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‘Precarious’ economy poses danger to industry

Mon, 18 Nov 2024 03:28:01 GMT

Australia’s slowing economy could hurt insurers, actuary Finity has warned, after the industry posted a strong performance for the second straight year...

Allianz code breach penalty goes to NSW charity

Mon, 18 Nov 2024 03:27:58 GMT

The General Insurance Code Governance Committee has chosen the Northern Rivers Community Gateway charity as the beneficiary of a $50,000 sanction imposed on an insurer in June...

AFCA reveals latest firm-by-firm complaint statistics

Mon, 18 Nov 2024 02:57:18 GMT

The Australian Financial Complaints Authority has released the latest update to its datacube resource, which includes complaints statistics that can be broken down by sector or company...

La Nina watch remains but indicators hold steady

Mon, 18 Nov 2024 02:57:00 GMT

The Bureau of Meteorology has maintained a La Nina watch even as sea surface temperatures and atmospheric indicators remain broadly consistent with neutral conditions...

Heat grows over mandatory climate disclosures

Mon, 18 Nov 2024 02:44:42 GMT

Businesses should be preparing for mandatory climate disclosures that will increase from next year under federal law changes, an Xceedance webinar heard...

WA acts to fix burst pipe problems

Mon, 18 Nov 2024 02:43:42 GMT

The WA government has moved to address building disputes over leaking pipes, which insurers have flagged as a growing concern...

Climate change’s broader impacts ‘top of mind’ for industry

Mon, 11 Nov 2024 03:18:42 GMT

Floods, fires and other physical risks represent only part of the story for insurers looking to manage climate change impacts and exposures, the annual Taylor Fry Radar report says...

NZ property insurer retreat ‘inevitable’ as risks mount

Mon, 11 Nov 2024 03:18:29 GMT

The worsening impacts of climate change will force home insurers to stop covering thousands of risky coastal and flood-prone properties in New Zealand, a new report warns...

Insurers urged to pull productivity ‘levers’

Mon, 11 Nov 2024 03:18:14 GMT

Productivity is key for Australian insurers as they seek sustainable earnings in the face of rising underwriting expenses, McKinsey & Company says in a new paper...

AFCA consults on misrepresentation approach

Mon, 11 Nov 2024 03:17:45 GMT

The industry dispute body is seeking feedback on a new approach to consumers’ duty of care to avoid making misrepresentations...

‘Not fit for purpose’: report forecasts market intervention

Mon, 04 Nov 2024 02:50:44 GMT

Traditional insurance models are “no longer fit for purpose” and cannot deal with the impact of climate change, according to a report released today...

Pacific, Indian oceans maintain neutral conditions

Mon, 04 Nov 2024 02:50:26 GMT

Neutral conditions are continuing in the Indian and Pacific oceans as climate driver measures are monitored for thresholds associated with wet weather, a Bureau of Meteorology update shows...

Insurer, weather bureau team up on hail forecasts

Mon, 04 Nov 2024 02:50:13 GMT

Suncorp has worked with the Bureau of Meteorology to use insurance data and radar readings to provide more accurate hail forecasts...

Scientists channel Indigenous hazard knowledge

Mon, 04 Nov 2024 02:49:53 GMT

New Zealand scientists have worked with a Maori community vulnerable to earthquakes, tsunami, landslides and other natural hazards to reduce risk...

Award-winning underwriter makes case for cyber pool

Mon, 04 Nov 2024 00:21:46 GMT

Federally backed insurance pools or similar structures should be explored to manage the risks of cybercrime, an underwriting expert says...

Commercial rates continue to drop

Mon, 28 Oct 2024 03:10:40 GMT

Marsh’s commercial rates index shows further declines in the Australian-dominated Pacific region, with a 6% drop in the third quarter...

Too many ‘everyday’ complaints being escalated, AFCA says

Mon, 28 Oct 2024 03:09:38 GMT

The Australian Financial Complaints Authority says too many complaints that should be resolved at the company level are ending up with the external ombudsman scheme...

Attend our cyber seminar to boost awareness, understanding

Mon, 28 Oct 2024 03:08:57 GMT

Cyber Security Awareness Month is coming to an end, but understanding this critical risk should be a year-round focus for industry professionals...

Consumer lobby, ASIC discuss expert report failings

Mon, 28 Oct 2024 03:07:31 GMT

The Australian Consumers Insurance Lobby has held talks with the financial services regulator about the use of expert reports, as the parliamentary floods inquiry calls for greater oversight...

Hazards commission eyes reform after disaster review

Mon, 28 Oct 2024 03:07:12 GMT

The Natural Hazards Commission Toka Tu Ake will make changes in response to an independent review of claims handling it commissioned following New Zealand’s North Island weather catastrophes...