ICA calls for rethink on FSB risk principles
30 September 2013
Small companies may be disadvantaged by unnecessarily strict language in a proposed international risk appetite framework, the Insurance Council of Australia warns…
Regulatory & Government
APRA calls for focus on catastrophe risk
30 September 2013
The insurance industry must pay more attention to catastrophe risk management, Australian Prudential Regulation Authority Executive Member Ian Laughlin warns…
ICA questions privacy law guidelines
30 September 2013
The Insurance Council of Australia has raised concerns about the Australian Privacy Principles draft guidelines, which will be central to new privacy laws due next March…
WA workers’ comp claims hold steady
30 September 2013
The workers’ compensation environment in WA remained healthy and sustainable last financial year, according to WorkCover WA’s annual report…
Hockey assumes insurance role
23 September 2013
New Federal Treasurer Joe Hockey will take responsibility for financial services and insurance in the Coalition Government…
Westpac calls for Son of Wallis to review insurance
23 September 2013
A government inquiry into the financial system should take a broad approach and include insurance, according to Westpac Institutional Bank Group Executive Rob Whitfield…
General insurers fear cost of elevating CROs
23 September 2013
The Australian Prudential Regulation Authority’s proposal for chief risk officers to be independent of other roles is proving unpopular with general insurers…
VMIA profits from fewer claims, higher investment income
23 September 2013
The Victorian Managed Insurance Authority has reported a $244 million operating profit for the year to June 30, driven by surging investment income and a drop in claims and expenses…
ACC consults on rate decreases
23 September 2013
New Zealand’s Accident Compensation Corporation has proposed lower levy rates and the introduction of risk rating for cars…
Victorian workers’ comp scheme returns to profit
23 September 2013
WorkSafe Victoria has recorded a $1.08 billion profit for the year to June 30, recovering from a $676 million loss the previous year via increased investment income and changes to the calculation of claims liability…
Payday lender to face court over alleged insurance breaches
16 September 2013
The Australian Securities and Investments Commission has launched Federal Court proceedings against a payday lender that also sold consumer credit insurance…
WA regulator calls for split in builders’ warranty cover
16 September 2013
WA’s Economic Regulation Authority has recommended splitting builders’ warranty insurance into construction and warranty cover, and letting the building industry provide post-construction warranty…
ASIC unveils stakeholder survey results
16 September 2013
Most stakeholders hold positive views of the Australian Securities and Investments Commission, but key limitations are also identified in the regulator’s annual survey…
RBNZ approves 99 insurance licences
16 September 2013
Vero, IAG, QBE and Lumley are among 99 companies to receive Reserve Bank of New Zealand insurance licences…
Coalition prepares for ‘son of Wallis’ inquiry
09 September 2013
The general insurance industry is likely to face another inquiry under the new Coalition Federal Government, which was elected at the weekend…
APRA publishes data management guide
09 September 2013
The Australian Prudential Regulation Authority has issued guidelines on data risk management for general insurers, and warned them to “think long and hard” before outsourcing data management…
Catlin underwriter outlines perils of D&O
09 September 2013
Company directors face “a myriad of different rules in different states” regarding directors’ and officers’ insurance, according to Catlin Australia Senior Underwriter for Financial and Professional…
Insurers act on pet cover disclosure
09 September 2013
Pet insurers have improved product disclosure after a series of complaints from consumers, according to the Australian Securities and Investments Commission…
Queensland eases law on workers’ comp self-cover
09 September 2013
The Queensland Government has relaxed its rules on employers self-insuring for workers’ compensation…
NZ regulator sets limits on insurance wording
09 September 2013
The Reserve Bank of New Zealand has issued guidelines on groups that can use descriptions such as insurance, assurance, underwriter and reinsurance…