insuranceNEWS.com.au https://www.insurancenews.com.au/ General insurance and financial services news from Australia and around the world en-au admin@insurancenews.com.au Copyright 2019 PI turmoil set to persist, says Aon https://www.insurancenews.com.au/local/pi-turmoil-set-to-persist-says-aon https://www.insurancenews.com.au/local/pi-turmoil-set-to-persist-says-aon Securing professional indemnity cover will remain tough for building certifiers and other high-risk professionals as insurers look to cut their losses, according to an Aon report...

]]> Mon, 19 Aug 2019 14:50:00 +1000 Revised code ‘will help with Hayne transformation’ https://www.insurancenews.com.au/local/revised-code-will-help-with-hayne-transformation https://www.insurancenews.com.au/local/revised-code-will-help-with-hayne-transformation The General Insurance Code of Practice will be a crucial tool in helping the industry embed Hayne royal commission reforms, the Insurance Council of Australia says...

]]> Mon, 19 Aug 2019 14:50:00 +1000 ICA pushes for flood data access https://www.insurancenews.com.au/local/ica-pushes-for-flood-data-access https://www.insurancenews.com.au/local/ica-pushes-for-flood-data-access Access to local government flood data for Moreton Bay Regional Council and the City of Gold Coast would allow for more accurate pricing of premiums in the two Queensland precincts, the Insurance Council of Australia says...

]]> Mon, 19 Aug 2019 14:49:00 +1000 Local company paves way as Australia-based Lloyd’s broker https://www.insurancenews.com.au/local/local-company-paves-way-as-australia-based-lloyds-broker https://www.insurancenews.com.au/local/local-company-paves-way-as-australia-based-lloyds-broker Lloyd’s has welcomed Wickshire as the market’s first Australian-based registered broker as rising technological uptake makes it easier to transact business from global locations...

]]> Mon, 19 Aug 2019 14:48:00 +1000 Cost of fixing nation’s apartment crisis ‘in the billions’ https://www.insurancenews.com.au/local/cost-of-fixing-nations-apartment-crisis-in-the-billions https://www.insurancenews.com.au/local/cost-of-fixing-nations-apartment-crisis-in-the-billions New research estimates that fixing defects in apartment buildings constructed in the last decade will cost $6.2 billion...

]]> Mon, 19 Aug 2019 14:47:00 +1000 Insurers seek building faults transparency https://www.insurancenews.com.au/local/insurers-seek-building-faults-transparency https://www.insurancenews.com.au/local/insurers-seek-building-faults-transparency Calculating potential underwriting losses from poor construction remains impossible as governments prove reluctant to share information on building issues, Insurance Council of Australia Head of Risk and Operations Karl Sullivan has told a NSW parliamentary inquiry...

]]> Mon, 19 Aug 2019 14:47:00 +1000 Radio Rentals class action affirms disclosure trend: Allens https://www.insurancenews.com.au/local/radio-rentals-class-action-affirms-disclosure-trend-allens https://www.insurancenews.com.au/local/radio-rentals-class-action-affirms-disclosure-trend-allens A recent Federal Court of Australia order in the Radio Rentals class action indicates insurers are increasingly going to have to disclose details of their clients’ insurance policies, law firm Allens says...

]]> Mon, 19 Aug 2019 14:47:00 +1000 Townsville property insurance losses estimate now $1.22 billion https://www.insurancenews.com.au/local/townsville-property-insurance-losses-estimate-now-1-22-billion https://www.insurancenews.com.au/local/townsville-property-insurance-losses-estimate-now-1-22-billion Industry losses on property insurance from Townsville’s summer flood, which began on Australia Day, have reached $1.22 billion, according to Swiss modeller Perils estimates...

]]> Mon, 19 Aug 2019 14:47:00 +1000 Bank wins appeal over indemnity claim https://www.insurancenews.com.au/local/bank-wins-appeal-over-indemnity-claim https://www.insurancenews.com.au/local/bank-wins-appeal-over-indemnity-claim The Bank of Queensland has won in its legal appeal to make an indemnity claim from its civil liability policy...

]]> Mon, 19 Aug 2019 14:43:00 +1000 QC says insurers cutting defamation insurance capacity https://www.insurancenews.com.au/local/qc-says-insurers-cutting-defamation-insurance-capacity https://www.insurancenews.com.au/local/qc-says-insurers-cutting-defamation-insurance-capacity Anecdotal evidence suggests that insurers are reducing their capacity and availability for defamation cover amid an “explosion” in lawsuit damages, Victorian barrister David Gilbertson QC says...

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