Directors feel the pinch
28 February 2011
Increasing class actions against companies and their boards are continuing to add pressure to directors’ and officers’ insurance…
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ACORD focus shifts to implementation
28 February 2011
Peak global standards organisation the Association for Co-operative Operations Research and Development has shifted its focus from selling the message of uniform standards…
Mortgage cover goes under the microscope
28 February 2011
The lack of lenders mortgage insurance portability is cited as a bigger problem for homeowners than exit fees…
Hydrology report No 1 released
21 February 2011
The first hydrology report has been released by the Insurance Council of Australia, with CEO Rob Whelan saying the remaining reports will be released by the end of the month…
Yasi bill hits $800 million
21 February 2011
Queensland Treasurer Andrew Fraser has put the overall damage bill from Cyclone Yasi at around $800 million…
Queensland reinsurance debate rages
21 February 2011
Questions continued to be asked about why the Queensland Government chose not to reinsure some of its risk…
Reinsurance renewal ‘will top 15%’
21 February 2011
Australian insurers should expect rate increases at the June 30 reinsurance renewals period that are above the 15% experienced in 2010 and 2009, Munich Re has warned…
Worry about policy definitions later, says Snowball
21 February 2011
Politicians should be focusing on how the insurance industry is dealing with claims from the recent natural disasters and worrying about policy wordings later, Suncorp Group CEO Patrick Snowball…
Insurers ‘risk legal action’ over flood payouts
21 February 2011
Insurers who refuse flood claims may be subject to legal action unless they can prove they advised policyholders that flood coverage was excluded, a lawyer’s group says…
Flood recovery moving forward
21 February 2011
As life returns to relative normality for most living in Queensland’s flood zones, some brokers are still frustrated over delays in the time being taken by insurers to assess damage…
No major claims from Cyclone Carlos
21 February 2011
The cost of flooding in Darwin from Cyclone Carlos is still being assessed as claims slowly trickle in…
Ombudsman notes UK ash cloud case
21 February 2011
A UK small claims court decision to award compensation to a passenger stranded by the Icelandic volcanic ash cloud last year is not expected to set a precedent in Australia…
New ACORD standards await approval
21 February 2011
The insurance industry’s standards developer, the Association for Co-operative Operations Research and Development, has new forms awaiting approval which it says will improve data collection…
This month in Insurance News (the magazine)
21 February 2011
On March 15 it will be 10 years since the collapse of HIH, and the latest edition of our sister print publication Insurance News examines the history of the collapse, the major players and…
Flood: scare stories discourage claims
14 February 2011
“Scare stories” about flood terminology are discouraging Queenslanders from making claims, a public meeting organised by the Insurance Council of Australia heard last week…
Flood: Brisbane levels could be higher
14 February 2011
A report by actuarial consulting firm Finity concludes that Brisbane is likely to suffer future riverine flooding at higher levels than this year’s 4.5-metre peak…
Flood: hydrologists aim to speed claims
14 February 2011
An expert panel of three hydrologists established by the Insurance Council of Australia began work in January on reports that the council believes will speed up the claims process for…
Flood: actuaries call for national management plan
14 February 2011
Any plan for dealing with floods needs to tackle issues that are broader than property insurance, according to the Institute of Actuaries of Australia…
Flood: bills mount for Queensland, Victoria
14 February 2011
Claims for the Queensland floods continue to rise, with Insurance Council of Australia members so far receiving more than 43,755 claims worth an estimated $2 billion…
Yasi damage bill months away
14 February 2011
Insurance losses from Cyclone Yasi are set to exceed Cyclone Larry, although a final figure won’t be known for months due to a chronic shortfall of loss adjusters…