Halloween hailstorm losses hit $1.23 billion
14 December 2020
Zurich catastrophe data company Perils has estimated property and motor insurance losses from October’s “Halloween” hailstorms in Queensland at $1.23 billion...
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Insurers to seek rapid response on High Court appeal
14 December 2020
The Insurance Council of Australia will seek a rapid decision on the validity of business interruption exclusions citing the Quarantine Act if the High Court agrees to hear its appeal on the issue...
D&O premium pool now ‘appears sustainable’: Marsh
14 December 2020
Marsh says there is a chance of new directors’ and officers’ insurance providers entering the market now that the premium pool “appears sustainable” after rate increases of over 100% in 2018 and last year...
Insurers accused of abandoning alpine tourism sector
14 December 2020
Alpine resort operators say insurers have “over-reacted” to the growing bushfire threat, making insurance cover unaffordable or unavailable...
Potential for add-on commissions to ‘jeopardise’ brokers’ independence
14 December 2020
The Insurance Brokers Code Compliance Committee has expressed concerns over the independence of brokers who sell add-on products to clients on behalf of insurers...
KPMG expects renewed focus on M&A post-COVID
14 December 2020
The general insurance industry is likely to see an increase in merger and acquisition activities in the next 24 months, according to a new report from KPMG...
Motor thefts hit five-year low amid COVID
14 December 2020
Motor vehicle theft fell 7% across Australia to the lowest level since 2015 in the year to September, as borders were closed and movement was restricted due to COVID-linked lockdowns...
Cyber insurance cost set to go up: Axa XL
14 December 2020
Businesses can expect cyber insurance to become more costly as insurers respond to “unsustainable losses” and regulators seek to hold companies accountable for breaches, according to Axa XL...
New flood study calls for increased mitigation investment
07 December 2020
Australia has been urged to invest more in flood mitigation after a new report found funding is “grossly disproportionate” towards recovery and reconstruction programs...
Insurers can manage La Nina claims: analysts
07 December 2020
The active La Nina weather pattern could last until autumn, but insurers will be able to deal with any influx in claims, analysts say...
Businesses urged to focus on risks in tough market
07 December 2020
Businesses need to step up their focus on resilience and mitigation as prices continue to rise and terms tighten, specialist insurer FM Global says...
Decision awaited on Federal Court Victorian BI case
07 December 2020
A Federal Court decision on a Vero business interruption exclusion dispute brought by a Melbourne cafe and restaurant could be delivered this month or early next year...
ANZ credit insurance customers informed of class action
07 December 2020
More than 440,000 customers have been notified by the Federal Court they may be eligible to join a consumer credit insurance class action against ANZ in which QBE is named as one of the respondents...
In the December/January edition of Insurance News magazine
07 December 2020
Like a catastrophic love affair, 2020 altered our lives and try as hard as we might not to look back on it, we won’t be able to help ourselves...
Waiting, waiting: affordability report on Treasurer’s desk
07 December 2020
Insurers will have to wait a little longer to read the Australian Competition and Consumer Commission’s final report on insurance in northern Australia...
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...
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...