March 2024
32nd storey deemed ‘flood risk’ in insurance farce
A Melbourne apartment 120m above street level, with no ground storage, was denied contents cover because of a “heightened flood risk”.
February 2024
Insurers on top in spats with customers about flood experts
A federal parliament inquiry is examining how insurers handled claims in the 2022 flooding. There were mea culpas from CEOs on Monday for errors.
January 2024
‘Better than expected’: IAG renews disaster cover
While wild storms have triggered tens of thousands of claims, one insurer says the damage is less severe than could have been.
December 2023
Cyclone insurance back-up scheme likely off-limits for Qld floods
Insurance companies are unlikely to be able to access a Commonwealth reinsurance project to offset costs of paying out victims of the North Queensland flooding, which could lead to a rise in premiums.
Insurers warn of cutting flood cover options or even customers
Insurers have warned some coverage options might have to be changed after devastating floods last year.
September 2023
Youi’s profits lift, but some insurer costs become prohibitive
Even as affordability concerns spike, insurers say customers are not dumping cover.
Insurers behaving badly: who will pay the price?
Bloodied carpets. Repair delays. Sly pricing accusations. While investors warm to insurers, government oversight is rising and crackdowns have struck overseas.
This sly algorithm is allegedly targeting loyal insurance clients
The industry has for years had the capability to charge higher premiums for certain people renewing policies.
September 2022
How insurers are countering premium sticker shock
As premiums jump, insurers are tweaking some features that influence whether they can attract customers.
August 2022
AMA cuts insurance repair contracts amid inflation costs stand-off
Amid a game of chicken about who bears spiralling inflation costs, the smash repair giant has lost money and cut some contracts.
May 2022
Home owners in flood-prone areas get wildly different insurance quotes
A mystery shopping exercise by The Australian Financial Review found wildly varying premium quotes for the same properties near recently flooded areas.
April 2022
‘Looming market failure’: KPMG warns on disaster insurance
A “market failure” is looming amid doubts that people will be able to afford insurance in some increasingly disaster-prone areas, KPMG has warned.
March 2022
Wave of disasters forcing ‘double-digit’ insurance premium rises
Upstart insurer Youi has claimed that costs will have to go up after wild weather wiped out towns up and down the east coast.
February 2022
10 alerts: How IAG’s refund debacle snowballed
A discount snafu costing almost half a billion dollars unwound like a slow train wreck, new FOI documents show.
May 2021
Cyber attacks cause insurance premiums to go viral
Insurers are also scaling back how much they will cover for ransomware hits, say brokers Marsh.
March 2021
Floods to swamp Suncorp for up to $250m
Insurer Suncorp thinks the damage bill for devastating floods in recent weeks could climb to $250 million, higher than estimates from rival IAG.
Floods likely to inflate reinsurance costs: Youi
The insurer is wary about estimating a final bill from NSW-Qld flooding, as claims trickle in and disaster chasers descend.