Aon goes into partnership with business group
01 February 2021
Aon has entered into a partnership with business advocacy group Business Australia to support the organisation’s SME members...
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A NOTE FROM THE PUBLISHER
14 December 2020
Dear reader...
Act now on affordability, says SME ombudsman
14 December 2020
Australian Small Business and Family Enterprise Ombudsman Kate Carnell says action to improve insurance affordability is needed as soon as possible, with longer-term mitigation unable to deliver immediate relief...
Expect flexible, usage-based insurance in 2021: EY
14 December 2020
Australian insurers are likely to introduce more flexible insurance offerings in the new year, including usage-based cover, as a focus on serving the demands of existing customers turns to luring new business...
Halloween hailstorm losses hit $1.23 billion
14 December 2020
Zurich catastrophe data company Perils has estimated property and motor insurance losses from October’s “Halloween” hailstorms in Queensland at $1.23 billion...
Insurers to seek rapid response on High Court appeal
14 December 2020
The Insurance Council of Australia will seek a rapid decision on the validity of business interruption exclusions citing the Quarantine Act if the High Court agrees to hear its appeal on the issue...
D&O premium pool now ‘appears sustainable’: Marsh
14 December 2020
Marsh says there is a chance of new directors’ and officers’ insurance providers entering the market now that the premium pool “appears sustainable” after rate increases of over 100% in 2018 and last year...
Insurers accused of abandoning alpine tourism sector
14 December 2020
Alpine resort operators say insurers have “over-reacted” to the growing bushfire threat, making insurance cover unaffordable or unavailable...
Potential for add-on commissions to ‘jeopardise’ brokers’ independence
14 December 2020
The Insurance Brokers Code Compliance Committee has expressed concerns over the independence of brokers who sell add-on products to clients on behalf of insurers...
KPMG expects renewed focus on M&A post-COVID
14 December 2020
The general insurance industry is likely to see an increase in merger and acquisition activities in the next 24 months, according to a new report from KPMG...
Motor thefts hit five-year low amid COVID
14 December 2020
Motor vehicle theft fell 7% across Australia to the lowest level since 2015 in the year to September, as borders were closed and movement was restricted due to COVID-linked lockdowns...
Cyber insurance cost set to go up: Axa XL
14 December 2020
Businesses can expect cyber insurance to become more costly as insurers respond to “unsustainable losses” and regulators seek to hold companies accountable for breaches, according to Axa XL...
New flood study calls for increased mitigation investment
07 December 2020
Australia has been urged to invest more in flood mitigation after a new report found funding is “grossly disproportionate” towards recovery and reconstruction programs...
Insurers can manage La Nina claims: analysts
07 December 2020
The active La Nina weather pattern could last until autumn, but insurers will be able to deal with any influx in claims, analysts say...
Businesses urged to focus on risks in tough market
07 December 2020
Businesses need to step up their focus on resilience and mitigation as prices continue to rise and terms tighten, specialist insurer FM Global says...
Decision awaited on Federal Court Victorian BI case
07 December 2020
A Federal Court decision on a Vero business interruption exclusion dispute brought by a Melbourne cafe and restaurant could be delivered this month or early next year...
ANZ credit insurance customers informed of class action
07 December 2020
More than 440,000 customers have been notified by the Federal Court they may be eligible to join a consumer credit insurance class action against ANZ in which QBE is named as one of the respondents...
In the December/January edition of Insurance News magazine
07 December 2020
Like a catastrophic love affair, 2020 altered our lives and try as hard as we might not to look back on it, we won’t be able to help ourselves...
Waiting, waiting: affordability report on Treasurer’s desk
07 December 2020
Insurers will have to wait a little longer to read the Australian Competition and Consumer Commission’s final report on insurance in northern Australia...
New climate report urges industry to act on oil and gas
07 December 2020
Climate change activists have pressed insurers to cease underwriting oil and gas businesses, saying fossil fuels combined account for 55% of global carbon emissions...