New South Wales (NSW) is working on a six-month pilot programme using the innovative 'Building Trustworthy Index', a blockchain-based platform that allows stakeholders such as property buyers, banks, insurers and regulators to review the provenance and quality of materials and contractors used in the construction of buildings.
The insurance market is feeling optimistic about D&O business in Australia that is starting to level out after consecutive years of pricing hikes driven by tightening underwriting appetite and reduced market capacity, says Gallagher, a leading global insurance brokerage, risk management, and human capital consulting company.
HBF, one of Australia's fastest growing private health insurers, is has entered into a binding agreement to acquire 100% of physiotherapy and allied health business Life Ready Health Group (Life Ready).
Most Aussies are insured but their cover may not be right, according to the results of a survey commissioned by insurance giant QBE.
Many Aussies could be more prepared for extreme weather and natural disasters, according to QBE research. Just a quarter (25.6%) of Australians describe themselves and their homes as prepared or very prepared for natural disaster and weather events. The rest say they're either unprepared (22%), or only somewhat prepared (52%).
Australia can avoid A$380bn ($274bn) of climate change losses over the next 30 years through adaptation (A$120bn) and mitigation ($260bn). But the rapid increase in the cost of inaction means that the window to invest in adaptation is closing, according to the findings of a recent study by Deloitte Access Economics.
Since 1 January 2022, insurance claimants are entitled to ask whether those who are providing assistance to them in handling and settling claims are licensed. This is because from that date, persons providing claims handling and settling services are required to hold an Australian financial services (AFS) licence under the Corporations Act 2001.
Many pandemic-related issues are yet to play out for insurers, including construction liability waivers, mandatory vaccinations, mental health exposures and property access issues, according to the "GL Trends Update: Towards 2022" report published by the law firm Wotton + Kearney that specialises in providing legal services to the insurance industry.
Following the slew of regulatory changes implemented in 2021, 2022 will be the year in which insurers learns how to work with the new regulatory regime, and for ASIC to initiate some high-profile licence condition or enforcement actions to test the new regime.
The proposed Retirement Income Covenant is likely to lead to a large expansion of the range of retirement products available to people. This expansion of offerings is likely to increase complexity and without improved guidance is unlikely to translate into consumers taking up more appropriate offers, says the non-governmental organisation Super Consumers Australia (SCA) that represents the interests of low and middle-income Australians in the superannuation system.