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Insurance News from Income Insurance Online

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Insurance News
Year: Month:

Life Insurance Sector to Develop New Mental Health Claims Framework Life Insurance Sector to Develop New Mental Health Claims Framework
21 Oct 2025: Paige Estritori

A significant update is on the horizon for mental health claims within the Australian life insurance sector. The Council of Australian Life Insurers (CALI) has announced the creation of a new assessment framework. This move will be developed in collaboration with consumer advocates, medical specialists, and other key stakeholders. The forthcoming plan aims to establish minimum standards for evaluating claims, ensuring that they are based on consistent and evidence-based criteria. - read more
Taxi Driver Wins Case Against Late Reporting Excess on Crash Claim Taxi Driver Wins Case Against Late Reporting Excess on Crash Claim
20 Oct 2025: Paige Estritori

A recent ruling by the Australian Financial Complaints Authority (AFCA) has overturned a $2500 late reporting excess fee applied to a taxi driver's insurance claim. The charge was initially levied after he lodged a claim late following a December 2023 accident for which he was at fault, resulting in minor damage to his vehicle. - read more
Celebrating Excellence: 2025 National Trucking Industry Award Winners Celebrating Excellence: 2025 National Trucking Industry Award Winners
20 Oct 2025: Paige Estritori

The Australian Trucking Association (ATA) has proudly announced the recipients of the 2025 National Trucking Industry Awards, recognising individuals and organisations that have demonstrated exceptional dedication and innovation within the trucking sector. These awards highlight the vital contributions made to the industry and the broader Australian economy. - read more
Addressing the Surge in Collision Risks Among Australian Fleet Operators Addressing the Surge in Collision Risks Among Australian Fleet Operators
20 Oct 2025: Paige Estritori

Australia's transport and haulage sector is currently navigating a period marked by an uptick in motor collision claims, posing significant challenges for fleet operators nationwide. This trend underscores the necessity for enhanced risk management and insurance strategies to safeguard operations and maintain profitability. - read more
Inattention and Speed: Primary Factors in Australian Truck Crashes Inattention and Speed: Primary Factors in Australian Truck Crashes
20 Oct 2025: Paige Estritori

The National Truck Accident Research Centre (NTARC) has released its latest Major Incident Investigation Report, shedding light on the predominant causes of significant truck crashes across Australia. The findings underscore the critical need for targeted interventions to enhance road safety within the transport industry. - read more
ASIC Initiates Legal Proceedings Against RACQ Insurance for Misleading Premium Information ASIC Initiates Legal Proceedings Against RACQ Insurance for Misleading Premium Information
19 Oct 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has commenced Federal Court proceedings against RACQ Insurance, a subsidiary of Insurance Australia Group (IAG), alleging that the insurer misled over 570,000 customers through deceptive premium comparison pricing in renewal notices issued between September 2019 and December 2024. - read more
Rising Travel Insurance Claims Among Australians Visiting Thailand Rising Travel Insurance Claims Among Australians Visiting Thailand
19 Oct 2025: Paige Estritori

Southern Cross Travel Insurance (SCTI) has reported a significant 43% increase in emergency assistance cases involving Australian travellers in Thailand compared to the previous year. This surge underscores the importance of comprehensive travel insurance for those venturing abroad. - read more
Open Insurance Unveils Innovative AI-Powered Travel Insurance for Australians Open Insurance Unveils Innovative AI-Powered Travel Insurance for Australians
19 Oct 2025: Paige Estritori

Open Insurance, the parent company of the AI-driven brand Huddle, has launched a new travel insurance product tailored for the Australian market. This marks the company's return to offering travel insurance locally since the COVID-19 pandemic. - read more
Potential Decrease in Australian Insurance Premiums Amid Global Market Downturn Potential Decrease in Australian Insurance Premiums Amid Global Market Downturn
19 Oct 2025: Paige Estritori

Recent developments in the global financial markets have sparked discussions about potential benefits for Australian insurance policyholders. A significant sell-off in the insurance sector on Wall Street has led analysts to speculate that Australian insurance premiums could see a reduction in the near future. - read more
Climate Change Threatens Insurability of Australian Homes by 2050 Climate Change Threatens Insurability of Australian Homes by 2050
19 Oct 2025: Paige Estritori

A recent National Climate Risk Assessment has raised significant concerns about the future insurability of Australian homes. The comprehensive government report warns that by 2050, approximately one million homes could be classified as 'very high risk' due to climate change, potentially rendering them uninsurable. - read more
Rising Home Insurance Premiums in Australia Amidst Extreme Weather Events Rising Home Insurance Premiums in Australia Amidst Extreme Weather Events
19 Oct 2025: Paige Estritori

Australian homeowners are experiencing a significant rise in home insurance premiums, driven by an increase in extreme weather events. The Insurance Council of Australia (ICA) reports that in the first half of 2025 alone, severe weather incidents, including ex-tropical cyclone Alfred, resulted in $1.8 billion in insurance claims. - read more
ICA Advocates for Overhaul of Civil Liability Laws Amid Rising Insurance Premiums ICA Advocates for Overhaul of Civil Liability Laws Amid Rising Insurance Premiums
19 Oct 2025: Paige Estritori

The Insurance Council of Australia (ICA) has recently released a white paper highlighting the urgent need for reforms to state and territory civil liability laws, which have remained largely unchanged for nearly 25 years. These outdated laws are contributing to significant increases in public liability insurance premiums, affecting a wide range of businesses across the nation. - read more
Australian Businesses Demand National Action on Rising Insurance Costs Australian Businesses Demand National Action on Rising Insurance Costs
19 Oct 2025: Paige Estritori

In response to escalating insurance premiums, Australian businesses are calling for a coordinated national reform agenda to alleviate the financial pressures associated with obtaining adequate coverage. A recent report produced jointly by the Australian Chamber of Commerce and Industry (ACCI) and the Insurance Council of Australia (ICA) highlights the urgent need for comprehensive reforms to address the challenges faced by small and medium-sized enterprises (SMEs). - read more
APRA Reports Significant Increase in Public Liability Insurance Premiums APRA Reports Significant Increase in Public Liability Insurance Premiums
19 Oct 2025: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database (NCPD) statistics, revealing a substantial increase in public liability insurance premiums over recent years. According to the data, premiums have risen by 40% since 2015, a rate that surpasses general inflation and places additional financial strain on businesses across the country. - read more
Insurance Industry Calls for Liability Law Reforms as Costs Skyrocket for Entertainment Sectors Insurance Industry Calls for Liability Law Reforms as Costs Skyrocket for Entertainment Sectors
16 Oct 2025: Paige Estritori

The Insurance Council of Australia (ICA) is advocating for comprehensive reforms in liability laws to tackle rising insurance premiums, particularly impacting sectors such as live music venues, festivals, caravan parks, and amusement venues. The call comes with the release of a white paper highlighting that outdated state-based civil liability laws, untouched for nearly 25 years, are inflating costs significantly. - read more
Surge in Profits for Australian Insurers Amid Rising Premiums Surge in Profits for Australian Insurers Amid Rising Premiums
15 Oct 2025: Paige Estritori

In 2024, Australia's insurance industry reported a collective after-tax profit of $6.1 billion, a significant increase from the five-year average of $2 billion. This surge is attributed to substantial premium hikes and a relatively quiet year for natural disasters. - read more
Rising Insurance Costs Challenge Australian Businesses Amid Crime Surge Rising Insurance Costs Challenge Australian Businesses Amid Crime Surge
15 Oct 2025: Paige Estritori

Australian businesses are confronting escalating insurance premiums, driven by a surge in break-ins and thefts. This trend is placing additional financial strain on business owners already navigating a complex economic environment. - read more
Allianz Australia Penalised for Misleading Insurance Practices Allianz Australia Penalised for Misleading Insurance Practices
15 Oct 2025: Paige Estritori

In a significant regulatory development, Allianz Australia and its subsidiary, AWP Australia, have been fined $16.8 million for making false and misleading statements. This penalty underscores the critical importance of transparency and honesty in the insurance industry. - read more
Allianz Australia Completes Acquisition of RAA Insurance Allianz Australia Completes Acquisition of RAA Insurance
15 Oct 2025: Paige Estritori

Allianz Australia has successfully completed the acquisition of RAA Insurance for $642 million, marking a significant expansion of its operations in South Australia. This strategic move is set to enhance Allianz's market presence and diversify its service offerings in the region. - read more
NSW and SA Initiate Trials for Increased Mass Limits on Zero-Emissions Trucks NSW and SA Initiate Trials for Increased Mass Limits on Zero-Emissions Trucks
13 Oct 2025: Paige Estritori

In a significant move towards sustainable transport, New South Wales (NSW) and South Australia (SA) have commenced trials permitting higher mass limits for zero-emissions trucks. This initiative aims to encourage the adoption of environmentally friendly heavy vehicles by addressing existing regulatory constraints. - read more
Austroads Survey Uncovers Safety Concerns with Overseas Licensed Heavy Vehicle Drivers Austroads Survey Uncovers Safety Concerns with Overseas Licensed Heavy Vehicle Drivers
13 Oct 2025: Paige Estritori

A recent survey conducted by Austroads has brought to light significant safety concerns regarding overseas licensed heavy vehicle drivers operating in Australia. With over 1,900 respondents, the survey aims to inform potential policy changes to enhance road safety and driver competency. - read more
ICA Advocates for Government Reforms to Mitigate Rising Motor Insurance Premiums ICA Advocates for Government Reforms to Mitigate Rising Motor Insurance Premiums
13 Oct 2025: Paige Estritori

The Insurance Council of Australia (ICA) has issued a call for urgent government action to address the escalating costs of motor insurance premiums. Highlighting a 42% increase in comprehensive motor insurance premiums since 2019, the ICA attributes this surge to various systemic cost drivers. - read more
Suncorp's Earnings Surge and Share Buyback Announcement Suncorp's Earnings Surge and Share Buyback Announcement
13 Oct 2025: Paige Estritori

Suncorp, a prominent Australian insurer, has reported an 8% increase in full-year cash earnings, reaching A$1.49 billion for the year ending June 30, 2025. This performance exceeded analyst expectations and underscores the company's robust financial health. - read more
ASIC's Legal Action Against RACQ Insurance: What You Need to Know ASIC's Legal Action Against RACQ Insurance: What You Need to Know
13 Oct 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has commenced Federal Court proceedings against RACQ Insurance, alleging that the insurer misled more than 570,000 customers through deceptive premium comparison figures in renewal notices issued between September 2019 and December 2024. - read more
NTI Report Highlights Human Error as Primary Cause of Major Truck Crashes NTI Report Highlights Human Error as Primary Cause of Major Truck Crashes
12 Oct 2025: Paige Estritori

According to the latest report from the National Truck Accident Research Centre (NTARC), human error remains the predominant cause of major truck crashes in Australia. The study, supported by National Transport Insurance (NTI), reveals that inattention and distraction are leading contributors to these incidents, accounting for nearly one-third of all human factor-related crashes. - read more
Queensland Aligns Heavy Vehicle Compliance with National Regulator Queensland Aligns Heavy Vehicle Compliance with National Regulator
12 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
QBE Exceeds Profit Expectations with Strong Premium Growth QBE Exceeds Profit Expectations with Strong Premium Growth
12 Oct 2025: Paige Estritori

Australian insurer QBE has reported a significant increase in net profit for the first half of fiscal 2025, reaching $997 million. This figure surpasses both the previous year's profit of $777 million and market estimates of $839.39 million. The impressive performance is attributed to robust premium growth in North America and international markets, coupled with lower-than-expected claims. - read more
Suncorp's Profit Rises by 8%, Plans A$400 Million Share Buyback Suncorp's Profit Rises by 8%, Plans A$400 Million Share Buyback
12 Oct 2025: Paige Estritori

Suncorp, a leading Australian insurer, has reported an 8% increase in full-year cash earnings, reaching A$1.49 billion for the year ending June 30. This performance surpasses analyst expectations of A$1.47 billion and is attributed to improved underlying insurance margins and a 16% increase in net investment returns, totaling A$766 million. - read more
Allianz Australia Penalised for Misleading Travel Insurance Information Allianz Australia Penalised for Misleading Travel Insurance Information
11 Oct 2025: Paige Estritori

In a significant ruling, Allianz Australia Insurance and its subsidiary, AWP Australia, have been fined a total of $16.8 million for providing misleading information about their travel insurance products. The Supreme Court of New South Wales found that between 2016 and 2018, the companies misrepresented the extent of coverage available to consumers, leading to potential misunderstandings about policy benefits. - read more
Surge in Bali Travel Among Australians Leads to Increased Insurance Claims Surge in Bali Travel Among Australians Leads to Increased Insurance Claims
11 Oct 2025: Paige Estritori

The allure of Bali continues to captivate Australian travellers, with a notable 43% increase in travel insurance policies purchased for the destination since the 2022/23 summer season. This surge has corresponded with a 50% rise in related insurance claims, now accounting for 16% of all claims submitted to Southern Cross Travel Insurance (SCTI) in 2024. - read more
Hidden Exclusions in Travel Insurance: What Australian Travellers Need to Know Hidden Exclusions in Travel Insurance: What Australian Travellers Need to Know
11 Oct 2025: Paige Estritori

Australian travellers are being urged to carefully review their travel insurance policies to identify potential exclusions that could affect their coverage. Legal expert Peter Carter from Carter Capner Law highlights that certain activities, such as riding motorbikes or jet skis and consuming alcohol, are often classified as high-risk by insurers. Incidents occurring during these activities may lead to claim rejections. - read more
Aon and REISA Forge Partnership to Support South Australian Real Estate Professionals Aon and REISA Forge Partnership to Support South Australian Real Estate Professionals
11 Oct 2025: Paige Estritori

In a strategic move to bolster support for real estate professionals, Aon has announced a partnership with the Real Estate Institute of South Australia (REISA). This collaboration is set to provide REISA members with specialised insurance and risk advisory services, addressing the unique challenges faced by the industry. - read more
Queensland Implements Mandatory Seller Disclosure to Boost Transparency Queensland Implements Mandatory Seller Disclosure to Boost Transparency
11 Oct 2025: Paige Estritori

Effective 1 August 2025, Queensland has introduced a mandatory seller disclosure scheme under the Property Law Act 2023. This legislation requires sellers to provide prospective buyers with a comprehensive disclosure statement and relevant certificates before contract signing or auction. - read more
Rising Cyber Threats Pose Challenges for Australian Real Estate Agencies Rising Cyber Threats Pose Challenges for Australian Real Estate Agencies
11 Oct 2025: Paige Estritori

Australian real estate agencies are encountering a surge in cyber threats, with incidents affecting businesses every six minutes, according to the Australian Cyber Security Centre (ACSC). This alarming trend underscores the critical need for robust cybersecurity measures and comprehensive insurance coverage within the industry. - read more
QBE Under Scrutiny for Misleading Discount Practices QBE Under Scrutiny for Misleading Discount Practices
11 Oct 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has initiated legal action against QBE Insurance, alleging that the insurer misled over 500,000 customers regarding promised discounts on various insurance products. This development underscores the critical importance of transparency and accuracy in the insurance sector, particularly concerning pricing and customer communications. - read more
Upcover's New Management Liability Insurance: A Boon for SMEs Upcover's New Management Liability Insurance: A Boon for SMEs
11 Oct 2025: Paige Estritori

In a significant development for small and medium-sized enterprises (SMEs) and sole traders across Australia, Sydney-based insurtech company Upcover has unveiled a new management liability insurance product. This offering is designed to provide comprehensive protection against a range of risks, including employment disputes, official investigations, tax audits, financial crimes, statutory liabilities, and allegations of legal breaches. - read more
APRA's Findings: Stability in PI Claims Amid Declining Premiums APRA's Findings: Stability in PI Claims Amid Declining Premiums
11 Oct 2025: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database report, providing insights into the professional indemnity (PI) insurance sector. The data indicates that while claims payments for non-facility business remained relatively stable at $1.111 billion in the 2022 underwriting year, there was a notable 6% decline in gross written premiums, which fell to $2.775 billion from the previous year's $2.954 billion. - read more
Addressing Business Interruption Insurance Gaps in the Food Industry Addressing Business Interruption Insurance Gaps in the Food Industry
11 Oct 2025: Paige Estritori

Recent findings have highlighted a significant vulnerability within Australia's food and beverage sector: a substantial number of businesses are operating without adequate business interruption insurance. This oversight places them at considerable financial risk in the event of unforeseen disruptions. - read more
Rising Insolvencies in the Australian Hospitality Industry Rising Insolvencies in the Australian Hospitality Industry
11 Oct 2025: Paige Estritori

The Australian hospitality sector is currently grappling with significant economic challenges, leading to a notable increase in business closures. Recent data indicates that nearly one in ten hospitality and food service businesses have shut their doors in the past year, marking a record-high closure rate of 9.4%. - read more
Innovative Strategies for Building Resilience in Australia's Hospitality Sector Innovative Strategies for Building Resilience in Australia's Hospitality Sector
11 Oct 2025: Paige Estritori

In response to mounting economic pressures, Australian restaurateurs are increasingly embracing innovative strategies to enhance resilience and ensure long-term success. A recent report by Square, in collaboration with YouGov, sheds light on how the industry is adapting to challenges such as inflation, rising operational costs, and staff retention issues. - read more
QBE Faces Legal Action Over Misleading Discount Practices QBE Faces Legal Action Over Misleading Discount Practices
10 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 regarding promised discounts on various insurance products between July 2017 and September 2022. This action underscores the regulator's commitment to ensuring transparency and fairness within the insurance sector. - read more
Debate Intensifies Over Proposed NSW Strata Commission Ban Debate Intensifies Over Proposed NSW Strata Commission Ban
10 Oct 2025: Paige Estritori

The New South Wales (NSW) government's proposal to ban commissions on strata insurance has ignited a contentious debate between consumer advocacy groups and industry leaders. This reform aims to eliminate potential conflicts of interest and enhance transparency within the strata management sector. - read more
Steadfast Group's Strata Insurance Practices Under Investigation Steadfast Group's Strata Insurance Practices Under Investigation
10 Oct 2025: Paige Estritori

Steadfast Group, Australia's largest strata insurance broker, is currently under scrutiny following allegations that it misled customers by not disclosing more affordable insurance options from competitors. This situation has prompted the Australian Competition and Consumer Commission (ACCC) to advocate for a ban on commissions within the strata insurance market, citing concerns over undisclosed payments that may be inflating costs for apartment owners. - read more
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
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
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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