite scoring high satisfaction ratings, according to an Accenture survey…
Queensland claims payout tops $1.6 billion
25 July 2011
Claims paid by insurers for the Queensland flood and Cyclone Yasi have risen to more than $1.6 billion…
Flood review: Actuaries call for temporary insurance pool
25 July 2011
The Institute of Actuaries of Australia has called for a temporary flood insurance pool, saying such a move will encourage flood mitigation and mapping…
Flood review: NIBA wants everyone to work on risks
25 July 2011
The National Insurance Brokers Association wants a “whole of nation” approach to natural disaster management, saying insurance is just one part of the solution…
NZ brokers resist call to ‘share the pain’ with lower commissions
25 July 2011
New Zealand insurance brokers are already “sharing the pain” of industry losses, and calls for lower commissions aren’t realistic, Insurance Brokers Association of New Zealand CEO Gary Young says…