Premium funding code nears release as details finalised
04 October 2021
Premium funders are finalising the details of their first code of practice, which is set to come into effect next year...
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Victorian quake claims reach 4600
27 September 2021
Insurers have received 4600 claims after the largest earthquake to ever strike Victoria took Australians by surprise last week, the Insurance Council of Australia says...
NIBA backs Trowbridge collaborative approach
27 September 2021
The National Insurance Brokers Association has backed the collaborative approach of the Trowbridge report in seeking to find solutions to difficult market conditions...
'Right to repair' regime has implications for insurers: law firm
27 September 2021
Insurers might need to review their risk evaluation and underwriting processes if proposed “right to repair” laws are introduced, Clyde & Co says...
Intermediary premium increases in June half
27 September 2021
Intermediaries invoiced about $14.1 billion in general insurance premiums in the six months to June 30, up from almost $12.5 billion a year earlier, the Australian Prudential Regulation Authority says in a regular bi-annual update...
NSW, Queensland flood loss estimate cut after over-reserving
27 September 2021
Zurich-based catastrophe data company Perils has slashed its insured loss estimate for the March NSW and Queensland flooding catastrophe to $751 million, saying initial over-reserving of losses in the wake of the flood event had incorrectly inflated its first two cost estimates...
Pandemic puts mental health on C-suite agenda
27 September 2021
The COVID-19 pandemic has elevated mental health issues to a business risk requiring the attention of boards and top executives, Mercer Marsh Benefits says...
ICA acts on affordability in Trowbridge response
20 September 2021
The Insurance Council of Australia will form a Business Advisory Council as part of responses to a report delivered by John Trowbridge on availability and affordability issues...
Consumer advocates ramp up pressure on landlord insurers
20 September 2021
Consumer groups have again alleged that landlord insurers are “unfairly” demanding tenants pay for their landlords’ insurance claims, after first flagging the problem last month...
Judgment awaited after second BI test case concludes
20 September 2021
A Federal Court decision on the Insurance Council of Australia second test case could be handed down as early as next month, with a potential appeal already scheduled for November...
Bureau warns of 50% La Nina chance
20 September 2021
The Bureau of Meteorology says there is a 50% chance of a flood-inducing La Nina weather system forming this year due to recent cooling in the tropical Pacific – which is more than double the normal likelihood...
ICA announces virtual forum
20 September 2021
The Insurance Council of Australia will hold its Annual Industry Forum next month, but it will be in a virtual format...
ICA second test case set to conclude this week
13 September 2021
The Insurance Council of Australia second business interruption test case is set to conclude this week after hearing arguments relating to disease and prevention of access wordings and how any losses should be calculated if a policy is triggered...
Theatres file $20 million BI court action against Ansvar
13 September 2021
Theatres that rank amongst Melbourne’s most iconic venues have filed Victorian Supreme Court action against Ansvar Insurance seeking cover for pandemic business interruption losses totalling more than $20 million...
Broker Co-op names directors
13 September 2021
Independent cluster group Broker Co-op has completed its registration and named its first board of directors...
Strata report reveals scale of tax burden
13 September 2021
More than a quarter of strata premiums went to government taxes such as GST and stamp duties, according to a report commissioned by peak body Strata Community Association...
ICA seeks border action as disaster season looms
13 September 2021
Australia’s governments need to put arrangements in place ahead of summer to allow the insurance sector to respond to natural disasters around the country, with current border restrictions hindering movement, the industry has warned...
NZ July storm insured losses top $117 million
13 September 2021
Insured losses from storms that left a raft of damage across much of New Zealand in July have reached at least $NZ122 million...
Second BI test case opens with Townsville pub claim
06 September 2021
The Insurance Council of Australia second business interruption case has started in the Federal Court today with a focus on a claim lodged by The Taphouse craft beer bar and restaurant in Townsville...
Householder class 'a major challenge' for insurers
06 September 2021
Year-on-year premium increases have not been enough to restore profitability in householder insurance, actuarial consultancy Taylor Fry warns in its latest Radar report...