Personal liability loophole finally closed
26 April 2006
The final amendments to the Trade Practices Act became law last week, bringing to an end the process of public liability tort reform…
Local
Insurers help after Cyclone Larry
26 April 2006
Suncorp CEO John Mulcahy has been appointed to the taskforce dealing with rebuilding in Innisfail and surrounding areas after the devastation caused by Cyclone Larry on March 19…
Cyclone Larry’s insurance impact negligible
19 April 2006
Insured losses from Cyclone Larry are estimated to be $300-400 million, and while that will have a slight impact on insurers’ profits it won’t adversely affect the industry…
CSR reaches $103.3 million asbestos settlement
19 April 2006
Australian industrial group CSR has reached an insurance litigation settlement of about $103.3 million with a group of 48 Australian, UK and European insurers for US asbestos claims…
Aon extends its reach
19 April 2006
Sunrise Exchange News reported it weeks ago, but now it’s official – Aon Australia has bought Melbourne-based national broker Freeman McMurrick…
Time equals lower chance of recovery for stolen cars
19 April 2006
Recovered stolen vehicles are most likely to be found within two weeks of the theft; and after that, the chances of recovering stolen cars is slim, according to new industry statistics…
Government acts to cut red tape
11 April 2006
The Federal Government has announced a plan to tackle recommendations made in a report by the Taskforce on Reducing the Regulatory Burdens on Business – Rethinking Regulation…
Industry supports regulation cost-cutting
11 April 2006
The insurance industry has been trying to get the Federal Government to listen to its concerns about the high cost of regulation for years, and it looks like some of its prayers…
FICS wins Axa court case
11 April 2006
The Financial Industry Complaints Service says a Victorian Supreme Court ruling against Axa Asia-Pacific means members can have more confidence in FICS determinations…
Suncorp cyclone claims reach $85 million
11 April 2006
Suncorp Metway has received more then 5800 insurance claims since the devastation wrought by Cyclone Larry, and the total in losses is expected to be about $85 million…
Pressure mounts on smash repair debaters
11 April 2006
The clock is ticking for NRMA Insurance and the NSW Motor Traders Association…
…and more stats from APRA
11 April 2006
Hot on the heels of the inaugural Half Yearly General Insurance Bulletin covering the period to June last year, the prudential regulator has just released its…
NSW MP acts against insurers’ smash repair deals
04 April 2006
NSW Independent MP Richard Torbay has introduced a private member’s bill into the NSW Parliament that sets out to ban preferred smash repairer schemes…
APRA opposes DOFIs regulation plan
04 April 2006
The Australian Prudential Regulation Authority opposes a Treasury plan for controlling access to the Australian market by direct offshore foreign insurers and discretionary mutual funds…
APRA stats indicate a healthy industry
04 April 2006
APRA has released the first edition of its General Insurance Bulletin, which shows a pronounced turnaround in profitability for the industry over the past five years…
NSW workers’ comp rate falls
04 April 2006
Workers’ compensation premiums in NSW are set to drop by an impressive 10% in June after the NSW Government buckled under pressure to reform occupational health and safety laws…
NZ DOFI gets a rating
04 April 2006
New Zealand-based direct offshore foreign insurer Western Pacific Insurance has been allocated a “B-minus” rating with a stable outlook by Standard & Poor’s…
Cooper files for bankruptcy
04 April 2006
He’s languishing in a temporary prison cell at Sydney’s Silverwater Remand Centre while he awaits sentencing, but Brad Cooper has nevertheless filed for bankruptcy…
Creditors get their 5c worth
04 April 2006
HIH Insurance creditors left out of pocket when the company collapsed in 2001 will soon be getting part of their money back when dividends of five cents in the dollar are finally paid out…
Larry’s insurance bill rises past $250 million
04 April 2006
While 12,500 claims worth more than $250 million have been received for insured losses from Cyclone Larry, it’s still not known if Cyclone Glenda on the other side of the country…