Liberty creates parametric product for tomato grower
02 October 2023
Underwriter Liberty Specialty Markets has created a parametric solution for a tomato grower to protect a glasshouse worth $4 million from wind damage...
Local
Australia among top financial services cyber attack targets
02 October 2023
The financial services sector in the Asia Pacific is one of the most cyber attacked sectors in the world, and Australia, Singapore and Japan are the top three most targeted countries – together accounting for more than three-quarters of all web application and API incidents...
Red zoning may lead to reputational risks: NZ actuaries
02 October 2023
The New Zealand Society of Actuaries says reputational risks may emerge for insurers from the red zoning of areas following the storms and floods earlier this year...
Radar warns on affordability pressures, rising regulatory scrutiny
25 September 2023
Affordability and availability pressures and increasing regulatory scrutiny are two key issues for the insurance industry, the annual Radar report from actuarial consultancy Taylor Fry says...
Bureau warns of rising fire risks as El Nino declared
25 September 2023
Declarations of an El Nino event and a positive Indian Ocean Dipole have underscored expectations for weather conditions that increase the risk of bushfires, the Bureau of Meteorology says...
Cafes, caravan and camping park lose BI disputes
25 September 2023
A caravan park and camping ground business and an operator of cafes in WA have both lost disputes over business interruption cover during the pandemic...
Law firm predicts rise in property claims after NZ weather events
25 September 2023
Third-party property damage claims in New Zealand are likely to rise after the significant weather events in North Island early this year, according to a report from law firm Wotton + Kearney...
Call for more research into 'reality gap’ of climate risk
25 September 2023
A UNSW academic says more work needs to be done to see how psychological factors will influence Australians as they make “increasingly difficult decisions” about home insurance...
Hailstorm, Tracy, Dinah show risks of devastation
18 September 2023
The eastern Sydney hailstorm and cyclones Tracy and Dinah would cause losses surpassing last year’s record-breaking floods if they struck today, figures recalculating losses based on current exposures show...
Echuca housing plan in flood-prone area prompts ICA action
18 September 2023
The Insurance Council of Australia has written directly to a local government in northern Victoria over concerns that a planning approval will allow townhouses to be built in an area of Echuca inundated by Murray River flooding last year...
Zurich report reveals climate transition hurdles
18 September 2023
Australian businesses are struggling to achieve net-zero goals, hindered by costs and regulatory challenges, according to a Zurich report...
NZ insurers work through twin catastrophe claims
18 September 2023
The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa says claims from this year’s twin disasters of the Auckland floods and Cyclone Gabrielle now total $NZ3.5 billion, and insurers have already paid out more than $NZ2 billion...
IBCCC to investigate high level of zero broker code breaches
11 September 2023
The Insurance Brokers Code Compliance Committee will conduct an inquiry to better understand a continuing under-reporting of breaches by subscribers that raises concerns about culture and processes...
QBE reaches agreement with artists over working at height policy terms
11 September 2023
Negotiations between QBE and artists over proposed changes to its policy terms for work undertaken at heights have ended and an agreement reached...
Victoria facing significant economic losses from rising sea levels
11 September 2023
The Victorian Marine and Coastal Council and Life Saving Victoria have warned that the state is at risk of suffering $442 billion in economic losses from sea level rise and storm surges by the end of the century...
ICA to host fifth consultation for flooded Victoria communities
11 September 2023
The Insurance Council of Australia has announced another round of consultation forums for flood-affected communities across northern Victoria...
Suncorp flags bushfire risk areas
04 September 2023
Suncorp has listed the areas that it is most concerned about as the potential for a bad bushfire season grows...
Pacific, Indian Ocean measures track toward dry weather thresholds
04 September 2023
The Bureau of Meteorology says measures in the Pacific and Indian Ocean continue to track toward thresholds that would lead to declarations of climate driver events associated with drier weather...
Insurers ‘not taking enough of their own risk’, conference hears
04 September 2023
Reinsurers have been vital in covering the majority of Australian natural catastrophe claims in recent years as insurers have passed on much of the risks, the World Insurance Congress Australia heard...
NZ’s dispute resolution service sees rise in complaints
04 September 2023
New Zealand’s financial ombudsman service says there has been an increase in insurance complaints after severe weather events struck the country this year...