Warning as home cover affordability stress surges
26 August 2024
The number of Australian households facing home insurance affordability stress jumped 30% to 1.61 million in the year to March...
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Insurers narrow losses on household cover
26 August 2024
Insurers are still losing money in the householders line but industry net earnings increased in the March quarter, according to an Australian Prudential Regulation Authority update...
Industry rejects union attack over ‘price gouging’
26 August 2024
Insurers have hit back at allegations of “price gouging” from the Australian Council of Trade Unions, which has criticised the industry’s profits amid rising premiums...
Motor repairers set out guidelines on non-genuine parts
26 August 2024
The Motor Trades Association and the Motor Body Repairers Association have released new guidelines to help collision repair businesses respond to insurer requests to use non-genuine parts...
Financial services firms launch ILS fund for Australia, NZ
26 August 2024
Bennelong Funds Management and Leadenhall Capital Partners have launched the LCP Insurance Linked Securities Fund...
A NOTE FROM THE PUBLISHER
19 August 2024
My name has been on every issue of insuranceNEWS.com.au as the publisher since it was founded in 2008, and this issue is the last time it will appear...
ICA cat report flags ‘widespread’ impact as claims soar
19 August 2024
The number of claims from declared extreme weather disasters last financial year surged 73% to more than 156,000 but industry losses remained level at $2.19 billion, the Insurance Council of Australia says in a report today...
Land use forum sparks call for action
19 August 2024
The Insurance Council and the Planning Institute of Australia have called for a ban on further property development in highly flood-prone locations...
In Insurance News magazine this month
19 August 2024
The US is battling insurance challenges on many fronts, and Australia is watching with interest to see what it can learn...
Industry steps up investment risk as recession fears ease
19 August 2024
Insurers are showing a “noticeable increase” in investment risk tolerance and are looking at more portfolio diversification, a report says...
ICA sets standard for expert reports after ‘loud and clear’ feedback
19 August 2024
The Insurance Council has created an Expert Report Best Practice Standard, aiming to provide more clarity for insurers and their customers as criticism continues to flow following the 2022 flood disasters...
Not all levees are created equal, Senate inquiry told
12 August 2024
Flood defences such as levees strengthen disaster resilience but can only offer so much protection, a Senate inquiry into climate risk’s impact on insurance premiums has heard...
Complaints to NZ dispute scheme hit record number
12 August 2024
New Zealand’s Insurance & Financial Services Ombudsman Scheme received a record number of almost 5000 enquiries in the past year, a 21% increase...
Market stabilising but trouble spots remain: Aon
12 August 2024
Australian market conditions have continued to stabilise but some pockets are still challenged, particularly catastrophe-prone property and casualty risks with heavy US exposures, Aon says in a global second-quarter report...
ICA connects with NSW firefighters on safety risks
12 August 2024
The Insurance Council of Australia and Fire and Rescue NSW have pledged to work together on improving community safety...
Insurer support for family violence victims ‘remains a lottery’
05 August 2024
General insurance companies are too slow and patchy in making improvements to their family violence approaches, the Financial Rights Legal Centre says...
PI claims stable but written premium drops
05 August 2024
Professional indemnity claims payments for non-facility business reached $1.111 billion in the 2022 underwriting year, little changed from $1.109 billion a year earlier, according to the Australian Prudential Regulation Authority...
Flood inquiry hearings end after six months
05 August 2024
The federal government’s inquiry into insurers’ handling of the 2022 floods has held its final hearing and is due to report by October 18...
Double disaster on track for $NZ3.8 billion bill
05 August 2024
The Insurance Council of New Zealand says nearly 96% of private claims from the Auckland Anniversary Weekend floods and Cyclone Gabrielle have been settled...
CSIRO wheat yield index aims to power parametric covers
05 August 2024
The national science organisation will design a new yield-based insurance index for wheat farmers...