Governance 'a rising issue' for Asia-Pacific insurers
17 February 2020
Governance is an issue growing in importance for insurance companies in the Asia-Pacific region and outweighs environmental risk, a new report from S&P says...
Local
Storm catastrophe declared as summer havoc continues
10 February 2020
Losses from a weekend of flooding and wild east coast weather have already reached $45 million, the Insurance Council of Australia said today as it declared its sixth catastrophe in five months...
Catastrophes will hurt property profitability
10 February 2020
Bushfires and hailstorms during summer are set to have a significant impact on the profitability of domestic and commercial property classes this year, JP Morgan and Taylor Fry say...
Spring weather breaks records, sets conditions for fires
10 February 2020
Spring was Australia’s seventh consecutive season of extreme dryness and laid the foundation for this summer’s tragic bushfire crisis, the latest Australian Actuaries Climate Index reveals...
Choice’s ‘loose wordings’ accusations draw industry fire
10 February 2020
Insurers have strongly rejected accusations from Choice that the industry uses “loose and complicated” wordings to define fire cover in home policies...
Insurer loses case of the burned-out Toyota
10 February 2020
Suncorp must pay a motor insurance customer $11,100 after the insurer was found liable for the cost of a burned Toyota RAV4 that was comprehensively insured...
More homes lost as fires continue to burn
03 February 2020
Bushfire conditions deteriorated again in the ACT and NSW over the weekend, leading to the loss of more homes...
Hail losses continue to rise
03 February 2020
Losses from hailstorms that hit the ACT, Victoria and NSW last month are set to continue rising as claims are still being lodged...
ICA confirms CEO departure
03 February 2020
Insurance Council of Australia CEO Rob Whelan will leave the industry body to explore “new roles and opportunities”...
Insurers clarify coronavirus coverage
03 February 2020
The local insurance industry has warned that “broad exclusions normally apply” to pandemics and epidemics such as the current coronavirus outbreak...
Insurance cycle to peak late next year: Honan
03 February 2020
The hardening insurance market is unlikely to peak until late next year as underwriters continue to focus on improving profitability, Honan Insurance Group says...
ICA hosts Townsville catastrophe forum
03 February 2020
The Insurance Council of Australia hosted a forum in Townsville on Saturday for policyholders with unsettled claims, a year after the north Queensland city experienced a massive flood...
Climate change rises up Allianz risk list
03 February 2020
Climate change and increasing weather volatility is now ranked ahead of market developments and business interruption in Allianz Global Corporate and Specialty’s annual survey of the top risks facing the Australian insurance industry...
StrataRatings ranks top underwriters
03 February 2020
CHU, Strata Community Insurance and Strata Unit Underwriters have again come out best in an annual ranking of commercial and residential products by independent analyst StrataRatings...
A NOTE FROM THE PUBLISHER
16 December 2019
This is the final Monday edition of insuranceNEWS.com.au for 2019, with our Daily update service continuing through to Friday. We will be back in action from Monday February 3...
Above-normal fire threat remains, new report says
16 December 2019
The eastern region stretching from north Queensland through to NSW and Victoria faces above-normal fire risk this summer, the Bushfire and Natural Hazards Cooperative Research Centre says in a report released today...
Calls for national reinsurance scheme fall on deaf ears
16 December 2019
The Building Ministers’ Forum concluded on Friday with an agreement to follow up on the professional indemnity insurance crisis but did not take up the Victorian Government’s call for a national reinsurance scheme...
Hardening rates will keep industry growth intact: S&P
16 December 2019
Overall return on equity for insurers will exceed 10% over the medium term, S&P Global Ratings has predicted in a moderately upbeat report on the industry’s outlook...
Premiums to keep rising, claims costs increasing: KPMG
16 December 2019
Premium rates are set to continue rising as insurers also battle rising claims costs, KPMG says in its annual review of the industry...
White Island tragedy raises questions over responsibility
16 December 2019
A Miami-based law firm says cover provided by New Zealand’s Accident Compensation Corporation won’t prevent US legal action against cruise company Royal Caribbean over injuries and loss of life caused by the White Island eruption...