PDS and key facts sheets? Useless, say researchers
17 September 2018
Product disclosure statements and key fact sheets are not helping consumers choose the best insurance cover, according to a study commissioned by the Financial Rights Legal Centre…
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Insurers hit back at brokers over claims criticism
17 September 2018
Insurers have labelled as “scattergun” and “extremely disappointing” brokers’ allegations that poor claims experience is becoming more common in the industry…
Australian cyber market growth to outpace global expansion
17 September 2018
Growth in Australia’s cyber insurance market is expected to surge over the next few years, outpacing the expected trajectory for almost all developed countries, Aon says in a quarterly update…
Industry ‘not ready’ for new accounting standards
17 September 2018
Australian insurers and their overseas peers are running out of time to prepare for the transition to two new global accounting standards that will come into effect in 2021, KMPG says…
Major agencies involved in tsunami exercise
17 September 2018
A massive exercise simulating a tsunami hitting the coasts of Queensland, NSW, Victoria and Tasmania has illustrated the potential damage that low-lying areas could suffer…
Royal commission opens insurance hearings
10 September 2018
The Hayne royal commission today opened its insurance-round hearings with examples of misconduct and cases where behaviour has fallen short of community standards and expectations…
NIBA chief warns insurers over claims turmoil
10 September 2018
National Insurance Brokers Association CEO Dallas Booth says insurers are consistently failing to pay claims because of industry “turmoil”…
Intermediary premium holds steady
10 September 2018
Insurance intermediaries invoiced $10.4 billion of premium in the half-year to June 30, the Australian Prudential Regulation Authority says…
Experts predict severe bushfire season
10 September 2018
Most of Australia’s east coast will experience above-normal fire risk this summer, as the region continues to suffer drought…
Privacy, sexual misconduct pose D&O risks
10 September 2018
Privacy breaches and sexual misconduct revelations may trigger more directors’ and officers’ claims in Australia if US trends are followed, management liability specialist Kevin LaCroix says…
NZ SMEs shift towards online buying
10 September 2018
New Zealand SMEs are “increasingly comfortable” seeking insurance online, according to the latest Vero research…
Spending figures reveal NZ coverage gap
10 September 2018
New Zealand spends only 2.5% of GDP on insurance, according to the Commission for Financial Capability…
Get with the program, brokers told
10 September 2018
Brokers have been urged to develop a basic understanding of programming as smart contracts spread through the insurance industry…
Hayne hearings tipped to focus on claims
03 September 2018
Consumer groups and industry commentators expect the Hayne royal commission’s insurance hearings to focus strongly on claims…
Allianz completes ANZIIF award hat-trick
03 September 2018
Allianz has been crowned large general insurance company of the year for the third year in a row at the Australian Insurance Industry Awards…
Bureau warns of worsening bushfire risk
03 September 2018
The Bureau of Meteorology has released its spring outlook, with warmer and drier than average conditions expected across much of Australia…
Class action fear spreads to NZ D&O market
03 September 2018
The directors’ and officers’ insurance market in New Zealand is experiencing premium increases of 10-50% as a surge in class actions in Australia spreads fear, according to a new Willis Towers Watson report…
Complaints to FOS rise 5%
03 September 2018
The number of general insurance disputes lodged with the Financial Ombudsman Service in the June quarter increased 5.3% to 3552…
Benign weather buoys industry profit
27 August 2018
The industry recorded a 23.9% rise in net profit to $3.8 billion for the year to June 30, latest Australian Prudential Regulation Authority data shows…
Committee tells brokers to lift breach oversight
27 August 2018
Brokers have been urged to step up efforts to identify and report breaches of the Insurance Brokers Code of Practice…