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Insurance News

AFCA Upholds Insurance Fraud Ruling Over Disputed Possum Accident AFCA Upholds Insurance Fraud Ruling Over Disputed Possum Accident
26 Jun 2025: Paige Estritori

A motorist's claim that he crashed into a tree to avoid a possum has been denied by the Australian Financial Complaints Authority (AFCA), which supported the insurer's fraud decision. The incident involved the driver crashing his Jeep—insured for over $20,000—on a dimly-lit street, purportedly avoiding the rain-soaked motorway en route to the store. - read more
Code Watchdog Criticises Insurer for Misleading Rejection Letters Code Watchdog Criticises Insurer for Misleading Rejection Letters
24 Jun 2025: Paige Estritori

The Life Code Compliance Committee has recently reprimanded a life insurance provider for issuing misleading rejection letters to policy applicants. These letters were deemed 'ambiguous and contradictory' and failed to clearly inform applicants of their review options after being denied coverage. - read more
Insurer Ordered to Pay Full Claim for Confusing Patio Coverage Insurer Ordered to Pay Full Claim for Confusing Patio Coverage
23 Jun 2025: Paige Estritori

A recent ruling mandates that an insurer must fully honor a storm-related claim due to ambiguous policy wording regarding items in open areas. The Australian Financial Complaints Authority (AFCA) determined that the insurer's restriction on coverage for items in a patio area was unfounded, as the policy's phrasing was not clear. - read more
Australia Sees Dramatic Drop in Catastrophe Losses Australia Sees Dramatic Drop in Catastrophe Losses
23 Jun 2025: Paige Estritori

Last year saw Australia's insured catastrophe losses plummet to just $500 million, marking the lowest level since 2004, according to Aon's latest Climate and Catastrophe Insight report. Notably, the Insurance Council of Australia reported no disasters for the year, a situation not seen since 1982. This comes in stark contrast to 2023, when disaster-related insured losses soared to over $3.6 billion. - read more
Half a Million Australian Homes at Risk of Becoming Uninsurable, Climate Agency Reports Half a Million Australian Homes at Risk of Becoming Uninsurable, Climate Agency Reports
21 Jun 2025: Paige Estritori

The Climate Change Authority has released a concerning report highlighting that, without immediate intervention, extreme natural hazards could cost Australians approximately $8.7 billion annually by 2050. The report urges the federal government to spearhead a comprehensive and well-coordinated national adaptation agenda to mitigate these risks. - read more
Red Sea Unrest: Insurer Denies Cruise Cancellation Claim Red Sea Unrest: Insurer Denies Cruise Cancellation Claim
20 Jun 2025: Paige Estritori

An Australian travel policyholder has been denied a claim payout after his planned cruise in the Red Sea was cancelled due to conflict. The insurer, Southern Cross, invoked its policy's war and violence exclusion clause, as disturbances in the region were linked to military activities, rendering the claim invalid. - read more
Recognition at ACT Insurance Awards Highlights Industry Leaders Recognition at ACT Insurance Awards Highlights Industry Leaders
18 Jun 2025: Paige Estritori

The ACT Insurance Awards have recently acknowledged the standout performers within the insurance sector, with EML Group's Canberra branch receiving the prestigious title of Insurance Leader of the Year. This accolade sets a benchmark in the industry, emphasising excellence and leadership among its professionals. - read more
TAL Collaborates with Insurtech to Launch Embedded Life Insurance TAL Collaborates with Insurtech to Launch Embedded Life Insurance
17 Jun 2025: Paige Estritori

Australia's prominent life insurer, TAL, has partnered with the global insurtech firm, Cover Genius, to introduce an innovative 'digital-only', embedded life insurance product. This new solution aims to serve Australian workers such as part-time employees, contractors, and casual staff who often lack access to affordable insurance coverage. - read more
Growing Mistrust in New Zealand Insurers Amid Rising Costs Growing Mistrust in New Zealand Insurers Amid Rising Costs
17 Jun 2025: Paige Estritori

Recent findings from a Consumer NZ survey highlight increasing skepticism towards insurers in New Zealand, as affordability remains a significant concern for many. The survey noted that insurance now ranks as the fourth-largest financial pressure among respondents, trailing housing, food, and household debt, marking an upward shift from sixth place last October. This change has negatively impacted the industry's reputation, with more individuals expressing distrust towards insurers. - read more
No Refund Policy Upheld in Camper Tent Dispute No Refund Policy Upheld in Camper Tent Dispute
16 Jun 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has supported Open Insurance's decision to deny a refund to a customer who cancelled his motor policy after being informed that his new rooftop tent installation would breach policy guidelines. The policyholder was advised that any modifications, including a 'slip on camper/tent or camper conversion,' would void coverage, prompting him to cancel his insurance in March. - read more
Acenda Secures Four Key Wins at Life Insurance Excellence Awards Acenda Secures Four Key Wins at Life Insurance Excellence Awards
16 Jun 2025: Paige Estritori

In a triumphant moment for Australian life insurer Acenda, the company secured top honours in four of the ten categories at the Australian Life Underwriting and Claims Association (ALUCA) Life Insurance Excellence Awards. Formerly known as MLC Life Insurance, Acenda emerged as a finalist in nine categories, ultimately winning the Leadership Award, Claims Team Award, Customer Service Team Award, and Partnership Impact Team Award. - read more
AFCA Upholds Insurer's Decision on Claimant's Non-Disclosure AFCA Upholds Insurer's Decision on Claimant's Non-Disclosure
12 Jun 2025: Paige Estritori

A recent ruling by the Australian Financial Complaints Authority (AFCA) supported Auto & General's decision to deny a motor policyholder's claim after a crash. The decision stemmed from the policyholder's failure to disclose a driving-related good behaviour bond, despite his claims of a learning disability affecting his understanding of the policy's inquiries. - read more
Insurer Ordered to Cover Restaurant Arson Despite Director's Unrevealed Criminal Record Insurer Ordered to Cover Restaurant Arson Despite Director's Unrevealed Criminal Record
12 Jun 2025: Paige Estritori

In a recent decision, the Australian Financial Complaints Authority (AFCA) directed insurer QBE to honour an arson claim for a restaurant, despite the owner's failure to disclose prior criminal convictions during the policy's inception. The restaurant, which operates from a leased location, suffered extensive damage due to an arson attack on August 2 of last year, halting its business operations. While the arsonist was apprehended, QBE initially denied the claim, citing non-disclosure of the director's criminal history. - read more
Insurance Sector Reports $1 Billion Profit Amidst Household Strain Insurance Sector Reports $1 Billion Profit Amidst Household Strain
11 Jun 2025: Paige Estritori

The insurance industry secured a net profit after tax of $1.11 billion in the March quarter, with major contributions from insurers at $990 million and reinsurers at $123 million, as revealed by the latest data from the Australian Prudential Regulation Authority. The insurance service result, a key indicator of underwriting success, reached $1.32 billion during this period, while investment returns added an impressive $1.18 billion. - read more
ASIC Accuses Choosi Pty Ltd of Misleading Insurance Comparison Practices ASIC Accuses Choosi Pty Ltd of Misleading Insurance Comparison Practices
10 Jun 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against Choosi Pty Ltd, alleging deceptive practices in its insurance comparison service. The regulatory body charges that from July 2019 to June 2025, Choosi misrepresented its offerings, claiming to compare funeral and life insurance policies from multiple insurers while actually only comparing products from a single provider, Hannover Life Re of Australasia Ltd. - read more
Individual Disability Income Insurance Extends Profitable Streak into Fifth Quarter Individual Disability Income Insurance Extends Profitable Streak into Fifth Quarter
10 Jun 2025: Paige Estritori

Recent figures from the Australian Prudential Regulation Authority reveal that individual disability income insurance (DII) recorded an underwriting profit of $231 million for the first quarter of 2025, continuing a five-quarter streak of profitability. This performance shows promising growth compared to the December 2023 quarter, which saw an $86 million loss. Although the latest profit is up from $138 million in the last quarter, it still falls short of the $419 million achieved a year before. - read more
AFCA Overrules Insurer in Camper Trailer Damage Case AFCA Overrules Insurer in Camper Trailer Damage Case
09 Jun 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has ruled that a camper trailer owner will receive coverage for water and mould damage after the insurer could not demonstrate that the wear and tear exclusions applied under the policy. The case emerged after a storm in November 2023, which the claimant says caused severe wind to rip the cover off the camper, allowing water ingress and subsequent mould development. - read more
Regulatory Bodies Demand Clarity on Duration-Based Insurance Premiums Regulatory Bodies Demand Clarity on Duration-Based Insurance Premiums
06 Jun 2025: Paige Estritori

Australia’s leading financial regulators, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA), have raised concerns regarding the practice of duration-based pricing in life insurance products. They have emphasised the need for insurers to improve transparency, ensuring that consumers are fully informed about the long-term costs associated with initial premium discounts. - read more
Young Driver Left Uncovered Due to Policy Misstep Young Driver Left Uncovered Due to Policy Misstep
05 Jun 2025: Paige Estritori

A policyholder faces a denied claim after inadvertently excluding his newly licensed 21-year-old son from his car insurance policy, highlighting a common oversight in age-specific exclusions. Following a collision involving his son, who recently earned his licence, Hollard Insurance declined the claim based on policy terms that excluded drivers under 25, unless accompanied by a qualified adult. - read more
NSW Floods Highlight Critical Insurability Crisis NSW Floods Highlight Critical Insurability Crisis
05 Jun 2025: Paige Estritori

Recently, New South Wales has been severely affected by major floods, with damages to around 10,000 homes and businesses. The Insurance Council of Australia has already received over 6,000 claims from the Mid North Coast and Hunter regions, while countless families face displacement as their homes become uninhabitable. - read more
Ride-Share Driver Prevails in Insurance Dispute Over Vehicle Use Ride-Share Driver Prevails in Insurance Dispute Over Vehicle Use
04 Jun 2025: Paige Estritori

A ride-share driver recently won a significant claim dispute against an insurer that initially denied his claim following a traffic accident. The Australian Financial Complaints Authority (AFCA) sided with the driver, determining that Auto & General could not prove he misrepresented his vehicle use when purchasing his insurance policy. - read more
Streamlining Life Insurance: New Digital Questionnaire Initiative Launched Streamlining Life Insurance: New Digital Questionnaire Initiative Launched
04 Jun 2025: Paige Estritori

In a groundbreaking development for the Australian life insurance sector, a new digital initiative promises to simplify the process of providing medical information for life insurance applications. The collaboration between Acenda, formerly known as MLC Life, and EQ Pathology introduces “smart” digital questionnaires to streamline data collection. - read more
Record Highs in UK Pet Insurance Payouts Reflect Rising Vet Costs Record Highs in UK Pet Insurance Payouts Reflect Rising Vet Costs
03 Jun 2025: Paige Estritori

The landscape of pet insurance in the UK has marked another milestone, with payouts reaching an unprecedented £1.23 billion ($2.36 billion) last year. This 4% increase over the previous year is attributed to soaring veterinary fees, reflecting broader inflation trends in the industry. - read more
Flood Crisis Exposes Insurance Shortfalls in NSW: Brokers Warn of Unmet Coverage Needs Flood Crisis Exposes Insurance Shortfalls in NSW: Brokers Warn of Unmet Coverage Needs
03 Jun 2025: Paige Estritori

As floods wreak havoc across New South Wales, the stark reality of inadequate insurance coverage emerges as a pressing issue for farmers, homeowners, and businesses. In localities like Taree, the lack of flood coverage is a cause for concern as the region grapples with the aftermath of record-breaking rains and destruction. - read more
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Replacement Cost:
The amount it would cost to replace or rebuild an insured asset with one of similar kind and quality, without depreciation.