ICA opposes WA proposals on terrorism, asbestos
04 August 2014
The Insurance Council of Australia has rejected WorkCover WA proposals to increase the terrorism liability cap for insurers from $25 million per event to $100 million…
Regulatory & Government
ICA supports ASIC financial literacy strategy
04 August 2014
Australians will benefit from the new three-year National Financial Literacy Strategy 2014-17 announced by the Australian Securities and Investments Commission…
ACC recommends levy cuts
04 August 2014
New Zealand’s Accident Compensation Corporation has changed proposed cuts to levies on motorists following a public consultation…
FSI leaves risk questions unanswered: Deloitte
28 July 2014
The Financial System Inquiry’s interim report does not address its own terms of reference on risk-sharing, according to Deloitte…
ASIC stops broker licences over reporting failures
28 July 2014
The Australian Securities and Investments Commission has cracked down on several insurance brokers that failed to lodge audited annual statements…
ICA urges APRA to rethink LMI stance
28 July 2014
The Australian Prudential Regulation Authority should recognise the role lenders’ mortgage insurance plays in supporting home loans, the Insurance Council of Australia says…
Insurers avoid New Zealand regulatory review
28 July 2014
The Reserve Bank of New Zealand will not include insurance in a major review of prudential regulation…
Accounting standard offers relief for insurers
28 July 2014
Australian insurers’ conservative approach when making provisions for bad debt means they have dodged the worst of a new international standard on financial reporting…
Lawyer takes the chair at OHS body
28 July 2014
Occupational health and safety lawyer Barry Sherriff has been appointed Chairman of the federal Safety, Rehabilitation and Compensation Commission…
Reluctance to share data ‘harms competition’
21 July 2014
Insurers’ reluctance to share information with comparison websites may be reducing price competition in the home and contents and car insurance markets, the Financial System Inquiry…
Pre-disaster planning a mess: KPMG
21 July 2014
Australia’s pre-disaster management framework is “inherently incoherent”, a report from KPMG warns…
Inquiry seeks more data on underinsurance
21 July 2014
The Financial System Inquiry has called for more information on underinsurance levels in general insurance, amid fears technological developments in risk pricing could worsen the problem…
FSI weighs up private sector role in accident schemes
21 July 2014
The Financial System Inquiry will consider calls to open state and territory workers’ compensation and personal injury motor accident schemes to wider competition…
Insurers coping with capital reforms, APRA says
21 July 2014
The insurance industry has “by and large” coped well with new capital requirements that took effect at the start of last year, Australian Prudential Regulation Authority…
Actuary’s north Queensland probe nears completion
21 July 2014
The Australian Government Actuary will finish its inquiry into the cost of insurance in north Queensland by October 31, Federal Treasurer Joe Hockey says…
Transparency would ‘aid buying decisions’
21 July 2014
Consumers will make better decisions when buying cover if insurers improve the information they give on pricing structures and costs, according to the Financial Rights Legal Centre…
Regulation costs face further scrutiny
21 July 2014
The Financial System Inquiry has commissioned further analysis of the costs and benefits of regulation, after submissions complained about the compliance burden…
Global insurers support B20 on regulation
21 July 2014
Prudential regulations should not unnecessarily discourage investment by the insurance industry, say the recommendations of the B20 – business leaders from the top 20 economies…
ICA seeks ‘consumer-friendly’ contracts
14 July 2014
The Insurance Council of Australia has called for clearer, more concise wording in insurance contracts…
Met bureau wants more co-ordination on flood risk
14 July 2014
The Bureau of Meteorology says better co-ordination of riverine flood risk monitoring would significantly reduce risk to life and property…