March
IAG seeks to delay trial on $7b Greensill insurance claims
Greensill Capital’s biggest insurer is less than a year away from defending claims that were lobbed after Lex Greensill’s financing firm collapsed in 2021.
What to do when disaster strikes your holiday house
While loss or damage to a beloved family retreat may not be as wrenching as a hit on your main home, the process of getting it fixed has challenges that can be equally infuriating, baffling and stressful.
The $400,000 gap putting Alfred victims on notice
Widespread underpayments by insurance companies in the 2022 Victorian floods mean claimants should look carefully at what their insurer first offers.
The 210pc insurance tax you didn’t know you were paying
No other tax has such a large economic welfare loss. Despite the Henry Tax Review wanting them scrapped, taxes on insurance premiums continue to distort the market.
Alfred highlights need to fix insurance industry
Readers’ letters on the insurance industry after Cyclone Alfred, Peter Dutton’s nuclear power policy, attacks against Australian Muslims, Donald Trump’s policy and the share market slump.
Dutton rekindles threat to forcibly break-up insurers
The opposition leader has moved to clear up internal confusion, if not division.
Alfred’s a reminder that red tape is pushing up premiums
The problem is not only extreme weather. Australia’s fragmented insurance regulatory structure which requires separate licences for each to operate is also driving up costs.
Banks deploy mobile branches, generators to cyclone zone
Major banks have sent mobile banking units powered by their own diesel generators to Brisbane, after Armaguard halted cash deliveries to ATMs due to high winds.
Canberra shields insurance companies from cyclone losses
The Australian Cyclone Reinsurance Pool covers insurers for damage when weather is classified as a cyclone – and for 48 hours from the time it is downgraded.
This yachtie parked his boat in Brisbane to avoid Cairns’ cyclones
Tom Neville sailed Postremo south thinking it would avoid the summer storm season. Now he’s battening down the hatches in Cyclone Alfred’s landfall zone.
Bank, super boards the target of APRA’s new director rules
The lobby group for company directors described some of the proposals, which include limits on tenure and more oversight in succession planning, “overreach”.
IAG, Allianz eyeball Royal Automobile Club WA
IAG is understood to be working with Goldman Sachs while Allianz has JPMorgan along for the ride.
February
Insurers call for $30b flood defence fund to protect properties
After Peter Dutton said he wanted to break up insurers, the industry wants to partner with governments to strengthen infrastructure and relocate the most vulnerable buildings.
Banks, insurers crack down on abusers using their products as weapons
Financial abuse is estimated to cost victims $5.7 billion every year – more than twice the amount of losses from scams.
QBE boss hits back: high insurance premiums are due to risk
Andrew Horton has issued the first response from an insurance industry boss since the opposition leader threatened to break up companies.
Populist politics won’t make insurance cheaper
Peter Dutton has reached for a big stick without any attempt to explain how breaking insurers up into smaller companies would lower the cost of insurance.
Don’t neglect the human elements of productivity
Readers’ letters on the downsides of digital service delivery; Peter Dutton and big insurers; anti-hate speech legislation; RBA promises; offshore wind farms; and cost blowouts.
Insurers argue returns are falling as Coalition seesaws on divestment
Peter Dutton threatens to force insurers to divest assets if they were found to be abusing their market power. He made similar remarks about supermarkets.
Dutton’s ‘big stick’ plan could make your insurance more expensive
Rather than focusing on re-regulating the sector, the Coalition leader should take the advice of his own backbench and ease the regulatory burden.
IAG says LA wildfires were a wake-up call on disaster preparation
The insurance giant, which owns the NRMA and CGU brands, reports a 91 per cent jump in interim profit, but its shares fell as premium rises moderated.