WA Government implements bushfire policy changes
24 April 2023
The WA Government has announced revisions to its bushfire policy that will place a stronger focus on managing risks earlier...
Regulatory & Government
Decision to pay cyber ransom should remain with victim: ICA
17 April 2023
The decision whether to pay a cyber attack ransom should remain with the victim organisation, an Insurance Council of Australia submission on development of the 2023-2030 Australia Cyber Security Strategy says...
Fraudster to repay compensation after pleading guilty to false WorkCover claim
17 April 2023
A man who failed to disclose a back injury he suffered days before an injury at work will be required to repay for compensation he received from a WorkCover claim...
APRA defers operational risk standard start to mid 2025
17 April 2023
The Australian Prudential Regulation Authority has delayed the start date for a new operational risk standard to the middle of 2025 following industry requests for more time...
icare's improvement program makes progress
17 April 2023
The fifth quarterly update of icare’s improvement program says the NSW state insurer continues to progress the execution of its improvement program...
VBA funds study on water ingress
17 April 2023
The Victorian Building Authority has announced funding for further research into moisture ingress in concrete buildings as it looks for “new and innovative solutions” to minimise its impact...
Workers' comp PTSD onus of proof reversed for firefighters
17 April 2023
The WA Government is extending an onus of proof reversal to firefighters lodging post-traumatic stress disorder claims under the workers’ compensation scheme...
SIRA targets young drivers, CTP affordability in new funding commitment
17 April 2023
The NSW State Insurance Regulatory Authority is providing another round of research funding, of up to $1 million, for ways to improve young driver road safety behaviour and compulsory third party premium affordability...
Cyclone pool report flags further Northern Australia incentives
03 April 2023
The Federal Government may need to consider further incentives to boost insurance competition in Northern Australia, a Parliamentary Committee inquiry into the Cyclone Reinsurance Pool says...
Cyclone pool covers short-term rentals in strata
03 April 2023
Properties that are holiday let on a short-term basis in strata buildings will be eligible for the Federal Government’s cyclone reinsurance pool...
Insurers may be on the hook after Victorian builder goes bust
03 April 2023
The sudden collapse of Victorian home builder Porter Davis may leave domestic building insurance providers on the hook as appointed liquidator Grant Thornton says it is working to find a solution to support customers...
APRA finalises changes for new accounting standard
03 April 2023
The Australian Prudential Regulation Authority has finalised changes proposed for several prudential standards as a result of new accounting rules that take effect this year...
RBNZ calls for feedback on climate-related risk paper
03 April 2023
The Reserve Bank of New Zealand - Te Pūtea Matua says it is seeking input from financial sector members as it looks to set up new guidance to help address evolving climate-related risks...
ICA urges incoming NSW Labor Government to remove ESL
27 March 2023
The Insurance Council of Australia has urged the newly elected NSW Labor Government to remove the Emergency Services Levy from premiums and to take other action to improve resilience...
Federal police investigate Latitude cyber attack, impact widens
27 March 2023
The Australian Federal Police are investigating a malicious cyber attack on Latitude Financial that has led to the theft of documentation details provided by millions of people...
Court date set for broker charged over trust funds misuse
27 March 2023
A broker charged with criminal offences relating to the misuse of about $35 million of client funds is scheduled to return to the courts mid-year after an initial appearance before the Mansfield Magistrates’ Court last week...
Productivity Commission flags insurance concerns in new report
27 March 2023
Policies that discourage private adaptation decisions and distort premium pricing like the cyclone reinsurance pool should be avoided, the Productivity Commission says in a new report, warning such actions will result in “adverse” effects because of growing climate risks...
RBNZ bank flood study points to insurance importance
27 March 2023
A Reserve Bank of New Zealand report on residential mortgage lenders exposure to flood risks has highlighted implications from potential insurance availability changes...
FAR likely to apply in late 2024 as bill goes before Senate
27 March 2023
The Financial Accountability Regime is probably going to apply to the insurance industry in the second-half of next year, after legislation for the Hayne royal commission-backed measure was introduced in the Senate last week...
ICA proposes rolling resilience funding program
20 March 2023
The Federal Government should move to a rolling 10-year resilience funding program, given climate change and natural disaster impacts, the Insurance Council of Australia says in a pre-Budget submission...