Tokio Marine examines Greensill policies
15 March 2021
Tokio Marine Holdings Inc has said it is investigating the validity of insurance policies provided by its Australian unit to financial firm Greensill, Reuters has reported...
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Lure of short-term rewards overshadows ethical values: Actuaries Institute
15 March 2021
Australia’s CEOs and other executives routinely go against values stipulated in their own code of conduct and company value statements, driven by pay structures which reward short-term financial performance over the management of non-financial risk, a new study finds...
Vigilance urged after COVID-driven car theft drops
15 March 2021
The National Motor Vehicle Theft Reduction Council has called for vigilance in preventing theft following a coronavirus-driven slump in the number of vehicles stolen last year...
‘I don’t have a wife at home’: women share their insurance journey on IWD
08 March 2021
Covert juggling of work and babies, rejecting low ball pay offers and educating colleagues that “I don’t have a wife at home that’s got everything done for me”...
Federal Court process begins for second BI test case
08 March 2021
The Federal Court will next week hold a preliminary hearing for the Insurance Council of Australia’s second business interruption test case on wordings that underwriters say exclude claims related to COVID-19...
COVID BI provisions, cat losses push industry into underwriting deficit
08 March 2021
The general insurance industry incurred underwriting losses in the December quarter and last year, squeezed by revised provisions for pandemic-related business interruption claims and the growing financial toll from natural catastrophes, the prudential regulator says in a new statistical report...
Exfiltration, encryption and extortion: cyber attackers’ three modus operandi
08 March 2021
Cyber crooks are evolving more sophisticated, three-pronged attacks to steal organisations’ funds, starting with data exfiltration and encryption, followed by extortion...
Business buyers warned of unexpected insurance hazards
08 March 2021
New business owners may be exposed to potential insurance claims after an acquisition which are not covered by existing policies, Acacia Insurance warns...
Clarity on second BI test case issues not expected this year
01 March 2021
The Insurance Council of Australia’s second test case on business interruption cover may not bring clarity until well into next year given legal timelines and likely appeal processes...
Hearing dates set for casino group’s BI lawsuit
01 March 2021
The Federal Court has set aside two days of hearings in April for the business interruption lawsuit that The Star Entertainment Group launched last year against Chubb and other insurers...
Class action letters sent to 750,000 CBA customers
01 March 2021
Slater and Gordon says more than 750,000 people will today receive a Federal Court notice advising they may be eligible to be part of a consumer credit insurance class action against Commonwealth Bank...
Industry warned of ‘bumpy’ year ahead
01 March 2021
Australia’s property and casualty sector has been warned it faces a “bumpy” year as the industry attempts to address a raft of pressing challenges such as uncertainties stemming from two business interruption test cases...
In the February/March edition of Insurance News magazine
01 March 2021
While 2020 was a year to forget, 2021 should be the year for finding answers. That’s the theme of the latest edition of Insurance News magazine, which is due to be mailed out later this week...
Property worth $277 billion faces climate risk in Victoria: CoreLogic
01 March 2021
Almost 9% of households in Victoria are at “very high” risk of climate hazards, with another 8% exposed to high risk – equating to $277 billion of property under threat, CoreLogic says...
NZ records costliest severe weather year
01 March 2021
New Zealand has experienced its costliest year for severe weather insured losses, with claim payments hitting a record $NZ248 million...
ICA to host forum to appease frustrations after Halloween hailstorm
01 March 2021
The Insurance Council of Australia will host a community forum in Brisbane’s Springfield Lakes this week as it acknowledges frustration over repair delays following severe hail on October 31...
General insurance GWP forecast to grow 5% a year
22 February 2021
Australia’s general insurance industry will reach gross written premium of $98 billion in 2025, from $76.3 billion last year, supported by gradual economic recovery and growing demand for insurance against natural disasters, GlobalData predicts...
Capacity crunch hits construction sector
22 February 2021
The Australian construction insurance market is experiencing a shift to increased pricing, higher excess levels and more restrictive coverage after a spate of natural catastrophes and project failures, Marsh reveals...
States should share disaster impact assessment data: ICA
22 February 2021
A government-funded advisory committee should be established to collate disaster impact-assessment data across states and territories, The Insurance Council of Australia says...
ICA ends support for Warragamba Dam wall plan
22 February 2021
The Insurance Council of Australia is no longer supporting a proposal to raise the height of the Warragamba Dam wall due to concerns about the impact on cultural heritage sites in the affected area...