Queensland hailstorms losses top $110 million
02 November 2020
The Insurance Council of Australia has declared a catastrophe for hailstorms that have caused losses of more than $110 million in southeast Queensland at the weekend...
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Finity reports insurer profitability ‘falling off a cliff’
02 November 2020
Australian insurers’ profitability has collapsed to a 20-year low, primarily as a result of falling investment returns but aided and abetted by a spate of catastrophe claims and COVID-19 disruption...
La Nina set to last until February
02 November 2020
The flood-inducing La Nina weather system is likely to continue until at least February, the Bureau of Meteorology says in its latest update...
Caravan parks ‘face closure over insurance issues’
02 November 2020
An inquiry into insurance issues faced by small businesses has been told the caravan park industry could be “brought to its knees” by a lack of affordable insurance cover...
NIBA’s code update will boost remuneration clarity
02 November 2020
The National Insurance Brokers Association Code of Practice update is set to include changes to provide clear disclosure around remuneration and greater clarity around services provided...
Inquiry calls for action as insurers report $6 billion natural disaster losses
02 November 2020
Insurance losses from Australia’s 2019-20 natural disaster season – the country’s worst natural disaster season on record – now total $5.94 billion from 315,638 claims, the Insurance Council of Australia says...
Controversial mine project loses another insurer
02 November 2020
Lloyd’s Apollo Syndicate Management will be ceasing its involvement with the Adani coal mine when the current construction liability policy expires in September next year, bowing to pressure from climate activists...
Australia's 2020 death rates significantly lower than predicted: actuaries
02 November 2020
This year’s pandemic control measures have saved many Australians from COVID-19 disease and fatality and have also reduced deaths from a number of other causes, the Actuaries Institute says...
Cybercriminals gain as businesses meet ransomware demands
02 November 2020
Almost one in three Australian and New Zealand organisations that fell victim to ransomware attacks in the past two years paid off the criminal groups responsible to regain access to their data...
Ai Group calls for government intervention on hard market
26 October 2020
Ai Group is urging the federal and state governments to act to address the persistent hard market which is leaving many businesses facing “insurance stress”...
Insurers expect COVID crisis to change industry
26 October 2020
More than 60% of senior insurance executives in Australia and the Asia Pacific believe business models will need to be reinvented post-COVID, according to a survey by global investment giant BlackRock...
Brokers’ self-reporting gaps worry compliance committee
26 October 2020
The number of brokers failing to self-report code breaches has been flagged as a concern by the Insurance Brokers Code Compliance Committee...
Agile insurtechs respond to crisis opportunities
26 October 2020
Agile fintech companies, including insurtechs, have been able to respond quickly to the COVID-19 crisis and make the most of the new opportunities it has presented, according to the latest EY FinTech Australia Census...
Car theft control group targets insurance fraud
26 October 2020
Vehicle crime is set to worsen because of the economic downturn, setting off a likely rise in insurance fraud, the National Motor Vehicle Theft Reduction Council warned in its Strategic Plan 2020-22...
Mildest winter in five years precedes La Nina rains
26 October 2020
Australia’s 2020 winter was the mildest winter in five years, with warm temperatures and low wind, according to the latest Australian Actuaries Climate Index...
ICA begins consultation on Warragamba Dam plan
26 October 2020
The Insurance Council of Australia is undertaking consultation to understand how a proposal to raise the wall of Sydney’s Warragamba Dam by 14 metres could impact upstream areas and Indigenous heritage sites...
Large reinsurance programs come at a price, S&P warns
26 October 2020
S&P Global Ratings has warned Australian insurers the price of reinsurance programs is set to increase as climate change fuels an expected rise in the severity of claims from extreme weather-related natural catastrophes...
Most broker clients don’t pay more, says Deloitte
19 October 2020
A Deloitte Access Economics report on broker value has found that intermediaries provide huge value to clients, insurers and the economy – and clients don’t necessarily pay more for it...
This La Nina ‘could match 2010-12’ event
19 October 2020
The current La Nina weather event could match the strength of the last one, which caused devastating flooding in parts of Australia...
Insurers say prescribed burns could help fine-tune premiums
19 October 2020
As Australians await promised new government investment in natural disaster resilience, insurers say bushfire mitigation efforts may help them “fine-tune” premiums...