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…
Regulatory & Government
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…
House rebuilds leave door open to disaster
14 July 2014
Homeowners typically rebuild after disasters without making mitigation adaptations, Geoscience Australia has told the Productivity Commission’s inquiry into catastrophe funding arrangements…
IAIS releases capital requirement rule
14 July 2014
The International Association of Insurance Supervisors has issued its proposed basic capital requirement for global systemically important insurers…
NZ election promises draw mixed response
14 July 2014
The Insurance Council of New Zealand has rejected a Labour Party campaign promise to establish an insurance commissioner, but it supports plans to overhaul…
NT workers’ comp falls short on funding ratio
14 July 2014
Insurers in the NT workers’ compensation scheme had a “funding ratio” of 91% at June 30 last year, according to a report by PricewaterhouseCoopers…
Disclosure regime ‘needs overhaul’
07 July 2014
The insurance product disclosure regime is “poor and inadequate” and the “vast majority” of consumers do not read the relevant statements, the Financial Rights Legal Centre warns…
ASIC puts back group purchasing deadline
07 July 2014
The Australian Securities and Investments Commission has extended a deadline on new rules for group purchasing bodies involved in risk management, as efforts intensify…
Smash repair inquiry calls for licensed assessors
07 July 2014
A NSW parliamentary inquiry into the state’s smash repair industry says insurance assessors should be licensed, with a “three strikes and you’re out” policy for breaches of…