NSW CTP regulator aims to claw back 'excess insurer profit'
08 November 2021
The NSW State Insurance Regulatory Authority says it will recover $91 million in excess profit from compulsory third party insurers...
Regulatory & Government
Queensland boosts rising sea level defence funding
08 November 2021
The Queensland Government says an additional $3 million will be provided to expand a program to defend the state’s communities from climate change, sea level rises, storm tides and coastal erosion...
Victoria ready for fire season after pre-burning 135,000 hectares
08 November 2021
The Victorian Government says it has prepared for the summer bushfire season by investing a record $517 million, recruiting 600 seasonal firefighters and undertaking year-round planned burning...
No kidding: goat brigade chews bushfire fuel loads
08 November 2021
A herd of 40 firefighting goats are chewing through hectares of vegetation across NSW in a trial of grazing as a measure to lower bushfire risk...
Minimum building standards not adequately robust
01 November 2021
Australia’s building standards are not achieving the robustness they set out to, with internal pressure a particular issue during natural hazards, James Cook University Chief Engineer David Henderson says...
Accountability, compensation laws enter Parliament
01 November 2021
Legislation extending an accountability regime to insurance and establishing a Compensation Scheme of Last Resort has been introduced into Federal Parliament...
Class action bill enters Parliament amid funder opposition
01 November 2021
The Federal Government has introduced legislation into Parliament that aims to prevent litigation funders charging excessive fees that are to the detriment of class action members...
First removal of flammable cladding underway in Sydney
01 November 2021
Flammable cladding has been removed for investigation from a Darlington apartment block as the NSW Government kicks off its billion-dollar Project Remediate program...
RBNZ stress test shows reinsurance, weather impacts
01 November 2021
The Reserve Bank of New Zealand’s first stress test involving general insurers has highlighted the industry’s reliance on offshore reinsurance and the potential for lower profitability and reduced dividend payments in severe weather scenarios...
APRA looking for 'protection gap' answers
25 October 2021
The Australian Prudential Regulation Authority says insurance accessibility and affordability challenges for parts of the community are likely to be exacerbated by increases in the frequency and severity of natural catastrophes, and the issue is a key focus...
NSW explores new apartment defect insurance
25 October 2021
The NSW Government aims to “weed out” untrustworthy apartment developers with the introduction of decennial liability insurance to guarantee against major defects for up to 10 years and provide a safety net for consumers which is currently lacking in the multi-unit high rise sector...
APRA remuneration guidance 'essential reading'
25 October 2021
The Australian Prudential Regulation Authority says finalised guidance for a new remuneration standard developed to rein in poor practices has been released, allowing insurers and other firms plenty of time to put in place required arrangements...
ARPC operating surplus rises above forecast
25 October 2021
The Australian Reinsurance Pool Corporation has reported a better-than-expected operating result of $84.9 million due to rate increases in underlying commercial insurance premiums...
NSW warns against bushfire complacency
25 October 2021
Communities across NSW have been warned against bushfire complacency and to make preparations as the high-risk period arrives...
Pressure builds on insurers to stop reimbursing ransomware payments
18 October 2021
Two major reports last week criticised the payment of ransoms to cyber criminals, putting pressure on the insurance industry for reimbursing clients under attack...
BI uncertainties remain for 'way too long': ASIC
18 October 2021
Uncertainty around business interruption cover during the pandemic has persisted for too long and has stemmed from insurers’ inadequate systems and risk management processes, Australian Securities and Investments Commission Deputy Chairman Karen Chester said...
Less volatility needed in premium cycle: APRA
18 October 2021
Insurers should seek to limit pricing cycle volatility and look beyond significant premium increases and withdrawal of cover in responding to market issues, Australian Prudential Regulation Authority Deputy Chairman Helen Rowell says...
Treasury hammering out final cyclone pool details
18 October 2021
A consultation process is settling the final details for a cyclone reinsurance pool that is on track to take effect next July, Assistant Treasurer Michael Sukkar says...
Victoria accepts 15 bushfire inquiry recommendations
18 October 2021
The Victorian government has accepted all 15 recommendations from the final phase of an independent inquiry into 2019/20 bushfires that devasted large parts of the state’s North East, Gippsland and Alpine regions...
AFCA sticks with 'constructive' approach as regulatory changes kick in
11 October 2021
The Australian Financial Complaints Authority says it will work “constructively” with the insurance industry, following the start this month of new internal dispute resolution obligations as set out by the corporate regulator...