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Insurance News

Insurers Eye AI for a Technological Future Insurers Eye AI for a Technological Future
12 Nov 2024: Paige Estritori

The insurance sector is gearing up for a significant technological transformation with plans to integrate artificial intelligence (AI) extensively in the coming years. A survey conducted by Earnix highlights that over two-thirds of insurance companies are planning to deploy AI tools within the next two years. This trend marks a pivotal moment in the industry's journey toward modernization. - read more
APRA Explores Alternative Reinsurance Solutions Amid Market Challenges APRA Explores Alternative Reinsurance Solutions Amid Market Challenges
11 Nov 2024: Paige Estritori

The Australian Prudential Regulation Authority (APRA) is reshaping its approach to the reinsurance sector, focusing on enhancing premium affordability and availability for insurers. In an effort to modernize the reinsurance framework, APRA seeks comprehensive feedback from relevant stakeholders. - read more
Insurance Landscape: Future Trends and Insights Insurance Landscape: Future Trends and Insights
11 Nov 2024: Paige Estritori

In its latest release, designed to enhance industry understanding, CGU has unveiled the third installment in its Strive guide series. This edition provides valuable insights for brokers, highlighting current trends and significant shifts impacting the insurance sector and the broader economic environment. - read more
Insurance Dilemma: Ignored Occupation Costs Claimant His Compensation Insurance Dilemma: Ignored Occupation Costs Claimant His Compensation
08 Nov 2024: Paige Estritori

A recent case involving an Uber Eats driver has highlighted the critical importance of truthfulness when disclosing occupational details to auto insurers. The claimant's car crash claim was rejected due to an undisclosed delivery job, marking a significant case study on the enactment of insurance policy terms. - read more
Regulator Enforces Capital Boost on Insurer Over Compliance Issues Regulator Enforces Capital Boost on Insurer Over Compliance Issues
08 Nov 2024: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has compelled Pacific International Insurance to elevate its capital reserves by $10 million due to apparent inadequacies in the oversight of its intermediary arrangements. - read more
Insurance Dispute Settled with New Rulings Insurance Dispute Settled with New Rulings
07 Nov 2024: Paige Estritori

In a recent adjudication, a property owner faced a coverage denial due to damage attributed to rodents, offering a revealing insight into insurance claim disputes. When a strata property holder reported water damage from a damaged dishwasher hose, her insurance claim was thwarted by the involvement of rodents. - read more
Financial Sectors Grapple With High Reporting of Breaches Financial Sectors Grapple With High Reporting of Breaches
07 Nov 2024: Paige Estritori

The landscape of financial services in Australia is facing challenges as recent disclosures highlight the magnitude of self-reported compliance breaches across industries. The Australian Securities and Investments Commission (ASIC) report for the last financial year has revealed that the insurance sector reported the second-highest number of breaches. - read more
Call for Stronger E-Scooter Insurance Regulations in NSW Call for Stronger E-Scooter Insurance Regulations in NSW
07 Nov 2024: Paige Estritori

The rapid increase in e-scooter usage across New South Wales has prompted renewed calls for improved insurance regulations to safeguard both riders and pedestrians. Genevieve Henderson, president of the Australian Lawyers Alliance NSW, is advocating for mandatory insurance policies that would cover private e-scooter owners and council-managed e-scooter sharing programs. - read more
Surge in Claims for Non-Advised Disability Income Insurance Surge in Claims for Non-Advised Disability Income Insurance
06 Nov 2024: Paige Estritori

Recent analysis reveals individual non-advised disability income insurance is leading the pack with a remarkable claims paid ratio of 113%. In stark contrast, individual policies acquired through personal advice boast a much lower ratio of 68%, as outlined by the latest prudential data. - read more
Controversial Fire Ruling: AFCA Endorses Claim Denial Controversial Fire Ruling: AFCA Endorses Claim Denial
06 Nov 2024: Paige Estritori

A recent decision has stirred considerable attention as an Australian Financial Complaints Authority (AFCA) ruling supported RAC Insurance's denial of a fire claim amidst significant controversy and debate. - read more
Transparency in Premiums: ACCC Highlights Importance of True Costs in Renewals Transparency in Premiums: ACCC Highlights Importance of True Costs in Renewals
06 Nov 2024: Paige Estritori

In a significant move for consumer clarity, the Australian Competition and Consumer Commission (ACCC) has recommended that insurance companies prioritize transparency when displaying previous premium costs in renewal notices. According to the ACCC, the key disclosure figure should be the 'actual' amount paid in the past year by policyholders. - read more
Insurer's Overcharge: A Case for Rigorous Internal Audits Insurer's Overcharge: A Case for Rigorous Internal Audits
05 Nov 2024: Paige Estritori

An overlooked discrepancy by a life insurance company led to thousands of policyholders not receiving promised discounts, having continued unchecked for over a year. This issue was unearthed following an unexpected internal audit, demonstrating the company's need for better oversight and auditing practices. - read more
Insurance Goes Speedy with AI-Powered Support Insurance Goes Speedy with AI-Powered Support
05 Nov 2024: Paige Estritori

In a groundbreaking move, IAG has unveiled an innovative AI-driven tool designed to drastically speed up claims processing. This new utility aims to empower front-line consultants by facilitating quicker claims assessment. CASI, short for Claims Assistant Supporting Intermediated, integrates complex document content, such as product disclosure statements and policy language, to supply fast and precise answers to staff queries. - read more
Broader Solutions Needed for Insurance Affordability, Says ACCC Broader Solutions Needed for Insurance Affordability, Says ACCC
04 Nov 2024: Paige Estritori

Amid escalating climate risks, the Australian Competition and Consumer Commission (ACCC) is calling for broader initiatives to improve insurance affordability. The ACCC has highlighted that while climate-related events become more pronounced, some Australians face insurance unaffordability, often leaving significant assets like homes and small businesses uninsured. - read more
AFCA Upholds Fair Evaluation in Insurance Claim Dispute AFCA Upholds Fair Evaluation in Insurance Claim Dispute
01 Nov 2024: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has directed MetLife to re-evaluate a policyholder’s income protection claim, focusing on justified interpretations of mental health exclusions. - read more
AIG Insurance Tangle Over Vacant Property Break-In Unravels AIG Insurance Tangle Over Vacant Property Break-In Unravels
01 Nov 2024: Paige Estritori

A landlord initially seeking compensation of $102,270 for theft and repair costs following a break-in at a vacant commercial property was awarded $45,724 after a protracted insurance dispute with AIG Australia. The issue revolved around discrepancies over a premium for an unoccupied building. - read more
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Cyber Insurance Articles

Cyber Security Essentials: Steps to Secure Your Online Business in Australia Cyber Security Essentials: Steps to Secure Your Online Business in Australia
As the digital economy flourishes, Australian businesses are enjoying the fruits of their own cyber-infrastructure but are also becoming increasingly susceptible to cyber threats. The era of the internet has ushered in a wave of new opportunities, yet it also demands vigilance in the face of growing cyber risks. With cyberattacks becoming more sophisticated and frequent, the imperative for robust cyber security measures has never been more pronounced. - read more
Understanding the Importance of Cyber Insurance in the Digital Age Understanding the Importance of Cyber Insurance in the Digital Age
As we dive deeper into the digital era, the topic of cyber security becomes increasingly critical. With businesses and individuals relying heavily on digital technologies, the threat of cyber attacks looms larger than ever. This introductory section aims to unpack the concept of cyber insurance as a tool to mitigate these risks. - read more
The Essential Guide to Cyber Insurance for Australian Businesses The Essential Guide to Cyber Insurance for Australian Businesses
Cyber insurance is a type of insurance designed to protect businesses from internet-based risks and, more generally, from risks relating to information technology infrastructure and activities. It covers losses related to data breaches, cyber extortion, and other kinds of cyber attacks. - read more
Understanding the Risks: How Cyber Threats Can Cripple Your Business Understanding the Risks: How Cyber Threats Can Cripple Your Business
In today's rapidly evolving digital landscape, Australian businesses face an ever-increasing array of cyber threats. From sophisticated phishing schemes to ransomware attacks, these dangers lurk in the virtual shadows, often going unnoticed until it's too late. Recognizing and understanding these cyber risks is not just important; it's crucial for the sustainability and success of any modern enterprise. - read more
Understanding the Cost of Cyber Attacks on Small Businesses and How to Avoid Them Understanding the Cost of Cyber Attacks on Small Businesses and How to Avoid Them
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. These cyber attacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes. - read more
Understanding the Cost of Cyber Attacks on Small Businesses and How to Avoid Them Understanding the Cost of Cyber Attacks on Small Businesses and How to Avoid Them
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. These cyber attacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes. - read more
Navigating the Aftermath: Your Cyber Attack Recovery Roadmap Navigating the Aftermath: Your Cyber Attack Recovery Roadmap
In an age where digital presence intertwines with daily operations, the threat landscape in Australia has magnified, exposing businesses to an evolving array of cyber threats. From sophisticated phishing attempts to ransomware attacks, the risk of digital insecurity looms large. Australia, with its growing technological adoption, finds itself facing an upsurge in cyber threat incidents year over year. - read more
Protecting Your Business from Online Threats: The Benefits of Cyber Insurance Protecting Your Business from Online Threats: The Benefits of Cyber Insurance
In today's digital age, businesses are increasingly becoming more vulnerable to online threats. Cyber attacks are not just limited to large corporations. Small businesses are also at risk and can suffer severe financial losses due to cyber threats. It is essential for small businesses to invest in cyber insurance. Cyber insurance offers protection against online threats, providing financial assistance if a company experiences a data breach, cyber attack, or other forms of cybercrime. - read more
Cyber Insurance Claims: What Small Business Owners Need to Know Cyber Insurance Claims: What Small Business Owners Need to Know
Cybersecurity incidents are a growing concern for small businesses. These incidents can have disastrous consequences on the affected businesses and their customers. Cyber insurance policies provide a form of financial protection for small businesses in the event of a cyber-attack. This article will provide an overview of cyber insurance claims and its importance for small business owners. - read more
From Phishing to Hacking: Examining the Coverage Options of Cyber Insurance Policies From Phishing to Hacking: Examining the Coverage Options of Cyber Insurance Policies
In today's digital landscape, Australian small businesses face a myriad of cyber risks that can threaten their operations and financial stability. From sophisticated phishing scams to debilitating hacking attacks, the need to safeguard against such digital threats has never been more pressing. This introductory guide serves to illuminate the complexities of the cyber risk environment within Australia, focusing on the small business sector's unique vulnerabilities. - read more


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Liability Insurance:
Insurance that provides protection from claims arising from injuries or damage to other people or property