Cyber claims frequency, severity on the rise
16 September 2019
Cyber specialist underwriting agency Emergence Insurance says claims frequency rose 29% and average severity jumped 51% in the past financial year...
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NZ homeowners miscalculating rebuild costs
16 September 2019
New Zealand homeowners are miscalculating the cost of rebuilding their properties, leading to the risk of underinsurance, IAG has warned...
NZ Ombudsman complaints rise by 448
16 September 2019
Complaint enquiries to New Zealand’s Financial Services Ombudsman jumped to 3805 in the year to June 30, up from 3357 in the previous year, with the most common complaint issues centred on insurance policy exclusions, scope of cover, non-disclosure, pre-existing conditions and gradual damage...
Intermediaries’ six-monthly premium stays above $11 billion
09 September 2019
General insurance intermediaries placed almost $11.5 billion in premium in the six months to June, the Australian Prudential Regulation Authority says in a half-yearly update...
Claims lodged as bushfires rage in NSW and Queensland
09 September 2019
Insurers have received 45 claims as of this morning from the Queensland and NSW bushfires, which have been declared a catastrophe by the Insurance Council of Australia...
High-risk areas not prepared for bushfire threat
09 September 2019
Residents in areas prone to bushfire risk are still not doing enough to prepare for the danger, despite routine multiple warnings on the importance of contingency planning, according to the Bushfire and Natural Hazards Cooperative Research Centre...
JLT vows to fight new Victorian class action
09 September 2019
JLT will fight a second class action brought against it by local councils alleging they have overpaid premiums while participating in mutual insurance arrangements established by the company...
Actuaries warn of new pressures from Hayne reforms
09 September 2019
Adapting to the post-Hayne royal commission landscape will be challenging, according to actuaries Taylor Fry...
Driverless cars set to shake up industry
09 September 2019
The rise of driverless cars will spur demand for “on-the-go” motor cover, according to a global study on the impact of autonomous vehicles on the transport landscape, including in Australia...
New NZ fraud bureau warns costs will rise without action
09 September 2019
New Zealand’s Insurance Fraud Bureau has warned crime costs will continue rising without a concerted and co-ordinated approach...
Lake Taupo earthquakes cause little damage
09 September 2019
New Zealand’s Earthquake Commission is calling for members of the public to contact them if their property has been damaged by the Turangi earthquakes...
Volcano study will lead to better prediction of eruptions
09 September 2019
Drone technology funded by New Zealand’s Earthquake Commission is being used to study volcanic plumes in the Pacific...
IAG takes up new earthquake model for New Zealand
09 September 2019
IAG NZ has licensed a new earthquake model for New Zealand from Boston-based AIR Worldwide to help manage its catastrophe risk...
Persistent dry, warm spell worsens bushfire risk
02 September 2019
Large swathes of the east coast face above normal bushfire risk as the dry and warm conditions show no signs of easing...
Dual fraudster isn’t sorry, judge says
02 September 2019
Former Dual Australia claims manager Josie Gonzalez has showed no remorse for defrauding the underwriting agency of $17.4 million, and her evidence during her trial was “a litany of lies punctuated only by moments of prevarication”...
PI excesses ‘threaten building surveyor viability’
02 September 2019
The excesses on professional indemnity insurance policies are threatening to put building surveyors out of business, a NSW parliamentary committee inquiry has heard...
Aon and former partner lock horns over ‘blatant poaching’ claim
02 September 2019
A spat has broken out between Aon and the International Institute for Complementary Therapists, months after the two ended their three-year insurance arrangement...
Policyholders stick with existing providers, survey shows
02 September 2019
Only 3.9% of insurance buyers switched provider when taking out a policy during the past 12 months, the latest quarterly Roy Morgan report on purchasing decisions shows...
New Zealanders keen for an earthquake early warning system
02 September 2019
A survey of more than 3000 New Zealanders has found 97% would welcome an earthquake early warning system to allow them to take some sort of action to keep themselves safe...
‘Tidal wave’ of reforms in store for industry
02 September 2019
A ‘tidal wave’ of reforms stemming from the Hayne royal commission will bring significant changes to the industry, according to a leading insurance lawyer...