Call for balanced DOFI regulation
13 February 2007
The long-awaited Federal Government decision on new arrangements for the regulation of direct offshore foreign insurers is expected before the end of the month…
Local
Sales advice proposals upset industry
13 February 2007
Moves by the Federal Government to allow financial service providers to offer sales recommendations not considered to be financial advice are being vigorously resisted by NIBA…
Suncorp hits back
13 February 2007
Suncorp subsidiary GIO has demanded a retraction and an apology from the Nine Network’s “A Current Affair”, claiming a report on a motor insurance customer…
James Hardie shareholders give nod to fund
13 February 2007
After much legal wrangling, shareholders of Australia’s largest building supplies company have given the green light to setting up a $4.5 billion compensation fund for asbestos victims…
FPA policy executive shifts to ICA
13 February 2007
Financial Planning Association Policy and Government Manager John Anning has resigned to become GM Policy, Regulation Directorate, with the Insurance Council of Australia…
Industry told: do more for consumers
13 February 2007
Extended replacement and total replacement policies being touted in Australia as the newest way to help consumers are hardly new in the global market…
ACT Government may face insurer action
13 February 2007
The results of the coronial inquest into the January 2003 Canberra bushfires will be of more than passing interest to insurers, says law firm Abbott Tout…
Insurance industry sails for charity
13 February 2007
The Insurance Industry Charity Sailing Race is on again in Sydney on February 23…
Call for government action on climate change
06 February 2007
Following the release of a hard-hitting report into climate change from the respected Intergovernmental Panel on Climate Change, the local insurance industry is pushing…
Suncorp prepares for flood of Queensland claims
06 February 2007
Flooding has caused havoc throughout north Queensland, where Ingham remains cut off and Townsville is accessible only from the south, but local insurer Suncorp says it’s prepared…
Home warranty inquiry stalls
06 February 2007
A NSW parliamentary inquiry into the state of home warranty insurance will be suspended until after the state’s March 24 election…
Gross premiums hit $28.2 billion
06 February 2007
Gross premium revenue for insurance entities regulated by the Australian Prudential Regulation Authority was $28.2 billion for the 12 months ended June 30 last year…
Premium reductions not as severe
30 January 2007
The commercial insurance market is continuing to soften, with most classes experiencing rate reductions of 1-9%, but insurance brokers say the falls are generally less severe…
Long, dry summer poses threats for insurers
30 January 2007
Australia’s formidable summer – with severe bushfires, hailstorms and the worst drought in many years – has led to additional pressures on insurers…
Industry good times roll on
30 January 2007
The industry is enjoying favourable conditions despite an increase in competition, according to quarterly industry figures released by the Australian Prudential Regulation Authority…
Claimants complain more, insurers win more
30 January 2007
The number of disputes over personal lines insurance is on the rise, but the Insurance Ombudsman Service reports that more of its decisions are going the underwriters’ way…
Federal Government backs tort reform
30 January 2007
In a blow to the legal fraternity’s push for tort reforms to be wound back, the Federal Government has applauded state and territory governments for ensuring liability premiums…
Brokers’ code makes its debut
30 January 2007
The new Insurance Brokers Code of Practice has come into effect with strong support from all stakeholders and no teething problems reported…
Home underinsurance tackled
30 January 2007
Since the 2003 Canberra bushfires destroyed 488 homes and revealed up to 40% of claimants were underinsured, home insurers across Australia have improved their policies…
Reprimand for James Hardie actuary
30 January 2007
The Institute of Actuaries of Australia will reprimand David Minty, an actuary employed by James Hardie Industries, for two breaches of its code of conduct…