IAG report highlights underinsurance threat for small businesses
15 August 2022
IAG says more government support is needed to help small regional enterprises that face the vulnerability of being underinsured or having no insurance at all...
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FM Global announces climate resilience credit for policyholders
15 August 2022
US-based mutual insurer, FM Global, has announced it will allocate nearly $US300 million to provide clients – including those in Australia and New Zealand – with “resilience credits” to incentivise increased investment in climate resilience solutions...
NHRA invites flood-affected residents to join research project
15 August 2022
Natural Hazards Research Australia has asked for first-hand accounts from NSW and Queensland flood-affected residents for its new research project as it devises policy recommendations to improve preparation and responses for future flood events...
High Court BI appeal application hearing months away
08 August 2022
The High Court of Australia will consider oral arguments on the business interruption test case appeal applications, but has indicated a hearing won’t be listed before October at the earliest...
D&O rates set for 'further softening': Marsh
08 August 2022
Australian directors’ and officers’ rates are expected to continue easing in the months ahead after contracting 5% in the second quarter of this year, the first decline since 2017, Marsh says, following the release of its latest quarterly update of commercial insurance premium pricing...
Climate risk poses threat to property insurance profits: GlobalData
08 August 2022
A new GlobalData report warns Australian home insurers of increased profitability risks as the advent of climate change-led weather-related claims compounds increasing insurance costs...
Covid takes third spot for nation's cause of death
08 August 2022
Covid has caused more deaths in Australia than cardiovascular disease and lung cancer so far this year, to be overtaken only by ischaemic heart diseases and dementia, the Actuaries Institute says...
Toka Tu Ake EQC sees rising demand for land damage assistance
08 August 2022
New Zealand’s Toka Tū Ake EQC says demand for land damage cover provided by the organisation is likely to increase with climate change but many residents are unclear about the insurance arrangements...
Insurers to meet Victorian storm policyholders: ICA
08 August 2022
The Insurance Council of Australia says it will hold an in-person meeting on August 17 in Montrose, Victoria, for policyholders affected by last year’s storm event in July, which has led to claims costs of $310.4 million to date...
CSIRO report flags 'megatrends'
01 August 2022
The Commonwealth Scientific and Industrial Research Organisation has released a new report highlighting seven megatrends that will impact Australia over the next two decades...
Underwriting agencies defend industry after 'side hustle' furore
01 August 2022
Underwriting agencies have stepped up to defend the insurance industry, following media reports that home and contents policies are being cancelled or claims denied due to a lack of disclosure around business activity at insured addresses...
ICA says 36% of March flood claims closed, $2 billion paid out
01 August 2022
February-March floods that hit Queensland and NSW produced 230,000 claims, of which 36% are now finalised with $2 billion paid out...
Directors could face sharp growth in class actions
01 August 2022
Class action exposures for corporate directors could be on the cusp of exponential growth given the current dynamic environment, Marsh Head of FINPRO, Claims Solutions Melody Carr says...
AGCS lists top BI claim loss causes
01 August 2022
Australia’s top causes of business interruption insured losses are fire/explosion and professional indemnity-related claims, such as negligence and misadvice stemming from corporate actions...
Code committee set to examine claims handling
01 August 2022
The General Insurance Code Governance Committee is expected to look into claims handling as part of its work this financial year...
Extreme weather costs NZ insurers $178 million in year to June
01 August 2022
The Insurance Council of New Zealand says extreme weather claims cost the industry $NZ198 million in the year to June...
Industry put on notice over 'side hustle' stance as Canberra urged to act
25 July 2022
The industry may face pressure to explain its underwriting processes as a senator pushes for changes to home and contents policies to protect small business owners who operate from home...
Pandemic yields some positives for insurance industry
25 July 2022
Despite headaches the covid pandemic caused the insurance industry, positives have emerged from the response, Clyde & Co Partner Gareth Horne says...
Jury out until October on third straight La Nina: BOM
25 July 2022
The Bureau of Meteorology has issued carbon copy wet weather warnings to those delivered last year – before Australia’s record flooding in March – though it says it’s too early to tell if a rare third consecutive La Nina will form...
Claim handling delays key issue in rising AFCA complaints
25 July 2022
Claim handling delays were the top general insurance issue in disputes received by the Australian Financial Complaints Authority last financial year, as the industry dealt with a slew of natural catastrophes...