Big insurers’ bizpak domination under threat
29 July 2019
The potential entry of newcomers in the SME business pack product line could upend the market dominance of IAG, Suncorp and QBE, a Macquarie Research report predicts...
Local
Manual operation of dam spared Townsville worse flooding
29 July 2019
An independent review says Townsville was spared more widespread flooding six months ago by a decision to operate spillway gates at the Ross River Dam manually on four occasions – a deviation from the standard operating procedures...
Dry conditions persist: BOM
29 July 2019
Parts of southern Queensland face above-normal fire potential and current trends suggest no relief is in store for drought-affected areas, according to the Bureau of Meteorology’s latest update...
Professional, public and products claims surge
29 July 2019
Professional indemnity and public and product liability claim payouts cost insurers a combined $2.03 billion in 2017, a rise of 22.5% over the previous year...
Ministers agree to act on PI impasse
22 July 2019
A consultation on professional indemnity insurance is expected in coming weeks after the Building Ministers’ Forum in Sydney last week agreed on a co-ordinated response to the impasse in the troubled construction industry...
No ‘windfall’ for insurers under cladding fix: ICA
22 July 2019
The Insurance Council of Australia has rejected suggestions that insurers will enjoy a “significant windfall gain” from Victoria’s cladding rectification plan and should therefore help fund the repairs...
NSW funds $2 million drought insurance study
22 July 2019
The NSW Government will spend $2 million investigating a national insurance scheme to protect the drought-hit farming sector from future dry spells...
Ex-Allianz manager wins $1.3 million bullying payout
22 July 2019
Allianz has lost a lawsuit over workplace bullying charges filed by a former manager, and must pay him $1.39 million in compensation...
Property capacity contracting, premiums rising
22 July 2019
Australian property market capacity is contracting, while premiums are increasing for catastrophe-exposed and undesirable risks, Willis Towers Watson’s July update says...
Fair play more important than letter of the law: AFCA
22 July 2019
The Australian Financial Complaints Authority has warned insurers against relying on “legally sound” black-letter arguments for actions that create poor consumer outcomes...
Industry settles most NSW hailstorm claims
22 July 2019
About 72% of home building claims from last December’s NSW hailstorm have closed, according to the latest update from the Insurance Council of Australia...
‘Storm-chasers’ blamed for spike in post-storm claims
15 July 2019
RACQ Insurance’s payouts for damage from a hailstorm in Gympie may reach $50 million – 50% more than was expected – as a result of opportunistic “storm-chasers”...
Deferred sales not the answer for all add-ons: Finity
15 July 2019
Actuarial consultant Finity says proposed deferred sales model regulations for add-on insurance should be applied in some areas only, allowing new product design and distribution rules and intervention powers to provide wider protection...
Insurer ‘discriminated’ against child sex offender
15 July 2019
A tribunal has ruled NRMA Insurance engaged in discrimination when it rejected a child sex offender’s bid to buy public liability cover for his gardening business...
Disputes rise 20% in AFCA’s first half-year
15 July 2019
The Australian Financial Complaints Authority received 7969 general insurance disputes in the six months after its launch last November, up 20% from a year earlier when the Financial Ombudsman Service oversaw external complaints...
PI trouble drives hardening NZ market
15 July 2019
Rates in New Zealand are rising, fuelled by external factors including the professional indemnity crisis affecting Australia’s building industry, a Willis Towers Watson market update says...
Building code ‘needs rewriting for climate change’
15 July 2019
The next review of the National Construction Code in three years must include climate change provisions, according to the Australian Strategic Policy Institute...
Australian commercial rates maintain strong growth
08 July 2019
Commercial rates in Australia recorded double-digit rises last year, building on similar gains in 2017, according to Swiss Re’s latest Sigma report...
Dual fraudsters face 20 years in jail
08 July 2019
Josie and Alvaro Gonzalez face jail terms of up to 20 years for cheating Dual Australia out of $17.4 million between March 2011 and May 2013...
Refined pricing approach lifts reinsurers
08 July 2019
Reinsurance rates are stabilising at a higher level after years of natural catastrophe losses, according to a Willis Re report...