Voluntary buyout scheme for NZ homeowners unveiled
05 June 2023
New Zealand will commence work soon on a “voluntary buyout” scheme for properties in cyclone and flood-prone areas...
Regulatory & Government
APRA, ASIC capability report to go to minister this month
05 June 2023
The Financial Regulator Assessment Authority’s latest report on the effectiveness and capability of Australia's financial services regulators is to be provided to the relevant government minister this month and tabled in parliament...
Government stresses importance of data in improving insurance affordability
29 May 2023
Assistant Treasurer and Financial Services Minister Stephen Jones has outlined the value of collaborative efforts between governments and insurers to gather risk data, to help address existing gaps in coverage for vulnerable communities...
Industry resilience targeted as APRA funding contribution set at $29.5 million
29 May 2023
The general insurance industry is expected to contribute about $29.5 million in levies to support the Australian Prudential Regulation Authority’s operational costs in 2023/24, according to a Treasury consultation paper...
Victoria says ditching duty removes business resilience ‘handbrake’
29 May 2023
Victoria says the progressive abolition of business insurance duty, announced in last week’s state Budget, will remove a handbrake on resilience, investment and growth...
Treasurer reappoints ACCC deputy chair
29 May 2023
Treasurer Jim Chalmers has announced that Australian Competition and Consumer Commission Deputy Chair Mick Keogh has been reappointed to his role for five more years...
No room for complacency as cyber, climate risks grow: APRA
22 May 2023
The general insurance industry and wider financial services sector have been cautioned against slipping into complacency after the recent collapses of Silicon Valley Bank in the US and Swiss lender Credit Suisse...
Victoria plans reforms to improve builder insurance compliance
22 May 2023
Victoria Premier Daniel Andrews has announced plans to reform the state’s compulsory builders’ warranty insurance (BWI) scheme after compliance gaps were found following the collapse of Porter Davis...
Tasmania home warranty scheme nears as state takes action
22 May 2023
The Tasmanian Government is offering assistance for people affected by the collapse of building companies as work continues on proposed legislation for a home warranty scheme...
North Island events add urgency to NZ resilience: Finance Minister
22 May 2023
The New Zealand Government is investing $NZ6 billion ($5.6 billion) in the initial phase of a National Resilience Plan as the Auckland flooding and Cyclone Gabrielle up the ante on mitigation spending...
APRA finalises crisis requirements and guidance
22 May 2023
The Australian Prudential Regulation Authority (APRA) has finalised new prudential requirements and guidance aimed at strengthening the preparedness of insurers, banks and superannuation funds to respond to a crisis...
Victoria names new TAC head
22 May 2023
The Victorian Government has appointed Tracey Slatter as the new CEO of the Transport Accident Commission (TAC)...
Budget’s resilience, cyber and compliance relief focus applauded
15 May 2023
Funding for disaster and cyber resilience in the latest Federal budget, and an easing of the compliance burden for general insurers, has been welcomed by the industry...
NZ Budget provides flood protection funding
15 May 2023
The New Zealand Budget will provide $NZ100 million ($93 million) in flood protection funding following the recent North Island extreme weather events...
icare partners with fraud prevention provider
15 May 2023
NSW state insurer icare has partnered with business-to-business payment protection solution Eftsure in a move to strengthen its payment security...
Victoria Building Authority chief steps down as regulator faces mounting pressure
15 May 2023
Victorian Building Authority (VBA) CEO Sue Eddy has resigned with immediate effect as the regulator comes under heavy scrutiny after the collapse of builder Porter Davis...
NZ government updates assessment timeline for flood, cyclone-affected properties
15 May 2023
The New Zealand Government has provided a property assessment timeline for homeowners affected by the floods and other severe weather events that struck this recent summer...
NSW Fair Trading provides fire safety reforms ‘explainer’
15 May 2023
NSW Fair Trading has issued additional guidance information on a series of fire safety reforms first announced in December last year...
Queensland CTP scheme review: ICA, lawyers against public underwriting model
08 May 2023
The Insurance Council of Australia (ICA) has urged the Queensland Government to retain its privately underwritten compulsory third party (CTP) scheme as the current setup promotes competition, thereby leading to “best” outcomes for motorists.
NZ sets categories for assessing properties hit by floods disaster
08 May 2023
New Zealand will categorise properties affected by the flooding and cyclone disasters earlier this year as low, managed or high risk as it looks at required responses to limit damage from future catastrophes.