Reinsurance pool must have end date: ICA
28 June 2021
The Federal Government’s cyclone reinsurance pool for northern Australia needs an exit strategy, Insurance Council of Australia CEO Andrew Hall told a parliamentary inquiry...
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Coal miners, service firms seek insurance relief
28 June 2021
Solutions to insurance problems faced by companies in the coal sector must be found, as the local fossil fuel remains a key part of the global energy mix and the transition to renewables will take decades, resource industry executives have told a parliamentary inquiry...
Insurer records 'most devastating autumn on record'
28 June 2021
NRMA Insurance received the highest number of severe weather home claims for any autumn this year on Australia’s east coast, and says March-May claims from extreme weather were almost triple the five-year average...
NSW, Queensland flood loss estimates shaved to under $1 billion
28 June 2021
Zurich-based catastrophe data company Perils has lowered its insured loss estimate for the NSW and Queensland flooding catastrophe in March to $916 million, down from an initial estimate of $1.06 billion last month...
Mutuals no longer selling consumer credit insurance
28 June 2021
Credit unions, mutual banks and mutual building societies have stopped selling consumer credit insurance products since September last year, according to the Customer Owned Banking Code Compliance Committee...
NZ scraps disaster claims duplication this week
28 June 2021
A world-first agreement between New Zealand’s state-owned Earthquake Commission and eight private insurers comes into effect on Wednesday, putting an end to double-handling of natural disaster claims...
ACCC liaises with US as Aon-WTW deal hits hurdle
21 June 2021
The Australian Competition and Consumer Commission is in contact with the US Department of Justice on Aon’s proposed acquisition of Willis Towers Watson as the deal faces regulatory hurdles...
Victorian storm claim losses reach $144 million
21 June 2021
The Insurance Council of Australia says about 16,000 claims have been lodged following the Victorian storms, with losses estimated at $144 million as of the end of last week...
Timber shortage to hamper Victoria flood recovery
21 June 2021
Recovery efforts in Victoria after high winds and torrential rain hit Gippsland, the Yarra Ranges and the Dandenongs last week are being hindered by both access problems for adjusters and a likely shortage of building materials...
In the latest edition of Insurance News magazine
21 June 2021
The Federal Government’s decision to rely on a reinsurance pool and a mitigation program is intended to push down premium pressures for cyclone-prone northern Australia. But will it succeed? That depends. Insurance Magazine’s June/July edition examines the long-awaited government initiatives and speaks to key stakeholders about their chances of solving the problems...
ICNZ works alongside emergency services after Auckland tornado
21 June 2021
The Insurance Council of New Zealand worked alongside emergency services on Sunday to help answer insurance questions after a tornado ripped through the South Auckland suburb of Papatoetoe on Saturday morning, affecting hundreds of homes...
Activists highlight growing Adani exodus
21 June 2021
Lloyd’s insurers Lancashire Group and Ascot Group will not be providing insurance to the Adani coal mine project in central Queensland, according to climate activists...
New Zealand insurance market set for post-COVID bounce
21 June 2021
General insurers in New Zealand are likely to record higher gross written premium (GWP) in the next few years, supported by the economy’s post-COVID bounce, according to analytics and consulting firm GlobalData...
Complex supply chains highlight STP cover benefits
21 June 2021
Complex global supply chains are making stock throughput policies increasingly relevant after interest has previously fluctuated, Berkshire Hathaway Specialty Insurance says...
EQC celebrates 20 years of 'Shaky Isles' GeoNet alerts
21 June 2021
New Zealand’s Earthquake Commission is celebrating the 20th anniversary of geological hazard monitoring service GeoNet, which was created in collaboration with Land Information New Zealand and GNS Science...
ICNZ debuts new name: Te Kahui Inihua o Aotearoa
21 June 2021
The Insurance Council of New Zealand (ICNZ) will feature greater use of New Zealand’s official language on its website and social media channels as it introduces a new Te Reo Māori name: Te Kāhui Inihua o Aotearoa, which translates as “the insurance association of New Zealand”.
High Court set to hear BI appeal application
07 June 2021
The Insurance Council of Australia appeal application for its first business interruption test case will be heard in the High Court in Canberra on June 25...
Scammers steal a record $850 million in 2020: ACCC
07 June 2021
Australians lost more than $851 million to scams last year, a record amount as thieves capitalised on the COVID pandemic, the Australian Competition and Consumer Commission reports...
Amusement parks group backs mutual review
07 June 2021
The Australian Amusement, Leisure and Recreation Association says an ombudsman review of the group’s plan for a discretionary mutual will provide information to the Federal Government as a solution for insurance problems is sought...
ICA to hold second round of Halloween hailstorm community talks
07 June 2021
Another opportunity will be held this month for policyholders in Queensland affected by the Halloween hailstorm to meet with their cover providers as insurers face criticism over a lack of communication and resourcing seven months after the event...