S&P projects 8% premium growth for NZ industry
19 September 2022
New Zealand general insurance premium is likely to achieve a “solid” 8% growth this calendar year, S&P Global Ratings said today in an update...
Local
ICNZ releases July extreme weather claims figures
19 September 2022
The Insurance Council of New Zealand Te Kahui Inihua o Aotearoa says more investment in extreme weather resilience is needed in response to the release of its claims data for July...
ICA warns communities to prepare for La Nina
19 September 2022
The Insurance Council of Australia has issued warnings for residents across eastern Australia for forecasted wet weather events throughout spring and early summer, as the onset of a third La Nina event begins...
First Nations business owners grapple with insurance: Allianz
19 September 2022
Just 21% of First Nations SMEs have general property insurance, compared with 42% for the broader SME sector, new research from Allianz has found...
'We all pay': ICA outlines true cost of catastrophes
12 September 2022
Every Australian household paid an average of $1532 in the last financial year to cover the cost of extreme weather events, according to two significant reports released by the Insurance Council of Australia...
Claim handling delays top issue as flood complaints rise
12 September 2022
The Australian Financial Complaints Authority says claim handling delays, claim amounts and denials have emerged as the top issues causing disputes following the flooding that hit Southeast Queensland and northern NSW earlier this year...
Cyclone pool non-disclosure rules frustrate consumers
12 September 2022
Cyclone pool non-disclosure terms are frustrating consumers as they continue to seek more information over likely benefits from the scheme...
Climate risk consultancy outlines global warming fallout on insurance, property values
12 September 2022
Climate risk consultancy Climate Valuation says property values can “expect to take a hit” because of global warming, with “direct” implications also for premium affordability...
Rising sea levels trigger falling house prices
12 September 2022
Home prices in flood-prone areas are set to fall as climate change influences Australia’s property market values, an RMIT University academic says...
Clear laws, 'threat actor' consequences needed on ransomware
05 September 2022
Clearer Australian laws and international co-operation to act against criminals are among measures needed in response to the rising threat from ransomware, Kennedys Partner and cyber insurance law specialist Nicholas Blackmore says...
Submission seeks longer visas for offshore loss adjusters
05 September 2022
The Australasian Institute of Chartered Loss Adjusters is urging that the government extend temporary work visas allocated to overseas insurance loss adjusters after catastrophes to a minimum of six months...
Dive In festival helps insurers attract best talent, Lloyd's says
05 September 2022
The insurance industry’s Dive In diversity and inclusion festival, now in its eighth year, helps create an environment that attracts the best talent from broader backgrounds, Lloyd’s says...
Drone risk an overlooked opportunity for insurers, DroneShield says
05 September 2022
Insurers should consider offering a dedicated policy meeting direct costs from drone disruptions, particularly for venues and firms that take measures to minimise the threat, ASX-listed DroneShield says...
Bureau says La Nina alert remains in place
05 September 2022
The Bureau of Meteorology’s latest El-Nino Southern Oscillation outlook continues to project a 70% chance for La Nina...
Industry overcomes 'adverse' weather claims to achieve marginal profit rise
29 August 2022
The industry squeezed out a 0.3% rise in net profit to $924 million, as stronger underwriting earnings from increased rates helped offset “adverse” weather-related claims and investment losses, according to Australian Prudential Regulation Authority data...
Academics say disaster claims handling may not meet industry code
29 August 2022
Melbourne Law School academics say interviews with unsatisfied claimants raise questions about whether insurer claims handling following severe weather is consistent with General Insurance Code of Practice requirements...
Insurers to hold another round of meetings with flood policyholders
29 August 2022
The Insurance Council of Australia has arranged another round of meetings in the coming weeks for flood-impacted communities in NSW and south-east Queensland to discuss claims with insurers...
NSW, Queensland face 'unusually high' spring rainfall
29 August 2022
NSW and Queensland are poised to receive unusually high September-November rainfall ranking in the top 20% of all springs on record, the Bureau of Meteorology says...
First premium funders code promotes clarity, higher standards
29 August 2022
The first insurance premium funding code of practice will take effect from the start of October, promoting increased transparency and disclosure on pricing and a culture of professionalism...
Choice survey highlights increased home insurance cost concerns
29 August 2022
A survey from consumer advocate group Choice indicates a record number of Australians are concerned about rising home insurance prices...