The New South Wales State Insurance Regulatory Authority (SIRA) has identified critical issues of underinsurance and employer non-compliance within the icare workers’ compensation scheme. A recent review highlighted that over $60 million in premiums were not collected due to missing wage declarations, with about 75% of employers audited showing non-compliance responsible for an additional $24.5 million in unpaid premiums. - read more
In a recent ruling by the Australian Financial Complaints Authority (AFCA), a protest from a car owner against her insurer, RAC Insurance, regarding the reduction of her vehicle's agreed value has been dismissed. The case arose after the complainant made a total loss claim following an accident in October, only to discover that her vehicle's value had been adjusted down to $29,700 from a previous total of $40,000. - read more
Microsoft is grappling with an alarming security breach affecting its SharePoint collaboration software, impacting organisations and government entities globally. The Cybersecurity and Infrastructure Security Agency (CISA) recently unveiled the vulnerability, warning that it permits unauthorised access to systems and complete access to SharePoint content, enabling malicious actors to execute code across networks. - read more
The Australian Financial Complaints Authority (AFCA) has highlighted the importance of procedural fairness in a ruling against TAL, a major life insurer. The directive stresses that insurers must allow customers an opportunity to respond before ceasing their benefits. This ruling came after TAL halted payments under an income protection policy from May 2023 to February 2024, issuing a procedural fairness letter only in June last year, months after payments ceased. - read more
The Tasmanian Liberal Party, under Premier Jeremy Rockliff, is advocating for a state-backed general insurer—TasInsure—should they win the upcoming state election on July 19. This initiative aims to mitigate rising insurance premiums allegedly caused by the national market's failures. However, the plan has been met with strong opposition from private insurers and critics who question its viability. - read more
A recent ruling by the Australian Financial Complaints Authority (AFCA) has favoured a policyholder in a dispute with insurer Auto & General over storm damage. The case involved a collapsed ceiling, initially attributed to a storm by the insurer before an about-face led them to deny the claim. The AFCA decision marks a significant instance where consumer protection mechanisms have countered an insurer's attempt to deny coverage. - read more
The landscape of home insurance policies in Australia stands on the brink of transformation as an increasing number of homes, apartment complexes, and small businesses are projected to integrate solar panels and battery systems by 2050. According to a report from the actuarial consultancy Finity, these homes will evolve into independent power stations, generating and storing their own electricity, marking a pivotal shift in home energy management. - read more
In a growing industry concern, the Council of Australian Life Insurers has highlighted an alarming increase in mental health-related claims, which are now the leading cause of total and permanent disability (TPD) claims. The rise has driven insurers to reconsider their current practices and strategies to address this trend. - read more
Landlords in Australia have been advised by QBE Insurance Group to reassess their insurance coverage, following survey findings that indicate many could encounter financial hardships if their rental operations are interrupted. According to QBE's data, 38% of landlords might face financial challenges should their properties become uninhabitable or rental payments cease for a duration of two to six weeks. - read more
An Australian court recently ruled in favour of the City of Joondalup, rejecting a negligence claim lodged by an injured e-scooter rider. The Western Australia District Court found the city not liable for an accident involving insurance broker Kirstin Leibbrandt, who collided with a fence post while riding an e-scooter in the Perth suburb of Hillarys. - read more
Recent findings from the Council of Australian Life Insurers (CALI) reveal that mental health issues have become the primary cause of Total and Permanent Disability (TPD) claims. Insurers disbursed nearly twice the amount for such claims in 2024 compared to five years prior. This data originates from the CALI and KPMG's Cause of Claims Results Report, highlighting a significant shift in the nature of insurance claims. - read more
According to Swiss Re’s latest Sigma report, the growth of property and casualty premiums is moderating in both Australia and globally. This moderation is primarily driven by a slowdown in rate hikes. Additionally, the Trump administration's America First trade policy is putting further pressure on the insurance sector. - read more
The conversation on the shifting dynamics in Australia's life insurance advice sector featured Zurich Australia's head of adviser channel, Kieran Forde, and Hayes & Co director, Katherine Hayes. They engaged with editor Chris Dastoor to spotlight the current market conditions and future prospects for financial advisers in this domain. - read more
The Australian Securities and Investments Commission (ASIC) is appealing a Federal Court decision regarding the wording of a 'pre-existing condition' clause in certain HCF Life insurance products. The court previously determined that while the wording had the potential to mislead consumers, it did not constitute an unfair contract term under the current laws set out in the ASIC Act 2001. - read more
The Insurance Council of Australia (ICA) is urging the Australian Capital Territory (ACT) to adopt strata transparency regulations, aiming to enhance oversight of building repairs and maintenance by owners’ committees. This call was made during a parliamentary inquiry, where the ICA pushed for measures akin to recent legislative changes in New South Wales. - read more
The Tasmanian government's recent proposal to establish a state-run insurance entity has drawn significant criticism from key players in the insurance industry. The plan, spearheaded by Premier Jeremy Rockliff, aims to expand the Motor Accidents Insurance Board into a broader service named TasInsure, offering products including home and contents insurance, small business coverage, and more. The RACT, a major player in Tasmania's insurance sector, expressed considerable concern, labelling the initiative as a simplistic answer to complex problems. - read more
The discovery of asbestos-contaminated mulch in a Sydney park led to the cancellation of a festival, resulting in significant financial losses for a hospitality business. Despite these setbacks, the company's claim for coverage under its business interruption (BI) policy was rejected. - read more
In a groundbreaking decision by the NSW Personal Injury Commission, an insurer has been directed to cover the costs of dog walking services for a car crash victim. The commission ruled that these services classify as domestic assistance under the state’s Motor Accident Injuries Act. This case could pave the way for broader interpretations of 'attendant care services' for claimants. - read more
Extreme weather events in Australia have resulted in significant financial impacts for insurers, tallying $1.83 billion in losses during the first half of the year. This comes as insurance companies gear up for further claims linked to ongoing severe weather in New South Wales. - read more
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Risk assessment is a fundamental process in evaluating potential exposure to financial losses and liabilities in the hospitality industry. It involves identifying, analyzing, and evaluating risks that could impact hotel operations. By understanding these risks, hotel operators can tailor their insurance policies to provide comprehensive coverage and mitigate potential payouts. - read more
Running a hotel is a complex operation that involves many moving parts. From welcoming guests to maintaining the property, there's a lot to manage. One critical aspect that often flies under the radar is hotel insurance. This form of insurance plays a crucial role in safeguarding your business from unforeseen events that could disrupt operations or impact your financial health. Whether it's damage from natural disasters or unexpected liabilities, insurance is your safety net. - read more
Business interruption insurance is a policy that covers the loss of income a business suffers after a disaster. While property insurance covers the physical damage to a business, business interruption insurance covers the profits that are lost. It ensures that a company's revenue stream can continue even if its operations are halted due to unexpected events. - read more
With an ever-expanding digital landscape, the importance of robust cybersecurity measures in the hospitality industry cannot be overstated. As technology continues to evolve, so too do the threats that target the vulnerabilities within hotel systems. This has made cybersecurity a top priority for hotel operators. - read more
Running a café is a rewarding yet challenging endeavor. With the hospitality industry being fast-paced and ever-changing, café owners often face unique financial challenges. Operating in an industry that is both physically demanding and unpredictable can sometimes lead to unforeseen circumstances that affect the stability and success of your business. - read more
With an ever-expanding digital landscape, the importance of robust cybersecurity measures in the hospitality industry cannot be overstated. As technology continues to evolve, so too do the threats that target the vulnerabilities within hotel systems. This has made cybersecurity a top priority for hotel operators. - read more
Operating a hotel is not just about offering great services and hospitality. It also involves understanding and managing various types of liability risks. Liability in the hospitality industry can arise from numerous situations, and being unaware of these can potentially expose hotel operators to significant legal issues and financial losses. - read more
Running a café is a rewarding yet challenging endeavor. With the hospitality industry being fast-paced and ever-changing, café owners often face unique financial challenges. Operating in an industry that is both physically demanding and unpredictable can sometimes lead to unforeseen circumstances that affect the stability and success of your business. - read more
Running a hotel is a complex operation that involves many moving parts. From welcoming guests to maintaining the property, there's a lot to manage. One critical aspect that often flies under the radar is hotel insurance. This form of insurance plays a crucial role in safeguarding your business from unforeseen events that could disrupt operations or impact your financial health. Whether it's damage from natural disasters or unexpected liabilities, insurance is your safety net. - read more
Risk assessment is a fundamental process in evaluating potential exposure to financial losses and liabilities in the hospitality industry. It involves identifying, analyzing, and evaluating risks that could impact hotel operations. By understanding these risks, hotel operators can tailor their insurance policies to provide comprehensive coverage and mitigate potential payouts. - read more
Knowledgebase
Reinsurance: Insurance that an insurance company purchases from another insurance company to mitigate risk.
