Claims handling on regulator's radar after catastrophes
07 November 2022
The Australian Securities and Investments Commissions says the industry may have to reconsider its claim handling approach as “serial” severe weather events become normal...
Regulatory & Government
Federal Government commits $50 million for coastal mitigation
07 November 2022
The Federal Government has committed $50 million on 34 projects including seawalls and breakwaters to reduce the risks from storm surges and coastal inundation and erosion...
Insurance flagged for next climate risk assessment
07 November 2022
Financial regulators are turning their attention to an assessment of insurance climate vulnerability impacts following the completion of a project examining banking...
SIRA launches return to work inspectorate
07 November 2022
NSW’s State Insurance Regulatory Authority has established a new team of inspectors to ensure employers are fulfilling requirements for workers returning from injury...
APRA reiterates capital calls criteria as interest rates rise
07 November 2022
The Australian Prudential Regulation Authority has set out its expectations on capital calls after seeing “uneconomic” requests to redeem existing instruments and replace them with new ones that come with higher interest servicing costs...
Katherine North flood mitigation levee works complete
07 November 2022
The NT Government says works in Katherine North are now complete as the Katherine Flood Mitigation Project progresses to better protect the town from flooding...
Federal Government revives push for perils standard definitions
31 October 2022
The Federal Government says it will move ahead on the development of standard definitions for “certain natural hazards” in insurance contracts, reviving a proposal that has been recommended in inquiries over recent years...
Flood-hit Northern Rivers region gains $800 million funding
31 October 2022
The Federal and NSW Governments will provide $800 million to the Northern Rivers region for home-raising, retrofitting and buy backs following the devastating flooding earlier this year, while Prime Minister Anthony Albanese says National Cabinet will take a closer look at planning issues...
Industry has second highest self-reported breaches: ASIC
31 October 2022
General insurance has the second highest number of self-reported breaches after credit activity, according to the Australian Securities and Investments Commission...
BI wording fallout: industry's risk governance lapses stoke APRA concerns
31 October 2022
The Australian Prudential Regulation Authority has voiced concerns over the industry’s risk governance process after a review of 10 insurers revealed varying weaknesses such as lack of accountability, ad hoc and poorly coordinated risk control measures and inadequate attention paid to strong control effectiveness testing...
NSW considering mandatory decennial liability cover for high-rises
31 October 2022
The NSW Government has taken initial steps that may lead to the development of a decennial liability insurance market in Australia...
Newly appointed APRA Chair commences role
31 October 2022
New Australian Prudential Regulation Authority Chair John Lonsdale starts his role today, succeeding Wayne Byres who stepped down after eight years at the helm...
Senate legislation committee backs FAR, last resort compensation scheme
31 October 2022
Proposed legislation for the Financial Accountability Regime aimed at raising senior executive answerability in the insurance, banking and superannuation sectors should be passed, the Senate Economics Legislation Committee said in a report after examining the bills...
NSW extends strata remediation project
31 October 2022
The NSW Government has reminded eligible apartment building owners to register for “Project Remediate” as it extends openings...
'Be proactive': AFCA wants insurers to communicate better with claimants
24 October 2022
The Australian Financial Complaints Authority says it expects general insurers to do better following “significant” increases in disputes in the last financial year...
ASIC final statement sets out cost recovery levies
24 October 2022
The Australian Securities and Investments Commission has released final estimates on the amount it expects to collect in levies from the financial services sector to fund regulatory work carried out in the last financial year...
Outcomes worst for combined physical, psychological injuries
24 October 2022
NSW State Insurance Regulatory Authority CEO Adam Dent has called on insurers to improve support for workers with a psychological injury as evidence shows they experience worse outcomes...
WA doubles builders warranty caps as risks rise
24 October 2022
The WA Government will double the maximum payouts under its home indemnity insurance program in a reflection of rising values and the need to enhance consumer protections...
WA Insurance Commission announces board changes
24 October 2022
WA Premier and Treasurer Mark McGowan has announced three new appointments to key positions on the state’s Insurance Commission board...
ASIC 'very carefully' watching pricing practices as remediation tops $760 million
17 October 2022
The corporate regulator says it continues to keep a close watch on the industry’s pricing practices as customer remediation over failures to deliver promised premium discounts reaches $760 million...