EQC $6 billion reinsurance pricing meets expectations
22 June 2020
New Zealand’s Earthquake Commission has renewed its $NZ6.2 billion reinsurance program for a total premium of $NZ185.7 million...
Local
Insurers give cautious welcome to BI test case probe
15 June 2020
The Insurance Council of Australia says the business interruption test case being considered by the Australian Financial Complaints Authority may provide clarity on claims relating to the coronavirus shutdown...
ACCC seeks input after relief clearance extended
15 June 2020
The Australian Competition and Consumer Commission has called for submissions by Tuesday next week on a draft authorisation allowing insurers to continue co-ordinating on COVID-19 SME assistance measures until the end of the year...
8500 sport cancellations threaten $1.1 billion annual spend
15 June 2020
Sport event organisers are warning COVID-19 is leaving a $1.1 billion hole in Australia’s economy after the cancellation of 8500 mass participation events...
Farmers criticise liability withdrawal on coal seam gas
15 June 2020
Queensland rural group AgForce is concerned farmers with coal seam gas infrastructure on their properties will struggle to obtain liability insurance after WFI said it will no longer provide the cover in those circumstances...
Adani insurers rule out future involvement
15 June 2020
The insurers named in a newspaper last week as being involved with the Adani coal mine have ruled out providing insurance for the next phases of the controversial project in Queensland...
Bushfire risk falls for next few years
15 June 2020
The recent devastating bushfire season represents a turning point for land management, with a concerted effort needed to manage the bushfire risk with careful prescribed fires and other future planning, a senior academic says...
Vehicle crime 'set to return to GFC levels'
15 June 2020
The number of vehicles stolen this year will likely exceed 60,000 for the first time since the Global Financial Crisis more than a decade ago, the National Motor Vehicle Theft Reduction Council says...
Court decision clears way for cladding class action to continue
15 June 2020
A class action seeking product liability damages from a cladding maker has scored a "major win" in the Federal Court of Australia, paving the way for the lawsuit to continue, litigation funder Omni Bridgeway says..
Insurers, scientists to devise common climate change standard
15 June 2020
Australia’s largest insurers are joining forces with leading scientists to develop a common standard to be used in climate change risk projections and disclosure, making comparisons easier...
Code Governance Committee urges insurers to lift their game
01 June 2020
The General Insurance Code Governance Committee has called on insurers to lift standards and overhaul processes after finding some subscribers have been "adopting a lax attitude" toward identifying breaches...
Pandemic, bushfires push industry into $997 million quarterly loss
01 June 2020
The general insurance industry sank into an after-tax net loss of $997 million in the March quarter, as last summer’s horror bushfires and fallout from the virus pandemic combined to devastate earnings, latest figures from the prudential regulator show...
Virus creates ‘new suite’ of pressures: S&P
01 June 2020
The COVID-19 pandemic has created a new suite of earnings pressures following significant summer natural catastrophe losses, but Australian and New Zealand-based insurers have been resilient, S&P Global Ratings says in a report...
SME insurance market holding up amid pandemic crisis
01 June 2020
SMEs have fared better-than-expected with the business fallout from the pandemic, according to BizCover and Vero...
Deadline extended for Mansfield Awards feedback
01 June 2020
More time has been provided for brokers to give feedback on insurance claims teams, which will help decide which organisations are recognised in this year’s Mansfield Awards for Claims Excellence...
AFCA expects virus-related disputes to rise
01 June 2020
Disputes over pandemic-related claim denials are set to rise in the coming months, the Australian Financial Complaints Authority has warned, revealing at least 1070 general insurance cases linked to the global health crisis have been lodged...
Cyber crooks exploiting COVID-19 lockdown
01 June 2020
Cyber thieves are using new variants of ransomware to extort money from victims, exploiting the security loopholes created by the COVID-19 lockdown, according to Emergence...
Class action-related changes 'positive for D&O': Aon
01 June 2020
Federal Government changes to listed company continuous disclosure rules and increased regulation of litigation funders are a positive for the directors’ and officers’ insurance market, Aon Australia says...
Almost 50% of summer catastrophe claims closed
01 June 2020
The Insurance Council of Australia says almost half the claims from summer bushfire, hail and storm catastrophes have been closed, as estimated losses from the events continue to rise...
November hail was costliest NZ weather event in 15 years
01 June 2020
New Zealand’s extreme weather insured losses reached $NZ167.6 million last year, with the bulk of payouts stemming from a hailstorm which lasted just minutes but was the costliest weather event in 15 years...