Analysis
10 reasons why our industry is floody effective
28 August 2023
In an attempt to align the corporate regulator’s recent report on claims handling with insurer profits, Melbourne’s Herald Sun recently ran with the headline “Our insurers are floody useless”...
Hidden danger: are flexihose claim denials wearing thin?
21 August 2023
Insurers are increasingly under fire for relying too heavily on wear and tear exclusions to deny claims – and one example is a growing concern for brokers and their clients...
Home truths: heat rises on affordability problems
14 August 2023
Actuaries Institute and consumer group research reports have highlighted rising home insurance affordability problems in parts of Australia and set out proposals for action, as consensus rises on some issues while immediate solutions remain a challenge...
Floods inquiry given mandate for ‘pragmatic’ answers
07 August 2023
Emotions may run high as a Federal Government parliamentary inquiry into insurer responses to record-breaking floods hears accounts of experiences, but Assistant Treasurer Stephen Jones has stressed that it will be more than an exercise in venting...
Housing demand, extreme weather up the ante on planning
31 July 2023
Preventing high-risk building on floodplains is becoming increasingly urgent as climate threats combined with a rising population and greater housing needs potentially put more people at risk from extreme weather events...
That sinking feeling: floods inquiry risks becoming a witch hunt
24 July 2023
The Insurance Council of Australia (ICA) moved quickly to welcome the announcement of a parliamentary inquiry into insurers’ responses to last year’s devastating floods...
Broker commissions, disclosure, and tweaking the code
17 July 2023
The long and often heated debate around broker commissions and transparency is a saga that many want to see concluded. But a tweak to the revised brokers’ code of practice guarantees the debate will continue...
Mid-year renewals point to strengths of Australian market
10 July 2023
As the mid-year reinsurance renewals draw to a close, a clearer picture on the state of play has emerged: tough pricing conditions are not going away just yet but reinsurers’ appetite for what they perceive as good risks have improved since the start of the year...
Chapter and verse: blueprint tackles financial law deficiencies
03 July 2023
Australia’s financial services laws have been likened to a poorly built house needing renovation, with the key Corporations Act chapter seen as an old cupboard crammed full and poorly organised...
Broken promises: pricing issues bring pain for consumers and insurers
26 June 2023
An Australian Securities and Investments Commission directive for insurers to review pricing promises has resulted in a report outlining critical failings that led to undelivered discounts and misrepresentations...
Prevent and prepare: Australia turns page on disaster mitigation
19 June 2023
Australia has finally shaken off its mitigation inertia as the Albanese Government prepares to disburse $200 million to more than 180 projects that qualified for the first round of funding under its five-year $1 billion Disaster Ready Fund...
Bushfire spectre emerges with drier, warmer conditions
05 June 2023
Three years of La Nina drenchings have delivered a mostly normal bushfire outlook across Australia this winter but long-range weather forecasts are stirring some early concerns for higher-risk periods further ahead, with Black Summer memories all too recent...
Cyber: the problem, and ways to fix it
29 May 2023
Cyber risk refers to any risk of financial loss, disruption to operations and data or reputation relating to breaches in an organisation’s information technology systems...
Surprise AUB Tysers retail move gains early positive response
22 May 2023
AUB Group may not have intended to retain full ownership of the Tysers retail business, but much has changed in the past year, and the decision to ditch a joint venture plan has gained a cautiously positive reception...
Federal budget: step in the right direction, but more needed
15 May 2023
Treasurer Jim Chalmers handed down his second federal budget last week, and while there are some key wins for the insurance industry, there’s much more to do...
‘The world has found its groove again’: new era begins for insurtech
08 May 2023
Observers of global funding trends in the insurtech sector are at risk of whiplash after recent highs and lows, as reported every three months in Gallagher Re’s Global InsurTech Report.
Cat-affected property risks defy moderating market
01 May 2023
Property renewals for insurance buyers exposed to catastrophe risk have remained a market pain point, but more generally the moderating trend of the past two years is continuing with capacity improving in some areas, the latest Marsh report shows...
Mutual benefits: in the rush to DMFs, core principles must not be forgotten
24 April 2023
It comes as no surprise that there has been a surge of interest in Discretionary Mutual Funds (DMFs) as business owners in “hardening” insurance markets seek alternative sources of risk cover...
Price tussle: tough mid-year renewals loom for Australian market
17 April 2023
The tone is set for Australian insurers as they get into the full swing of critical reinsurance renewal talks – and any hopes for an easing in price pressures have largely been dashed by the recently concluded April season...
Something has to change: sharing increased climate risk
03 April 2023
Climate change means more natural disasters, which presents increased risk for business and the community as insurers feel the pressure. Something has to change...