APRA keeps watch on claims, investment risk management
02 November 2015
The Australian Prudential Regulation Authority says it continues to monitor adverse claims among general insurers and the impact of low interest rates on investment portfolios…
Regulatory & Government
Insurers take interest in WA builders’ warranty market
02 November 2015
A number of insurers have shown interest in the WA Government’s plan to turn over underwriting of home indemnity cover to the private sector…
Dead for quids: ASIC slams funeral cover
02 November 2015
Funeral insurance premiums tend to rise steeply for the over-50s and many people cancel policies in the first few years, losing the benefit of premiums already paid, according to a damning report from the Australian Securities and Investments Commission…
EQC reforms will exacerbate underinsurance: bankers
02 November 2015
The New Zealand Bankers Association says proposed changes to the Earthquake Commission’s natural disaster insurance scheme are not in the best interests of homeowners or banks…
ASIC orders Westpac to offer refunds on mortgage cover
02 November 2015
The Australian Securities and Investments Commission has ordered Westpac to refund up to $8 million to clients who were sold loan protection insurance they may not have needed…
APRA abolishes annual peer reviews
02 November 2015
The Australian Prudential Regulation Authority will abolish the mandatory annual peer review of the appointed actuary’s insurance liability valuation report for general insurers…
FSI response receives cautious welcome
26 October 2015
The Turnbull Government has accepted most Financial System Inquiry recommendations, which will be implemented “in stages over the coming years”, according to Treasurer Scott Morrison…
ACCC urges action on death-trap cables
26 October 2015
The Australian Competition and Consumer Commission says 62% of potentially deadly Infinity electrical cabling remains installed in homes and businesses nationwide…
No competition ‘keeps north Queensland premiums high’
26 October 2015
Premiums in north Queensland are “largely unconstrained by competitive forces” because there is little or no competition, according to Northern Australia Insurance Premiums Taskforce advisory panel member Margaret Shaw…
ICA wants unfair contract term exemption for marine
26 October 2015
Marine insurance should be exempt from unfair contract terms protections, Assistant Treasurer and Minister for Small Business Kelly O’Dwyer has been told…
ASIC bans NSW broker
26 October 2015
The Australian Securities and Investments Commission has permanently banned insurance broker Isaac Hakim from providing financial services after clients were overcharged by more than $3 million…
NSW motor accidents oversight changes hands
26 October 2015
The NSW Motor Accidents Authority has been abolished and replaced by the State Insurance Regulatory Authority…
CEO hails SA workers’ comp turnaround
26 October 2015
ReturnToWorkSA CEO Greg McCarthy says the state scheme has transformed its service culture and improved performance…
Trans-Tasman agreements ‘should exclude insurance’
26 October 2015
Agreements aimed at removing obstacles to trade and labour mobility between Australia and New Zealand should continue to exclude insurance, a Productivity Commission report says…
ICA, consumer groups attack ASIC funding proposal
19 October 2015
A proposed user-pays funding model for the Australian Securities and Investments Commission will eventually weaken supervision of the financial sector, according to insurer and consumer advocacy groups…
Pilbara warns premiums taskforce over regional bias
19 October 2015
Residential and business insurance costs are “much higher” in the Pilbara than in Perth and in recent years have risen “very rapidly”, the Northern Australia Insurance Premiums Taskforce has heard…
IAG, Suncorp urge ‘clarity’ on ride-share sector
19 October 2015
The rapid growth of ride-sharing services such as Uber amid an inadequate legal framework has created a gap in insurance cover, IAG says…
Insurance taxes among most inefficient: Treasury official
19 October 2015
Insurance levies and other stamp duties carry high economic costs that affect Australia’s productivity and innovation, according to a senior Treasury official…
Chalmers named Shadow Financial Services Minister
19 October 2015
Jim Chalmers has been appointed to the ALP’s shadow ministry, taking up the financial services and superannuation portfolios…
Terrorism pool aims to cut retrocession spend
19 October 2015
The Australian Reinsurance Pool Corporation has begun purchasing its retrocession program, scheduling meetings with international reinsurers this week…