General insurance industry ‘most trusted’ financial service
02 September 2019
More consumers trust the general insurance industry than any other financial services industry, according to a new survey...
Local
Sydney hail, Townsville flood erode industry earnings
26 August 2019
The industry suffered a 44.7% drop in underwriting profit to $2.3 billion in the year to June 30, as claims from the Sydney hailstorm and Townsville flood negated gains from rising premium rates, latest regulatory figures show...
Aviation capacity drying up, say brokers
26 August 2019
Brokers report increasing problems placing aviation business, as one major capacity provider considers pulling out of the local market...
Building product issues wider than PI
26 August 2019
Building product failures are having ramifications for insurance covers beyond professional indemnity, Arthur J Gallagher Practice Leader Construction Angela Vella says...
Flamingo founder says intermediaries ‘ripe for disruption’
26 August 2019
Flamingo Ai founder Catriona Wallace says the intermediary community is “absolutely ripe for disruption” as artificial intelligence is increasingly taken up across the insurance industry...
Sexual harassment inquiry set to affect insurance
26 August 2019
Australia’s Sex Discrimination Commissioner Kate Jenkins will release recommendations this year that will have implications for employment practices liability and directors’ and officers’ cover...
NZ researchers call for national flood mapping
26 August 2019
New Zealand researchers have called for the development of national flood maps after finding the country has $NZ135 billion of building assets at risk from severe weather events...
In Insurance News magazine this month
26 August 2019
The latest edition of Insurance News magazine is hitting mailboxes around Australia this week, revealing why broker group IBNA decided to leave the AIMS joint venture and move to Steadfast. Candid interviews with IBNA Chairman Gary Gribbin and new AUB MD Mike Emmett detail the depth of IBNA’s concerns and AUB’s plan to remove “distractions” from its focus on broking...
EQC agrees to pay in homeowner test case
26 August 2019
New Zealand’s Earthquake Commission has agreed to cover a homeowner’s repair costs on remaining earthquake damage in what is expected to form a framework for settling 54 other cases...
Building products comparator could prevent disaster: ICA
26 August 2019
The Insurance Council of Australia says a new online building product comparison tool could help eradicate “poor building material choices” which have led to problems such as flammable cladding...
Toyota Hilux ‘a magnet for thieves’
26 August 2019
Consumers buying a Toyota Hilux are finding their choice of light truck is shared by thieves, with the vehicle one of the most popular light commercial cars among thieves last year...
PI turmoil set to persist, says Aon
19 August 2019
Securing professional indemnity cover will remain tough for building certifiers and other high-risk professionals as insurers look to cut their losses, according to an Aon report...
Revised code ‘will help with Hayne transformation’
19 August 2019
The General Insurance Code of Practice will be a crucial tool in helping the industry embed Hayne royal commission reforms, the Insurance Council of Australia says...
ICA pushes for flood data access
19 August 2019
Access to local government flood data for Moreton Bay Regional Council and the City of Gold Coast would allow for more accurate pricing of premiums in the two Queensland precincts, the Insurance Council of Australia says...
Local company paves way as Australia-based Lloyd’s broker
19 August 2019
Lloyd’s has welcomed Wickshire as the market’s first Australian-based registered broker as rising technological uptake makes it easier to transact business from global locations...
Cost of fixing nation’s apartment crisis ‘in the billions’
19 August 2019
New research estimates that fixing defects in apartment buildings constructed in the last decade will cost $6.2 billion...
Insurers seek building faults transparency
19 August 2019
Calculating potential underwriting losses from poor construction remains impossible as governments prove reluctant to share information on building issues, Insurance Council of Australia Head of Risk and Operations Karl Sullivan has told a NSW parliamentary inquiry...
Radio Rentals class action affirms disclosure trend: Allens
19 August 2019
A recent Federal Court of Australia order in the Radio Rentals class action indicates insurers are increasingly going to have to disclose details of their clients’ insurance policies, law firm Allens says...
Townsville property insurance losses estimate now $1.22 billion
19 August 2019
Industry losses on property insurance from Townsville’s summer flood, which began on Australia Day, have reached $1.22 billion, according to Swiss modeller Perils estimates...
Bank wins appeal over indemnity claim
19 August 2019
The Bank of Queensland has won in its legal appeal to make an indemnity claim from its civil liability policy...