Changing times: podcast discusses developing SME risks 7 July 2022 The fourth and concluding episode of a special podcast series focused on this year’s Vero SME Index report examines developing risks and some of the challenges businesses are facing in a changing landscape. The podcast, released today and which you can listen to here, features … Read more
Sunken boat claim covered after fault undetected 7 July 2022 A boat owner whose vessel partially sank due to an unidentified fault will have the damage covered after winning a claims dispute. The claimant had the boat inspected or repaired by three experts before starting the insurance policy. A water pump leak was detected but … Read more
A rise in climate-related litigation in Australia, mirroring trends seen in overseas jurisdictions, has underlined the growing need for insurers to address the emerging challenge facing them and their clients, according to Hicksons Lawyers. Insurers in particular need to be aware of potential greenwashing, especially when it comes to net zero commitments and climate policies, … Read more
Mecon, Underwriting Agencies of Australia merge 7 July 2022 Steadfast-owned businesses Mecon Insurance and Underwriting Agencies of Australia (UAA) have merged to form a combined mobile plant, equipment and construction insurance group. “The timing is right for UAA and Mecon to come together to become a single powerhouse in the mobile plant and equipment and … Read more
INsight podcast: reinsurance in focus as floods hit again 6 July 2022 The severe flooding in NSW and reinsurance market implications from Australia’s natural catastrophes are discussed during the latest Insurance News podcast. NSW has experienced four flood emergencies in the past 18 months and insurers expect the number of claims from the latest event … Read more
An insurer has been told its offer to cash settle a house fire claim is “insufficient” for the insureds to complete the repairs and to cover any variations that may occur once works commence. The Australian Financial Complaints Authority (AFCA) says in a dispute ruling that Suncorp must act “fairly” and ensure its offer is … Read more
Insurers have received 4360 claims since Friday related to the storms and flooding in NSW, the Insurance Council of Australia (ICA) says. The ICA has declared it a significant event – stopping short of declaring an insurance catastrophe but saying it may do so if there is a large increase in the number or complexity … Read more
The National Insurance Brokers Association (NIBA) will delay implementation of a crucial section of its new code of practice for 12 months following feedback from members on the challenges of changing systems and processes in a tight timeframe. NIBA CEO Phil Kewin says in a note to members today that it became apparent following “discussions … Read more
Homeowners collapsed carport claim blown away 5 July 2022 A homeowner whose carport collapsed after it incurred storm damage will not have his claim reimbursed after losing a dispute ruling. The claimant said gale force winds caused sustained damage that eventually knocked down the carport. Suncorp said pre-existing damage to the carport, including termite damage … Read more
NSW has opened consultation on a list of 15 proposals to improve the state’s home building compensation (HBC) insurance scheme, which is compulsory for principal contractors in the residential construction industry for works exceeding $20,000. Key reform measures being considered include updating the minimum insurance cover from $340,000 to a higher figure, extending the scheme … Read more