COVID impacting NSW return-to-work progress
28 September 2020
NSW state insurer icare says the adverse impact of the coronavirus outbreak on return-to-work rates is likely to continue over the coming months...
Regulatory & Government
ASIC holds more wrongdoers to account
28 September 2020
The latest update from the Australian Securities and Investments Commission reveals progress in enforcement action in the first half, including significant civil penalties imposed against large financial institutions such as AMP...
Court denies another class action access to insurance documents
21 September 2020
The Federal Court has again struck down an application by class action plaintiffs to access confidential insurance documents held by a respondent...
Bushfires royal commission conducts final hearings
21 September 2020
The Royal Commission into National Natural Disaster Arrangements will hold its final hearings this week, with executives from IAG, Risk Frontiers and the CSIRO scheduled to appear...
NZ ombudsman says complaint management ‘improving’
21 September 2020
New Zealand’s Insurance & Financial Services Ombudsman Scheme received 3922 enquiries and investigated 282 complaints last year, according to its latest Annual Report...
Regulators sign updated accord to collaborate
21 September 2020
An updated agreement between two major regulators is expected to bring greater clarity and increased information-sharing to Australia’s financial services regulatory system...
Climate disclosure guidance ‘credit positive’ for insurers
21 September 2020
Moody’s Investors Service has described as “credit positive” the move by financial institutions including insurers to launch new voluntary guidelines for measuring the financial impacts of climate risks...
Industry welcomes legislative framework review
14 September 2020
Insurance industry representatives have welcomed an Australian Law Reform Commission review of financial services regulation legislation...
icare nominal insurer scheme lost $1.87 billion, inquiry told
14 September 2020
The icare Nominal Insurer workers’ compensation scheme had a net loss of $1.873 billion last financial year, Treasury Deputy Secretary Phil Gardner told a NSW Parliamentary committee last week...
Reinsurance pool highlights cyber gap risks
14 September 2020
Australian Reinsurance Pool Corporation has released new research highlighting the economic risks faced due to a cyber protection gap which it hopes will influence next year’s review of the Terrorism Insurance Act...
Insurers collaborate on climate change risk guidance
14 September 2020
Australian and global insurers have joined forces with major banks and scientists to establish a set of guidelines to measure the impact of climate change on domestic assets such as properties, buildings and infrastructure...
NIBA steps up push for ESL removal
14 September 2020
The National Insurance Brokers Association has launched a NSW Emergency Services Levy Hub, ramping up the industry’s efforts to have the contentious tax removed...
NZ regulator resumes insurance laws review
14 September 2020
The Reserve Bank of New Zealand will resume its review of the Insurance Act and associated Solvency Standard next month...
icare key executive departs, results set for scrutiny
07 September 2020
NSW state insurer icare is searching for a Group Executive, Personal Injury following Beth Uehling’s departure, as the organisation braces for further scrutiny...
Bushfire royal commission consults on draft propositions
07 September 2020
The Royal Commission into National Natural Disaster Arrangements has published a series of draft propositions for public consultation before a planned hearing in the week of September 21...
Help SMEs by axing insurance tax: NIBA
07 September 2020
The National Insurance Brokers Association says reforming insurance taxes and the NSW Emergency Services Levy could give “significant relief” to struggling SMEs...
NSW laws now protect owners from apartment defects
07 September 2020
New laws to protect NSW apartment owners against defective works came into effect at the start of this month...
Victorians to get two more years to sue over cladding
07 September 2020
Victorians are to be granted a two-year extension to pursue legal action against builders responsible for installing combustible cladding on their homes...
Bushfire royal commission publishes interim observations
31 August 2020
The Royal Commission into National Natural Disaster Arrangements published its interim observations this afternoon, warning that bushfire behaviour “has become more extreme and less predictable”...
NSW bushfire inquiry report ‘disappoints on taxes’
31 August 2020
The Insurance Council of Australia says it is “disappointing” that the 76 recommendations of the independent NSW Bushfire Inquiry report don’t address the Emergency Services Levy and other insurance taxes...