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...
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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...
PI, public and product liability claims fall: APRA data
25 July 2022
Claims payouts for professional indemnity and public and product liability fell in 2020 from the preceding year, according to Australian Prudential Regulation Authority data released today...
Australia's cyber reporting rules 'don’t go far enough'
25 July 2022
Mandated reporting of cyber breaches in Australia misses the vast majority of businesses and should be beefed up, as broader compliance-reporting demands would motivate firms to upgrade their security measures and take cyber threats more seriously, an expert says...
Standard templates proposed for strata transparency
18 July 2022
Standard templates that contain a minimum set of eight items should be introduced to improve strata insurance disclosure, with existing practices in many cases opaque or incomplete, an independent report completed by consultant John Trowbridge says...
Dive In festival to return in September
18 July 2022
Dive In, the global festival for diversity and inclusion in insurance, will be back in September for its eighth year with the theme "Building Braver Cultures,” which calls on the industry to build nurturing and encouraging environments...
How's things? Insurance News launches wellbeing survey
18 July 2022
Today Insurance News launches its latest wellness survey, following the success of last year’s inaugural poll...
Youpla collapse affects 'minimum' 20,000 people
18 July 2022
The collapse of funeral insurer Youpla, which targeted First Nations communities, has affected a minimum 20,000 people across Australia, the Save Sorry Business Coalition says...
Regional Queenslanders forced to reassess home premium payments
18 July 2022
Regional Queensland specialist, Sure Insurance, says significant numbers of its policyholders have adjusted their home premium payment schemes to accommodate increased cost-of-living pressures...
Consumer group urges brokers to be proactive on remuneration
11 July 2022
The Consumer Action Law Centre has urged brokers to be proactive in reviewing remuneration arrangements, even as implementation of a disclosure part of the new code of practice is delayed by a year...
ICA estimates insured losses at $122 million after NSW's wet week
11 July 2022
Insurers have so far received 10,526 claims with an estimated insurance loss of $122 million related to extreme rain and flooding in NSW this month...
Indian Ocean wet weather driver 'increasingly likely'
11 July 2022
Climate models monitored by the Bureau of Meteorology are indicating that an Indian Ocean driver of wet weather will form this year, following the end of the recent Pacific Ocean La Nina...
ICNZ reports early data from May tornado
11 July 2022
Insurance claims associated with the May 20 tornado that hit New Zealand’s northern island town of Taitoko Levin have amounted to $NZ 8.1 million, according to early data from the Insurance Council of New Zealand Te Kahui Inihua o Aotearoa...
Reinsurers demand higher renewal rates as floods in focus
04 July 2022
Reinsurers have sought significant rate increases at the Australian June and July renewals as the market responds to the high level of local and global natural catastrophes and a changing economic environment, international broking groups say...
'Truly heartbreaking': NSW struck again by severe floods
04 July 2022
Tens of thousands of NSW residents are under evacuation orders today after 100mm of rain swamped many catchments, sending rivers and dams beyond containment lines – with more wet weather still to come...