Hollard hit with BI lawsuit from gym owner
29 March 2021
Legal proceedings have commenced in the Federal Court against Hollard Insurance over a business interruption claim dispute...
Local
Vanilla Lounge moves forward with BI court action
29 March 2021
The Vanilla Lounge restaurant business is pressing ahead with its Federal Court action over a pandemic-related business interruption claim after a key question in the dispute was separately decided in December...
ICNZ explains travel cover ahead of possible trans-Tasman bubble
29 March 2021
The Insurance Council of New Zealand has issued an advisory on how travel insurers have responded to the coronavirus pandemic ahead of a potential trans-Tasman travel bubble with Australia...
Scientists, engineers discuss building resilience challenge at NZ event
29 March 2021
More than 250 scientists and engineers gathered last week in Dunedin, New Zealand, to share their specialist knowledge on landslides, liquefaction and other risk factors that could affect buildings during an earthquake or other natural disaster...
Catastrophe declared as NSW historic deluge continues
22 March 2021
The Insurance Council of Australia has declared a catastrophe for the NSW emergency as widespread sustained rainfall and flooding causes a once-in-a-century event in some parts of the state...
SME Index indicates rising broker use
22 March 2021
The number of SME owners using brokers has hit 40%, according to the latest edition of the Vero SME Insurance Index...
Court sets out key dates for second BI test case
22 March 2021
The Federal Court has set out a timeline for preliminary actions related to the Insurance Council of Australia’s second business interruption test case...
Australia losses driving up renewable energy premiums
22 March 2021
Renewable energy premiums are set to increase even more this year, pushed up by claim losses in Australia, according to a research paper jointly prepared by London-based broker BMS Group's renewable energy team in Australia...
Rising police arrest rates drive vehicle theft decline
22 March 2021
Increasing police apprehension rates and court actions for car theft are contributing to a decline in the number of vehicles stolen in NSW, a research report has found...
Gig workers ‘should receive workers’ comp cover’
22 March 2021
Employers of so-called gig workers are avoiding a responsibility to adequately protect staff with cover for loss of wages or other payments if they are injured or become ill, Slater and Gordon says...
Consistently high insurance code breaches ‘discouraging’
15 March 2021
Insurers must ensure their systems are compliant with a new industry code as “a matter of urgency” after a high number of breaches once again last year, the General Insurance Code Governance Committee says...
Pandemic gifts industry ‘opportunity’ to remake for future
15 March 2021
A new report from consultancy EY has outlined what it believes is an “opportunity” for general insurers everywhere, including in Australia, to “remake” their business models for a post-COVID landscape...
PI mutual proposed as capacity limited
15 March 2021
A professional indemnity mutual is being explored as an alternative risk protection offering as companies and individuals are hit by soaring insurance premiums and the withdrawal of traditional capacity...
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...
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...