NSW bushfire rules brought forward for winter start
05 August 2019
The start of the official NSW bushfire danger period has been brought forward by two months, starting now in much of the state even though it is still winter...
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Insurance claims for bad debts hit record levels
05 August 2019
Insurance claims for bad business debts have hit record levels, trade credit insurance broker NCI says...
Ratings downgrade affects mortgage-backed securities
05 August 2019
Ratings agency S&P has placed a negative credit watch on 65 different classes of residential mortgage-backed securities (RMBS), following its decision to lower its ratings on two local lenders’ mortgage insurance heavyweights...
Big winner: Allianz wins gold and two silvers at Mansfield Awards
29 July 2019
Allianz Australia has hailed the work of its claims staff after winning the Gold Mansfield Award for excellence in claims-handling for the second year in a row.
Breach leads motor assessor to boost cyber security
29 July 2019
Motor loss assessing firm AAMC says it is boosting its cyber security after an unauthorised breach affected part of its systems...
Canberra urged to follow UK cladding repair plan
29 July 2019
The Federal Government has been urged to adopt the UK approach and fund the rectification of unsafe cladding on buildings...
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...
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...