Terrorism markets recovering: Willis Re
19 May 2014
Sufficient capacity exists in private terrorism markets to allow for a withdrawal from the Australian Reinsurance Pool Corporation, according to Willis Re…
Regulatory & Government
NZ brokers win fire services levy legal case
19 May 2014
New Zealand’s Court of Appeal has rejected an attempt by the country’s Fire Service Commission to change the way the fire service levy is applied to commercial premiums…
NT insurance tax take better than forecast
19 May 2014
Growing insurance expenditure by Northern Territorians will add $9 million to NT tax revenues in 2014/15…
ICA says privacy plans may boost claims
19 May 2014
Proposed laws to strengthen privacy protection could lead to higher claims costs and premiums, the Insurance Council of Australia warns…
Christchurch rebuild bill rising
19 May 2014
The rebuilding of earthquake-stricken Christchurch is expected to cost the New Zealand Government $NZ15.4 billion ($14.24 billion) – 3% more than earlier forecast…
Treasury pushes aggregator for north Queensland insurance
12 May 2014
The Federal Government is pursuing options for an insurance aggregator for northern Queensland in a Treasury discussion paper addressing the cost of home and strata title cover in the region…
Victoria flags weaker commercial premium growth
12 May 2014
Commercial premium growth in Victoria is likely to slow this year because of competition, according to the state’s Treasury…
ICA calls on NSW to revisit levy reform
12 May 2014
NSW should follow Victoria’s example and press ahead with emergency services levy reforms, according to the Insurance Council of Australia…
Insurers ‘should lift their game’ on fire and flood risk rating
12 May 2014
Victoria’s Fire Services Levy Monitor Allan Fels is investigating how insurers are rating customers for flood and bushfire risk, following complaints of large increases in base…
WA insurance taxes to defy sluggish economy
12 May 2014
The WA Government expects revenue from insurance taxes to rise in coming years, despite slower economic growth…
APRA ensures its word is law
12 May 2014
The Australian Prudential Regulation Authority has written to insurers to provide a definition of the word “ensure”…
ASIC asks for advisers’ input on survey
12 May 2014
The Australian Securities and Investments Commission has called on intermediaries and their clients to complete its second small business survey…
Allianz calls for disaster reinsurance pool
05 May 2014
Allianz has backed the creation of a natural disaster reinsurance pool, to tackle the affordability crisis facing homeowners vulnerable to extreme weather…
Scrap insurance bodies, outsource Comcare: Audit Commission
05 May 2014
Commonwealth insurance bodies would be abolished, Comcare’s underwriting outsourced and doctors would lose medical indemnity premium subsidies under proposals by the Audit Commission…
Report calls for PI red tape cuts, licensing of funders
05 May 2014
State and territory government requirements to approve lawyers’ professional indemnity insurance should be removed, according to the Productivity Commission…
NSW signals possible WorkCover rate cuts
05 May 2014
The NSW Government may make further premium rate cuts to the state’s workers’ compensation scheme, following reductions last year…
Insurers asked to consider legal expenses cover
05 May 2014
The Productivity Commission wants to know if insurers are prepared to write legal expenses insurance…
FOFA amendments ‘lack clarity’ on advice
05 May 2014
The Insurance Council of Australia says proposed amendments to the Future of Financial Advice legislation lack clarity on the scope of advice…
NIBA wants clearer FOFA exclusions
05 May 2014
The general insurance carve-out in the Future of Financial Advice legislation needs greater clarity, the National Insurance Brokers Association says…
Inquiry stakeholders focus on regulation, technology
05 May 2014
Regulation and technology are among the key issues raised in submissions to the financial system inquiry, Chairman David Murray told a recent business lunch…