APRA releases draft climate change guidance

26 April 2021

The Australian Prudential Regulation Authority has released draft guidance on managing the risks of climate change following industry requests for greater clarity on expectations...

Agree building resilience code to help finesse premiums, ICA says

26 April 2021

Australia’s lack of any formal system for assessing a building’s resilience to natural disasters is making it difficult for insurers to set the most appropriate premiums, the Insurance Council of Australia says...

AFCA backs exploration of UK test case model

19 April 2021

The Australian Financial Complaints Authority has supported consideration of a UK-style legal test case model for issues with wide-ranging impacts, amid scrutiny over the insurance industry’s approach to business interruption matters...

ASIC says nine insurance litigation cases underway

19 April 2021

The corporate regulator says nine cases of enforcement litigation regarding misconduct in insurance were underway at the start of the year as part of its push to pursue more court action...

ALRC webinars focus on simpler regulation

19 April 2021

The Australian Law Reform Commission will host two webinars next month related to its work around simplifying corporate and financial services regulation...

ICA to host stronger homes forum in Sydney tomorrow

19 April 2021

The third in a series of Building Stronger Homes roundtables will be held in Sydney tomorrow, exploring the role of construction standards in national natural disaster resilience...

4WD Hire fined $1.2 million after falsely promising off-road cover

19 April 2021

Four-wheel-drive vehicle hire business Smart Corporation, which previously traded as Australian 4WD Hire and is now in liquidation, has been fined $1.2 million after making false and misleading representations to consumers about insurance cover...

SIRA extends COVID-sparked role for psychologists

19 April 2021

The NSW State Insurance Regulatory Authority has extended the role of psychologists and physiotherapists in certifying an injured person’s fitness for work after the change was introduced last year due to the COVID-19 pandemic...

Rival gets clearance to up stake in iSelect

19 April 2021

Plans by the owner of Compare the Market to raise its stake in iSelect look set to go ahead after the competition watchdog says it “will not oppose” the move...

WorkCover WA raises premiums

19 April 2021

Rates for compulsory workers’ compensation insurance in WA are set for an overall increase of 4% for the next financial year...

ASIC warns deadline looming for claims handling licence applications

12 April 2021

The Australian Securities and Investments Commission has warned “time is running out” for insurance claims handling firms to apply for licences, which are mandatory by January 1 next year under new laws that were passed last December...

Westpac to face court over credit cover

12 April 2021

The Australian Securities and Investments Commission has taken Federal Court action against Westpac over the sale of consumer credit insurance, alleging it debited premiums for cover that was never requested and through its actions has undermined confidence in the financial system...

SIRA action spurs workers’ comp policy purchases

12 April 2021

The State Insurance Regulatory Authority says an additional $1.3 million in workers’ compensation premium has been raised following non-insurance investigations...

Victoria building consultation flags insurance reform

12 April 2021

The Victorian Government is seeking feedback on ways to improve existing insurance arrangements as part of a wide-ranging review of the state’s troubled building sector...

BI cost linked to exclusion zones, research finds

12 April 2021

Applications of exclusion zones in areas affected by a terrorism incident or other major disruptive event could result in up to 10 times the insured loss expected from physical damage due to business interruption, new research from the Australian Reinsurance Pool Corporation has found...

ANZ granted Comcare self-insurance licence

12 April 2021

Australia and New Zealand Banking Group has been approved as a self-insurer in the Commonwealth workers’ compensation scheme Comcare...

Industry ‘prepared’ for unfair contract terms

29 March 2021

Insurers have been working closely with the Australian Securities and Investments Commission to prepare for next week’s application of unfair contract terms to insurance contracts, the Insurance Council of Australia says...

NSW workers’ comp premiums set to rise

29 March 2021

NSW workers’ compensation premiums may rise 2.9% for the next two financial years under annual increases sought by state-owned insurer icare in response to increasing costs...

NSW insurance regulator seeking new CEO

29 March 2021

The NSW State Insurance Regulatory Authority will advertise for a new CEO to take over from Carmel Donnelly, who is set to become chairman of the state’s Independent Pricing and Regulatory Tribunal by July...

Regulator pilot tests cyber security protocols

29 March 2021

The Australian Prudential Regulation Authority is testing the cyber security chops of selected regulated entities as it cracks down on vulnerability in Australia’s financial system...