Local
Home insurance still in red: APRA data
28 August 2023
Houseowners/householders insurance remains a troubled spot for the general insurance industry even after sharp rate rises in response to last year’s catastrophic floods and rising costs across claims and reinsurance...
NZ concern about natural disasters on the rise: Vero SME Index
28 August 2023
The level of concern in New Zealand regarding natural disasters is on the rise with one in five businesses expressing increased apprehension compared to two years ago, a Vero survey has found...
Insurance News launches wellbeing survey
28 August 2023
More than 700 readers have already completed our latest wellbeing survey, but insuranceNEWS.com.au is encouraging more to take part...
Slip court case ‘warning to insurers’
28 August 2023
The court sequel to a man slipping on wet tiled stairs has highlighted the need for insurers to be clear with insureds about policy exclusions, especially those taken out online...
NZ ombudsman scheme complaints limit increased
28 August 2023
New Zealand’s Insurance and Financial Services Ombudsman Scheme can investigate more complaints after its upper limit was lifted to $NZ350,000, an increase from $NZ200,000...
Climate reporting ‘must be taken seriously’
28 August 2023
A Senate inquiry into greenwashing and looming Treasury requirements for climate related financial reporting are building momentum for businesses to take the issues seriously, a legal expert warns...
Increased fire risk looms this spring
28 August 2023
The Australasian Fire Authorities Council has released its seasonal bushfire outlook for spring, saying an earlier start to the high risk fire season is expected as climate influences have shifted significantly since a year ago...
Student winners announced for NZ challenge
28 August 2023
Students from Wellington College have won the top prize for this year’s CRISiSLab challenge with their development of a wave detection technology...
Travel insurer stung by $220,000 fraud
21 August 2023
Travel insurer Cover-More has been left with a $220,000 bill after an employee carried out a long-running fraud...
Flexihose claim ‘can’t be denied due to rust’
21 August 2023
The Australian Financial Complaints Authority says Suncorp cannot deny a burst flexihose claim due to rust on the hose’s exterior...
Bureau monitors atmosphere as El Nino alert continues
21 August 2023
The Bureau of Meteorology is continuing to monitor atmospheric conditions in the Pacific as it maintains an El Nino Alert...
Insurers face challenges from rising climate litigation
21 August 2023
The rise of climate litigation carries implications for Australian insurers, law firm Clyde & Co says after a United Nations global report has Australia as the jurisdiction with the highest number of cases outside of the US and the European Union...
Rising flood affordability issues need urgent action: actuaries
14 August 2023
Home insurance premiums have jumped 28% in the past year, the biggest gain in two decades, while high risk properties, such as those in flood-prone areas have seen increases of up to 50%, the Actuaries Institute says...
Complex products leading to accidental underinsurance: consumers
14 August 2023
Consumer problems with home and contents insurance include complex products, unaffordable premiums, inaccessible information on natural hazard risks and a lack of pricing reductions when homes are made more resilient, a report says...
Australia warned of ‘unfolding horror’ as US counts cost of Hawaii fires
14 August 2023
A University of Tasmania fire expert says the Hawaii wildfires hold lessons for Australia as the country braces for the likely arrival of El Nino, which raises the prospect of a scorching summer...
In Insurance News magazine this month
14 August 2023
What – or perhaps who – killed Catholic Church Insurance? The August/September issue of Insurance News magazine provides the background you need to understand why this venerable organisation needed recapitalising, which led to its owners placing it into runoff...
Australia market sees increased capacity, improved risk appetites
14 August 2023
Ample capacity and improved risk appetite are among key features observed in the Australian and wider Asia Pacific region during the second quarter, broker Aon says in a market update...
Insurer warns on heritage-listed home cover ineligibility
14 August 2023
Budget Direct says properties constructed more than 50 years ago may be deemed older properties, and this could have a bearing on home insurance, while homes built before the early 1900s could have heritage classification and not be eligible for cover at all...
Flood inquiry terms of reference ‘comprehensive’: ICA
07 August 2023
Terms of reference for the federal parliamentary inquiry into insurer responses to last year’s floods are comprehensive, the Insurance Council of Australia says following the release of details last week...
PI premiums grew in 2021: APRA data
07 August 2023
Professional indemnity gross premium for non-facility business rose to $3.02 billion in 2021 from $2.68 billion a year earlier, representing a gain of 12%, according to the Australian Prudential Regulation Authority...