A NOTE FROM THE PUBLISHER
30 January 2023
Welcome back to Insurance News for 2023. The return of our Monday bulletin marks the resumption of our regular insuranceNEWS.com.au services...
Local
'Very significant event': thousands lodge NZ flood claims
30 January 2023
Extreme flooding in New Zealand’s North Island over the weekend will be the largest ever weather-related claims event for Auckland – and likely for the whole of New Zealand, the Insurance Council of New Zealand tells insuranceNEWS.com.au...
Industry’s hybrid working model here to stay
30 January 2023
Insurance industry employees will retain the ability to work from home some days of the week, long after the covid-19 pandemic has faded from view, sources say...
Extreme rainfall drives up Actuaries Institute spring climate index
30 January 2023
Extreme spring rainfall that caused flooding in parts of the country has driven the seasonal Australian Actuaries Climate Index to its third highest value...
Living cost pressures lead global risk list
30 January 2023
Respondents in Australia and globally have ranked the current cost of living crisis as the top risk in terms of likely severity for the next two years, according to the World Economic Forum’s latest report...
Strata 'inherent conflicts of interest' need reform: Trowbridge
12 December 2022
Strata insurance remuneration involving commission and fee combinations that are unclear to property owners should be phased out in favour of clearer alternatives, consultant John Trowbridge says in a report released as part of an inquiry into the sector...
BI class action disputes return to court next year
12 December 2022
Four business interruption class actions will return to the Federal Court next year, after a preliminary hearing was held last week...
In Insurance News magazine this month
12 December 2022
QBE Group CEO Andrew Horton has been in position for more than a year, so Insurance News magazine caught up with him for an in-depth interview...
Industry backs measures to reduce fire danger from lithium-ion batteries
12 December 2022
Insurers have supported measures that would reduce fire dangers linked to lithium-ion batteries as a review by the Australian Competition and Consumer Commission gets underway...
AMI flags sharp rise in claims ahead of festive period
12 December 2022
AMI Insurance predicts claims in New Zealand will soar ahead of an active festive and new year period...
Code watchdog launches consultation after 'substantial' rise in breaches
05 December 2022
Breaches relating to pricing lapses and claims handling have emerged as key concerns as the General Insurance Code Governance Committee (CGC) released today a paper seeking feedback on ways to improve better compliance...
Flooding disaster declared 'costliest in Australian history'
05 December 2022
The Insurance Council of Australia says the February-March floods, which hit Queensland and NSW, are Australia’s most expensive natural disaster. ..
Cyclone reinsurance pool: lobby group urges Allianz to act on strata
05 December 2022
The Australian Consumers Insurance Lobby has pressed Allianz to speed up the transition of its residential strata portfolio into the cyclone reinsurance pool, as “serious market failures” have left consumers in the north struggling to find cover...
Industry faces 'volatile inflation' challenge
05 December 2022
Price pressures are set to dominate upcoming renewal talks as reinsurers try to tackle inflation and its long-term impact on claims, according to Berkley Re Asia Pacific CEO Glenn Riddell...
Flood-affected NSW faces heightened bushfire risk by late summer
05 December 2022
Large areas of NSW, particularly in the west, face above normal fire potential this summer due to prolific grass growth, and even flood-ravaged areas will have to be on high alert for bushfire by February...
EQC helps find 'sweet spot' between carbon emissions and seismic resilience
05 December 2022
Toka Tu Ake EQC has announced it will fund a new research project exploring potential solutions to reduce embodied carbon within seismically resilient housing. ..
Investment losses mar industry profit
28 November 2022
General insurers more than tripled their combined underwriting earnings to $6.1 billion for the year to September 30 but suffered investment losses of $3 billion, causing industry-wide net profit to decline 0.8% to $960 million, latest prudential data shows...
'Complex' cyclone pool can't be rushed
28 November 2022
Northern Australia cyclone reinsurance pool complexities are preventing insurers joining more quickly, insurers have told a federal parliamentary committee inquiry...
Majority of brokers provide clients with fees information
28 November 2022
More than half of brokers provide clients with information about fees and the majority have established “widespread good practice” that facilitates a culture of compliance and ensure good customer outcomes, according to the Insurance Brokers Code Compliance Committee...
NSW businesses seek other insurance options amid premium affordability challenge
28 November 2022
Business NSW has started looking for potential options for its members who are struggling to afford or secure insurance coverage...