Choice pushes for delayed 'last resort' compo scheme
05 July 2021
Consumer group Choice wants the Federal Government to get on and pass laws to establish a compensation scheme of last resort...
Regulatory & Government
icare contacting workers over payment reassessments
05 July 2021
NSW state insurer icare has written to more than 70,000 workers and plans to send a further 210,000 letters as part of action to correct past workers’ compensation underpayments...
Cyclone pool 'should be extended to all Australian perils'
28 June 2021
Queensland-based RACQ says the scope of the proposed cyclone reinsurance pool announced by the Federal Government should be extended to all major natural perils across the country...
New bill proposes forced ransomware payment disclosure
28 June 2021
Australia’s Shadow Assistant Minister for Cyber Security Tim Watts has put forward a new bill making it compulsory that companies intending to pay a ransomware demand inform the Australian Cyber Security Centre...
NSW Budget projects rise in insurance tax revenue
28 June 2021
The NSW Government has released its 2021/22 Budget, forecasting insurance duty revenue will increase $46.1 million, or 0.9%, over the four years to 2024/25...
Parliament passes bill boosting ASIC, APRA scrutiny
28 June 2021
Federal Parliament has passed legislation to establish a new Financial Regulator Assessment Authority, increasing oversight of Australia’s twin-peak regulators...
Elaine Collins gets new term as ARPC director
28 June 2021
The Federal Government has re-appointed Zurich Australia Insurance Non-Executive Director Elaine Collins to serve another three-year term as board member of the Australian Reinsurance Pool Corporation...
Government drafts bill to modernise business communications
28 June 2021
The Federal Government is seeking feedback on draft legislation aimed at modernising business communications...
NSW to fund robots, space technology for bushfire preparedness
21 June 2021
The NSW government will spend an extra $268.2 million over four years to battle bushfire, funding drones, two black hawk helicopters, strategic fire trails and upgrades to emergency equipment...
VMIA updates list of builders' warranty insurance distributors
21 June 2021
The state-run Victorian Managed Insurance Authority has changed its panel of distributors for compulsory domestic building insurance following a tender process...
SIRA invites submissions as NSW CTP scheme is reviewed
21 June 2021
NSW’s State Insurance Regulatory Authority is inviting public submissions relating to a statutory review of the state’s Compulsory Third Party scheme, which was introduced in 2017...
Queensland Budget 'fails to meet' mitigation, resilience challenges
21 June 2021
The insurance industry has responded with disappointment to the Queensland Government’s 2021/22 Budget, saying it falls short of what is needed to protect the state from extreme weather events...
SIRA appoints motor accidents insurance leader
21 June 2021
The NSW State Insurance Regulatory Authority has appointed Petrina Casey as Executive Director of Motor Accidents Insurance Regulation...
Treasury Taskforce hosts pool details meeting
07 June 2021
Representatives from major insurers and the Insurance Council of Australia have attended a roundtable with a Treasury-led taskforce as part of preliminary consultations on the Federal Government’s cyclone reinsurance pool...
icare cuts jobs, refines roles in latest shake-up
07 June 2021
NSW state-owned insurer icare is completing consultations over a reduction in headcount and is refining workplace roles as it seeks to streamline the organisation and improve efficiency and performance...
SIRA report reveals CTP insurers' claims performance
07 June 2021
The NSW State Insurance Regulatory Authority has released its compulsory third party claims experience and customer feedback comparison report...
NSW study flags insurance options to protect farmers
07 June 2021
A $2 million NSW government-funded farm risk management study has flagged some insurance-related tools for the agricultural sector to consider while dismissing the viability of using public finances to set up a farm income protection insurance market...
NSW floodplain reforms an important step: IAG
07 June 2021
IAG has welcomed NSW Government reforms to land use planning for flood-prone areas, which the insurer says will help to protect lives, property and infrastructure...
RBNZ says Accellion cyber attack cost $3.3 million
07 June 2021
The Reserve Bank of New Zealand calculates the final cost of its response to a cyber attack in December will be around $NZ3.5 million and says it was “over reliant” on file transfer system provider Accellion to alert it to vulnerabilities...
'Scrapping' schedule can help underinsured property investors
07 June 2021
A tax depreciation schedule can help property investors claw back thousands of dollars after natural disasters and provide some relief for many who are currently underinsured, according to BMT Tax Depreciation...