Black Summer: more than 70% of claims paid despite COVID
31 August 2020
Last summer’s bushfires, floods and hailstorms resulted in claims totalling $5.4 billion, with more than 70% already paid...
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Motor set for low growth after this year’s COVID hit
31 August 2020
Australia’s motor insurance market is facing an extended period of low growth after an expected 4.4% contraction this year as the coronavirus outbreak exacerbates existing weakness, UK-based analytics group GlobalData says...
NZ insurers pay out $10 million for June tornado
31 August 2020
New Zealand insurers have paid $NZ10.8 million to meet claims following a tornado and storm that ripped through the upper North Island in late June, preliminary figures from the Insurance Council of New Zealand show...
Commodore tops Queensland car thief hitlist
31 August 2020
The Holden Commodore was Queensland’s most stolen car for a second year, closely followed by the Toyota Landcruiser...
Wider change needed for digital benefits
24 August 2020
A surge in digital transformation efforts by companies following the COVID-19 outbreak requires a wider rethinking of processes to be fully successful, professional services firm Genpact says...
Victoria adds assessing to list of permitted onsite work activity
24 August 2020
Assessors will be allowed onsite for safety or emergency reasons during the ongoing stage four lockdown in Melbourne, according to an update from the Insurance Council of Australia.
Flood fears rise as La Nina looms
24 August 2020
The Bureau of Meteorology says there is now a 70% chance of a flood-inducing La Nina weather system developing this year...
Casino company says its policy wording supports BI claim
24 August 2020
The Star Entertainment Group says its business interruption policy wording provides “reasonable” grounds for pursuing a disputed claim with its insurer over coverage for shut-downs forced this year...
Special costs order against IAG ‘a warning for insurers’
24 August 2020
Insurers have been urged to take note of the ACT Supreme Court’s recent decision to issue a “special costs order” against IAG, after it rejected a $100,000 offer from a plaintiff to settle a car accident claim...
IAG steps up bushfire education
24 August 2020
IAG today released two new fact sheets about bushfires and the potential dangers they pose to Australians, warning future seasons will be more severe and longer in duration...
BI test case listed for directions hearing
17 August 2020
Business interruption test case proceedings have been listed for a directions hearing at the NSW Supreme Court on August 28...
Renewals market set to harden further: Marsh
17 August 2020
Major broker Marsh sees no let-up in the tough market conditions in Australia that have led to a record 31% jump in commercial rates in its Pacific region during the second quarter...
In Insurance News magazine this month
17 August 2020
Nothing much will be the same after the coronavirus pandemic, and new Suncorp Group CEO Steve Johnston is one of those industry leaders already planning for new approaches to insurance and its markets...
Ransomware ‘biggest threat facing Australian business’
17 August 2020
Broker Marsh has urged Australian businesses against underestimating the ransomware threat, labelling the data-encryption malware as the “biggest threat” they face from cyber adversaries...
Insurers set up project to probe coastal erosion threats
17 August 2020
The Insurance Council of Australia’s Climate Change Action Committee is seeking tender responses by September 4 for a project to increase understanding of expected rising risks from “actions of the sea”...
Government bonds class action ups the ante on climate
17 August 2020
A class action filed over climate change risks related to Federal Government bonds highlights the rising threat of legal proceedings against directors and managers of private companies, lawyers say...
Perils raises February storm losses estimate to $958 million
17 August 2020
An east coast low which hit Queensland and NSW in February caused insured property losses of $958 million, catastrophe data company Perils says...
Starc lawsuit ends with undisclosed settlement
17 August 2020
A Victorian County Court proceeding brought by Australian fast bowler Mitchell Starc over a disputed claim has been dismissed after an in-principle settlement with underwriters at Lloyd’s...
Melbourne lockdown: industry fears claims impact
10 August 2020
The industry is pressing the Victorian Government to include in its business guidance a definition of critical insurance services that can still be provided during the current stage four lockdown...
Severe rainfall, flooding hits NSW coast
10 August 2020
NSW coastal regions have been hit by torrential rainfall, flooding similar to levels three decades ago and power outages as a severe weather system has moved northward...