Draft code disappoints adjusters
16 June 2004
The insurance industry’s new draft code of practice, launched last week in Sydney, has earned qualified praise from consumer groups and even the Federal Government…
Local
Zurich faces reinsurance probe
16 June 2004
Zurich Australia Insurance is under investigation by APRA and ASIC for past reinsurance arrangements…
HIH victims’ scheme short by $172 million
16 June 2004
A review of the HIH Claims Support Scheme by the Australian National Audit Office has revealed that the scheme is $172 million short of being able to pay all claims…
Queensland cuts premium tax
16 June 2004
The Victorian and NSW governments might whinge that Queensland is getting fat on their tax money, but that won’t stop the insurance industry welcoming one small but significant…
NSW fire funding report due
16 June 2004
The NSW Parliamentary Public Accounts Committee is due to hand down its report at the end of this week on whether an insurance-based Fire Services Levy funding model…
Broker predicts business cash problems
16 June 2004
Cashflow problems for many Australian small businesses will “worsen considerably” over the next year, according to National Credit Insurance Brokers…
Draft code of practice launched
08 June 2004
The Insurance Council of Australia launched the revised General Insurance Code of Practice consultation draft this morning aiming to lift standards beyond the requirements…
HIH liquidator floats to new firm
08 June 2004
HIH liquidator Tony McGrath is to become chairman of a new insolvency practice following an amicable parting from KPMG…
APRA suffers blow on R&GIB appeal
08 June 2004
The Australian Prudential Regulation Authority has suffered another blow in its dealings with controversial brokerage Rural & General Insurance Broking…
RACV wins Unisys appeal
08 June 2004
RACV has won an appeal by Unisys over the IT specialist’s alleged failure to supply the Victorian insurer with a paperless claims management system…
Alliance lobbies on FSL before report is due
08 June 2004
The “Alliance for the Equitable Funding of Fire Services”, which is lobbying the NSW Government to abolish the fire services levy, held a press conference in Sydney…
One for the actuaries…
08 June 2004
Thought you’d heard all the weird and wonderful forms of insurance cover available in Australia? Think again…
Potts report ‘scratches the surface’
01 June 2004
Federal Treasury will allow discretionary mutual funds and unauthorised foreign insurers to continue to operate in Australia without adhering to local prudential requirements…
ICA welcomes protection plan
01 June 2004
Another report directly related to HIH recommendations – a study by Professor Kevin Davis into financial system guarantees – has been more positively received…
Adler loses High Court appeal
01 June 2004
Former FAI Insurance MD Rodney Adler has lost a High Court appeal to overturn his 20-year directorship ban and fine of $450,000 over his involvement in the $5.3 billion collapse…
Local heavy vehicle cover will stay up, says insurer
01 June 2004
Speculation that rates for high-risk insurance classes like heavy motor vehicle will plateau and even drop in the next two months is unrealistic…
Barristers keen to shrink occupational liability with scheme
01 June 2004
The NSW Bar Association is proposing a scheme to limit barristers’ civil liability through the establishment of a professional standards scheme and has invited barristers’ clients…
Premiums should reflect profits, says consumer chief
25 May 2004
Australia’s insurance industry should be congratulated for its efforts in returning to profitability – but it’s time to pass on some of that good fortune to consumers…
Local industry’s outlook is beaut, says S&P
25 May 2004
It’s all looking good for Australia’s general insurance industry this year, says ratings agency Standard & Poor’s…
Market wrap: the jury’s out on premium rises
25 May 2004
Brokers are already hard at work on the next round of policy renewals, and many say they are positive policyholders will benefit from some relief…