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...
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Industry profits fall as COVID, natural disasters dent earnings
30 November 2020
Bushfires and other costly natural disasters from last summer plus the fallout from COVID-19 on financial markets have significantly affected general insurance earnings, the Australian Prudential Regulation Authority says...
Actuaries call for government action on affordability issues
30 November 2020
The Actuaries Institute says “temporary and targeted government intervention” is needed to help manage the issue of insurance affordability, with households in up to 12% of Australian postcode areas facing pressure in meeting annual premiums...
Key managers leave ICA after restructure
30 November 2020
Several key executives will leave the Insurance Council of Australia, following a strategic review...
BI claims certainty ‘some time’ away: AM Best
30 November 2020
Clarity over business interruption claim impacts as a result of the COVID-19 pandemic is likely to be “some time off” as legal battles continue over wordings and other considerations, AM Best says...
NSW on bushfire alert as above-normal fire potential looms
30 November 2020
Several bushfires have broken out in parts of NSW, prompting the Rural Fire Service to issue advice alerts in a number of areas, including two that are burning west of Sydney today...
Insurance News launches podcast service
30 November 2020
Detailed discussion of the NSW Court of Appeal ruling on the COVID-19 business interruption test case is featured in the first edition of INsight, the new Insurance News podcast...
Natural disasters? No worries, say Kiwi SMEs
30 November 2020
Small businesses in New Zealand are more concerned about cyber attacks, managing cashflow and retaining staff than natural disasters, even after a decade of destructive earthquakes and floods...
Sustainability Roadmap seeks to cut emissions
30 November 2020
A “roadmap” developed by the Australian Sustainable Finance Initiative has called on members to facilitate a transition to net-zero emissions by 2050 and to take steps to boost resilience...
ICA holds inaugural building code roundtable in Canberra
30 November 2020
The Insurance Council of Australia hosted the first of a series of Building Stronger Homes Roundtables last week, exploring the role of construction standards in national natural disaster resilience...
Victoria, Queensland join cladding class actions
30 November 2020
Litigation funder Omni Bridgeway says the Victorian and Queensland governments have given their consent to join two separate cladding class actions it is pursuing in the Federal Court...
ICA considers next legal steps on BI pandemic cover
23 November 2020
The Insurance Council of Australia is considering legal action on two fronts following the NSW Court of Appeal test case decision last week that found in favour of policyholders on business interruption pandemic exclusions...
S&P says BI ruling won’t mar industry’s growth
23 November 2020
Australia’s general insurance industry is still on track to achieve “a good, solid return” despite losing the business interruption test case heard last month in the NSW Court of Appeal, S&P Global Ratings says...
Federal court sets date for casino group’s BI hearing
23 November 2020
The Federal Court has listed two days of hearings from April 29-30 to address the question of the “making of a declaration of indemnity” in the business interruption lawsuit filed by The Star Entertainment Group against Chubb and other insurers...
Natural hazards research aims to fill knowledge gaps
23 November 2020
A new suite of research projects to fill crucial knowledge gaps in how Australia manages bushfires and other natural hazards is being undertaken at the Bushfire and Natural Hazards Co-operative Research Centre...
What does La Nina mean? 45% have no clue
23 November 2020
About 45% of Australian don’t know what La Nina means despite warnings from weather forecasters that the climate event is set to bring more rain and floods this coming summer, according to new research from Allianz...
ANZ credit insurance customers lodge complaints with AFCA
23 November 2020
A number of customers who bought consumer credit insurance from ANZ are pursuing their claims for about $85,000 in compensation through the Australian Financial Complaints Authority..
Southern Response loses bid to stop ‘opt out’ class action
23 November 2020
A Canterbury quake claim class action against Southern Response will proceed on an “opt out” basis following a ruling last week in the Supreme Court of New Zealand...
Government grant backs incubator Insurtech Gateway
23 November 2020
Insurtech Gateway Australia has been granted $250,000 over two years by the Federal Government as part of an incubator support initiative...
Village blaze losses top $30 million
23 November 2020
Insured losses from the New Zealand Lake Ohau fire last month have reached $NZ34.8 million, according to preliminary figures...