Daily
'Staggering, concerning': Aon says ransomware now 'truly weaponised'
15 April 2021
Ransomware is now “truly weaponised” and this year and next are likely to be the first consecutive years of hardening conditions in cyber insurance after a “notable acceleration” in the pace of price increases in recent months, with insurers suggesting 20-40% rate increases for 2021, Aon says...
NIBA seeks AFCA improvements on costs
15 April 2021
Brokers have called for a “more robust” Australian Financial Complaints Authority triage system to prevent firms paying disproportionately high costs in some low-value matters and to deter potential gaming of the system...
ACCC approves rival's plans to up stake in iSelect
15 April 2021
The competition watchdog says it “will not oppose” moves by a rival of iSelect to increase its stake in the listed comparator, after completing an investigation into the proposed investment...
Envest swoops for another agency acquisition
15 April 2021
Insurance distribution and investment company Envest has acquired another tourism-focused underwriting agency...
Cyclone Seroja declared a catastrophe as scale of devastation emerges
14 April 2021
An insurance catastrophe has been declared for parts of WA from cyclone Seroja, escalating the industry’s priority to process claims as recovery efforts get underway...
'Luxury' renovations prioritised over resilience: Suncorp
14 April 2021
Home renovators are focusing on kitchen and bathroom upgrades and interior aesthetics instead of making properties more resilient to natural disasters, Suncorp research has found...
Phuong Ly to head new Commercial division at Allianz
14 April 2021
Allianz has appointed Phuong Ly to lead its newly created Commercial division, focusing on small to medium enterprises, mid-corp markets and specialist areas such as underwriting agencies and Hunter Premium Funding...
INsight podcast: it's all about insurtech
14 April 2021
The new insurtech section launched this week by insuranceNEWS.com.au is the focus of the latest edition of the INsight podcast...
PSC appoints Hosking Australia & NZ head
13 April 2021
PSC Insurance Group has appointed former Allianz executive David Hosking to the new role of CEO Australia and New Zealand...
Former brokerage chairman and A Current Affair settle lawsuit
13 April 2021
Former GSA Insurance Brokers Chairman John Hewson and A Current Affair have settled legal action launched after the TV show broadcast a report on a flooding claim refusal that he alleged was defamatory and inaccurate...
Zurich appoints Chief Claims Officer
13 April 2021
Zurich has appointed Marsh executive Tim Scott-Young as its Chief Claims Officer for general insurance in Australia and New Zealand...
Insurance crunch hits travelling circus
13 April 2021
A family-owned Australian travelling circus has been forced to part with its performing lions and monkeys in order to secure a public liability insurance policy, allowing it to carry on operating...
Tradie shortages hit after hailstorms
09 April 2021
Queensland hailstorms last year, continued wet weather, COVID-19 impacts and shortages of tradespeople are causing delays and cost increases for roofing repair insurance work in the state’s southeast...
'Time running out' to apply for claims handling licence
09 April 2021
The corporate regulator has voiced alarm at the number of insurance claims handling firms that have applied for licences to continue providing the services, with less than three months to the June 30 deadline for paperwork to be submitted...
Lloyd's insurer rules out Adani involvement
09 April 2021
Leading Lloyd’s insurer and reinsurer MS Amlin says it is not involved with the Adani Carmichael coal mine and ruled out taking part, as climate activists keep up a pressure campaign against the controversial Queensland project...
Consumer loses battle over 'laid up' cover
09 April 2021
A motorist has lost a claims dispute with Suncorp after his vehicle was involved in a collision while on “laid up” cover...
Brokers code review criticised as deadline for submissions nears
08 April 2021
The review process for the Insurance Brokers Code of Practice has been attacked by a consumer group, ahead of tomorrow’s deadline for submissions...
Queensland MP confident on reinsurance pool backing
08 April 2021
Northern Queensland MP Warren Entsch says he is increasingly confident funds will be allocated towards a catastrophe reinsurance pool in the Federal Budget given evidence of insurance market failure in Australia’s cyclone-prone regions...
ASIC launches Westpac CCI court action
08 April 2021
The Australian Securities and Investments Commission has started Federal Court action against Westpac, alleging it sold add-on consumer credit insurance to customers who had not agreed to buy the policies...
Claimant on JobKeeper payments not covered by loan protection policy
08 April 2021
A complainant who was stood down because of the pandemic and subsequently made an unsuccessful claim for unemployment benefits under his loan protection policy, believing his circumstances fell within the scope of coverage, has lost his bid to have the decision overturned...