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Insurance News
Year: Month:

Jailed Broker Misuses Client Funds for Personal Gain Jailed Broker Misuses Client Funds for Personal Gain
08 Oct 2025: Paige Estritori

In a significant breach of trust, New Zealand insurance broker in Murray McClune has been sentenced to three years and seven months in prison for embezzling $NZ1.7 million ($1.5 million) from two elderly couples, as reported by the Financial Markets Authority. McClune, a registered financial adviser during 2016-2018, exploited his long-term relationship with his victims by offering fraudulent investment opportunities through his business, Insurance Plus. - read more
icare Under Investigation for Workers’ Compensation Underpayments icare Under Investigation for Workers’ Compensation Underpayments
07 Oct 2025: Paige Estritori

NSW state insurer, icare, has uncovered approximately 9,400 workers' compensation claims that might have been underpaid due to omitted inflation adjustments. The identification of these potential discrepancies is part of a wider industry review initiated by the State Insurance Regulatory Authority (SIRA). - read more
Rising Mental Health Claims Reshape Australia's Insurance Landscape Rising Mental Health Claims Reshape Australia's Insurance Landscape
07 Oct 2025: Paige Estritori

Australia's insurance sector is experiencing a significant shift as mental health conditions become the predominant cause of total and permanent disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) indicates that mental health issues now account for nearly one-third of all TPD claims, marking a substantial change in the industry's claim patterns. - read more
ASIC Initiates Legal Proceedings Against Australian Super for Claim Delays ASIC Initiates Legal Proceedings Against Australian Super for Claim Delays
07 Oct 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has commenced legal action against Australian Super, the nation's largest superannuation fund, alleging significant delays in processing death benefit claims. The regulator contends that between July 2019 and October 2024, Australian Super failed to handle nearly 7,000 claims efficiently, with some delays extending up to four years. - read more
ASIC Files Lawsuit Against QBE Insurance for Misleading Discount Practices ASIC Files Lawsuit Against QBE Insurance for Misleading Discount Practices
07 Oct 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against QBE Insurance, alleging that the insurer misled more than 500,000 customers about pricing discounts over a five-year period. The regulator claims that between July 2017 and September 2022, QBE used a pricing model that reduced the discounts customers were promised, affecting retirees, loyal customers, shareholders, and those with multiple policies or claims-free histories. - read more
Marsh to Oversee Royal Australian Navy's Maritime Insurance Program Marsh to Oversee Royal Australian Navy's Maritime Insurance Program
07 Oct 2025: Paige Estritori

In a significant development for Australia's defence sector, global insurance broker Marsh has been appointed to manage the insurance and risk advisory components of the Royal Australian Navy's Maritime Insurance Program (MIP). This program is integral to the Navy's extensive fleet expansion and infrastructure development initiatives. - read more
GT Insurance Provides Flexible Solutions Amid Global Trade Shifts GT Insurance Provides Flexible Solutions Amid Global Trade Shifts
07 Oct 2025: Paige Estritori

As global trade dynamics undergo significant shifts, GT Insurance is reaffirming its commitment to supporting marine clients navigating these challenges. The recent imposition of US tariffs—25% on Australian steel and aluminium, and 10% on other exported goods—has introduced new uncertainties for local exporters, particularly in sectors like beef and bulk freight. These tariffs, effective from April 5, 2025, have prompted concerns about declining export volumes and reduced freight margins. - read more
Northern Australian Marinas Struggle with Rising Insurance Costs Northern Australian Marinas Struggle with Rising Insurance Costs
07 Oct 2025: Paige Estritori

Marina operators in Northern Australia are confronting a significant crisis as insurance premiums escalate dramatically, with some experiencing increases exceeding 300% over recent years. This surge in costs is placing immense financial strain on the industry, prompting urgent calls for government intervention. - read more
Suncorp's Financial Performance Surges with New Share Buyback Initiative Suncorp's Financial Performance Surges with New Share Buyback Initiative
07 Oct 2025: Paige Estritori

Australian insurer Suncorp has reported a significant 8% increase in full-year cash earnings, reaching A$1.49 billion for the fiscal year ending June 30, 2025. This performance surpasses analyst expectations and underscores the company's robust financial health. - read more
IAG's Financial Growth Reflects Strength in Australian Insurance Market IAG's Financial Growth Reflects Strength in Australian Insurance Market
07 Oct 2025: Paige Estritori

Insurance Australia Group (IAG) has reported a notable increase in annual cash earnings, reaching A$1.17 billion for the fiscal year ending June 30, 2025. This marks a significant rise from the previous year's A$905 million and exceeds market expectations. - read more
Navigating the Rising Insurance Risk Landscape for Australian Businesses Navigating the Rising Insurance Risk Landscape for Australian Businesses
07 Oct 2025: Paige Estritori

Australian businesses are currently facing heightened insurance risk pressures stemming from various factors, including increased litigation, technological advancements, supply chain disruptions, catastrophic events, and geopolitical tensions. Understanding these elements is crucial for businesses preparing for insurance renewals and risk management strategies. - read more
Australian Government Provides Income Support to Workers Affected by Cyclone Alfred Australian Government Provides Income Support to Workers Affected by Cyclone Alfred
07 Oct 2025: Paige Estritori

The Australian government has announced financial support measures for workers affected by ex-Tropical Cyclone Alfred, which recently caused severe flooding, power outages, and property damage across Queensland and New South Wales. This initiative aims to alleviate the financial burden on individuals who have lost income due to the cyclone's impact. - read more
ASIC Takes Legal Action Against QBE Over Misleading Discount Practices ASIC Takes Legal Action Against QBE Over Misleading Discount Practices
07 Oct 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has commenced Federal Court proceedings against QBE Insurance, alleging that the insurer misled more than 500,000 customers regarding pricing discounts between July 2017 and September 2022. This legal action underscores the regulator's commitment to ensuring transparency and fairness in the insurance sector. - read more
Suncorp Achieves $1.49 Billion Profit and Initiates $262 Million Share Buyback Suncorp Achieves $1.49 Billion Profit and Initiates $262 Million Share Buyback
07 Oct 2025: Paige Estritori

Suncorp, one of Australia's leading insurers, has reported an 8% increase in full-year cash earnings, reaching A$1.49 billion for the year ending June 30, 2025. This performance surpasses analyst expectations and underscores the company's robust financial health. - read more
NRMA's Departure from Farm Insurance: What It Means for Australian Farmers NRMA's Departure from Farm Insurance: What It Means for Australian Farmers
05 Oct 2025: Paige Estritori

In a significant shift within the Australian insurance landscape, NRMA has announced its withdrawal from the farm insurance sector, ceasing the sale of new policies as of July 1, 2025. This decision leaves many farmers seeking reliable alternatives to safeguard their livelihoods. - read more
Queensland Aligns with National Heavy Vehicle Regulator Queensland Aligns with National Heavy Vehicle Regulator
05 Oct 2025: Paige Estritori

In a significant move towards regulatory consistency, Queensland has transferred its heavy vehicle compliance responsibilities to the National Heavy Vehicle Regulator (NHVR). This transition aligns Queensland with New South Wales, Victoria, South Australia, Tasmania, and the Australian Capital Territory, all of which have already integrated their heavy vehicle regulations under the NHVR's oversight. - read more
Australian Truck Sales Experience Significant Downturn Australian Truck Sales Experience Significant Downturn
05 Oct 2025: Paige Estritori

The Australian truck market has witnessed a notable decline, with sales dropping by 11.7% in August 2025 compared to the same month in 2024. This downturn aligns with a broader decrease in business activity across the nation, as reported by the Truck Industry Council (TIC). - read more
Addressing Australia's Truck Driver Shortage: A Call for Youth Engagement Addressing Australia's Truck Driver Shortage: A Call for Youth Engagement
05 Oct 2025: Paige Estritori

The Australian trucking industry is facing a critical shortage of drivers, with approximately 28,000 heavy-vehicle driving positions unfilled as of last year. This shortfall is exacerbated by an ageing workforce, where nearly half of all drivers are over 55 years old, and only 5% are under 25. - read more
ACCC Raises Concerns Over IAG's Acquisition of RAC Insurance ACCC Raises Concerns Over IAG's Acquisition of RAC Insurance
05 Oct 2025: Paige Estritori

The Australian Competition and Consumer Commission (ACCC) has expressed significant concerns regarding Insurance Australia Group's (IAG) proposed acquisition of the Royal Automobile Club of Western Australia's (RAC) insurance business. The deal, valued at approximately A$1.35 billion (US$877 million), aims to expand IAG's presence in the Western Australian insurance market. - read more
NSW Builders Required to Obtain Professional Indemnity Insurance by July 2026 NSW Builders Required to Obtain Professional Indemnity Insurance by July 2026
04 Oct 2025: Paige Estritori

Starting 1 July 2026, all registered building practitioners in New South Wales (NSW) will be mandated to hold professional indemnity (PI) insurance, as stipulated by the Design and Building Practitioners Act 2021. This legislative change aims to enhance accountability and protect clients from potential financial losses due to professional negligence or defects in construction work. - read more
Competitive Pressures Drive Down Construction Insurance Premiums in Australia Competitive Pressures Drive Down Construction Insurance Premiums in Australia
04 Oct 2025: Paige Estritori

The Australian construction insurance market has experienced a notable shift in 2025, with premiums decreasing across various lines due to heightened competition among insurers. This trend offers significant financial relief to builders and contractors navigating the complexities of the industry. - read more
IAG's Profits Surge by 91% as Premiums Continue to Rise IAG's Profits Surge by 91% as Premiums Continue to Rise
04 Oct 2025: Paige Estritori

Insurance Australia Group (IAG) has reported a significant 91% increase in net profit for the first half of the fiscal year, reaching $778 million. This substantial growth is attributed to favourable weather conditions and strategic business operations. Despite a general easing of inflationary pressures, IAG's CEO, Nick Hawkins, has indicated that insurance premiums are expected to continue rising, albeit at a slower pace. - read more
ACCC Scrutinises IAG's Proposed Acquisition of RAC Insurance ACCC Scrutinises IAG's Proposed Acquisition of RAC Insurance
04 Oct 2025: Paige Estritori

The Australian Competition and Consumer Commission (ACCC) has expressed concerns regarding Insurance Australia Group's (IAG) proposed acquisition of the Royal Automobile Club of Western Australia's (RAC) insurance business. The deal, valued at A$1.35 billion (approximately $877 million), aims to expand IAG's presence in Western Australia. However, the ACCC warns that this consolidation could diminish competition in the region's motor and home insurance sectors. - read more
Cover-More's New Cancellation Cover: What Travellers Need to Know Cover-More's New Cancellation Cover: What Travellers Need to Know
03 Oct 2025: Paige Estritori

In a significant development for Australian travellers, Cover-More has unveiled a new trip cancellation product designed to offer broader protection against unforeseen disruptions. This initiative addresses common concerns among travellers about the limitations of existing cancellation policies. - read more
Allianz and Norwegian Cruise Line: A New Era of Cruise Travel Insurance Allianz and Norwegian Cruise Line: A New Era of Cruise Travel Insurance
03 Oct 2025: Paige Estritori

In a strategic move to enhance travel protection for cruise passengers, Allianz Partners Australia has partnered with Norwegian Cruise Line to offer specialised travel insurance coverage. This collaboration aims to provide cruisers with policies tailored to the unique aspects of sea voyages. - read more
Cover Genius and Luxury Escapes: Elevating Travel Protection for Australians Cover Genius and Luxury Escapes: Elevating Travel Protection for Australians
03 Oct 2025: Paige Estritori

In a move that underscores the evolving landscape of travel insurance, Cover Genius has expanded its partnership with Luxury Escapes to include trip cancellation protection. This enhancement aims to provide Australian travellers with more robust coverage, ensuring that unforeseen events don't derail their holiday plans. - read more
Ombudsman Directs RACT Insurance to Honour Car Crash Claim Despite Undisclosed Damage Ombudsman Directs RACT Insurance to Honour Car Crash Claim Despite Undisclosed Damage
03 Oct 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has intervened to instruct RACT Insurance to process a claim for a policyholder who failed to disclose prior damage to his four-wheel drive. Initially, when securing the insurance over the phone, the owner described the vehicle as being in 'good shape' with only minor scratches. However, post-accident assessments by RACT revealed damage that seemed to have existed before the incident. - read more
Australian Homeowners Face 28% Increase in Insurance Premiums Australian Homeowners Face 28% Increase in Insurance Premiums
03 Oct 2025: Paige Estritori

Recent data reveals a significant 28% increase in Australian home insurance premiums over the past year, marking the most substantial rise in two decades. This surge has placed considerable financial pressure on homeowners nationwide. - read more
QBE Insurance Faces Legal Action Over Alleged Misleading Discounts QBE Insurance Faces Legal Action Over Alleged Misleading Discounts
03 Oct 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has commenced Federal Court proceedings against QBE Insurance, alleging that the insurer misled over half a million customers about pricing discounts between July 2017 and September 2022. - read more
Property Council Raises Alarm Over Insurance Costs Impacting Housing Affordability in ACT Property Council Raises Alarm Over Insurance Costs Impacting Housing Affordability in ACT
03 Oct 2025: Paige Estritori

The Property Council of Australia has expressed concerns that escalating insurance premiums, coupled with proposed regulatory changes, could further strain housing affordability in the Australian Capital Territory (ACT). - read more
Netstrata's Practices Prompt Industry-Wide Strata Management Reforms Netstrata's Practices Prompt Industry-Wide Strata Management Reforms
02 Oct 2025: Paige Estritori

Recent investigations have brought to light concerning practices within Australia's strata management sector, particularly involving Netstrata, a prominent firm managing over 1,000 buildings and 35,000 apartments across New South Wales. Reports indicate that Netstrata has been charging apartment owners insurance brokerage fees significantly higher than industry standards, with some fees reaching up to six times the typical rate. This revelation has ignited a broader discussion on the need for transparency and reform within the industry. - read more
Sure Insurance's $20 Million Strata Coverage Boosts Affordability in Northern Queensland Sure Insurance's $20 Million Strata Coverage Boosts Affordability in Northern Queensland
02 Oct 2025: Paige Estritori

In a significant move to address insurance affordability and accessibility, Sure Insurance has expanded its residential strata insurance coverage to $20 million, up from the previous limit of $5 million. This enhancement is particularly targeted at apartment complexes in Northern and Regional Queensland, regions that have faced challenges in securing adequate and affordable insurance coverage. - read more
ICA Advocates for Strata Law Reforms to Mitigate Rising Insurance Costs in Victoria ICA Advocates for Strata Law Reforms to Mitigate Rising Insurance Costs in Victoria
02 Oct 2025: Paige Estritori

The Insurance Council of Australia (ICA) has called for significant reforms to Victoria's strata legislation, citing a direct link between inadequate governance and escalating insurance premiums for residents. With approximately one in five Victorians living in strata-titled properties, the need for effective management and oversight has become increasingly critical. - read more
Amid Surging Profits, The Insurance Sector Faces Public Perception Hurdles Amid Surging Profits, The Insurance Sector Faces Public Perception Hurdles
02 Oct 2025: Paige Estritori

The general insurance industry's after-tax profits rose significantly to $7.3 billion last financial year, marking its strongest performance in over a decade, according to actuarial group Taylor Fry. This impressive outcome was driven by lower-than-expected losses from catastrophes and robust investment returns. The previous year's figures, limited by accounting changes affecting data availability, saw comparable profits for nine months rising by 33% to $5.2 billion. - read more
Insurers Urged to Address 'Climate-Blind' Coverage Insurers Urged to Address 'Climate-Blind' Coverage
01 Oct 2025: Paige Estritori

The recent release of the first National Climate Risk Assessment provides stark evidence that climate risk is on the rise, particularly affecting regional Australia. The assessment highlights a significant issue within the insurance sector: a knowledge gap in the visibility of rural insurance portfolios. Insurers are often unaware of the full extent of assets needing protection, leaving portfolios underinsured and risks improperly priced. This gap is exacerbated by increasing climate volatility, presenting a formidable challenge for the sector. - read more
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