| Quay Marine Insurance Joins Forces with AXA XL as Coverholder Wed, 17 Jun: Quay Marine Insurance has been appointed as a Coverholder for XL Insurance Company SE (XLICSE), a subsidiary of AXA XL, marking a significant milestone in its mission to provide tailored marine insurance solutions across Australia. - read more
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| IAG Resolves $4 Billion Greensill Lawsuit Wed, 17 Jun: Insurance Australia Group (IAG) has reached a confidential settlement in the $4 billion lawsuit initiated by Greensill Bank AG and its insolvency administrator. This legal action stemmed from disputes over insurance coverage related to Greensill's financial products. - read more
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| Decline in Market Share for Australian Insurers' Business Packages Wed, 17 Jun: A recent analysis by Macquarie has revealed a significant decline in the domestic business package market share held by Australian insurers, dropping to approximately 48% in the fiscal year 2025 from nearly 67% a decade ago. - read more
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| Suncorp's Strategic Reinsurance Placement Elevates Market Position Wed, 17 Jun: Suncorp has successfully secured up to AU$2.4 billion in reinsurance protection over five years, leading to a significant 10% increase in its share value. This strategic move is expected to bolster the company's fiscal 2026 growth outlook, with projected gross written premium growth of 3% across its Australia and New Zealand operations. The reinsurance arrangement, effective from June 30, is designed to cap natural hazard costs in approximately 90% of scenarios, thereby reducing earnings volatility. - read more
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| RBA Maintains Cash Rate at 4.35%, Hints at Possible Future Increases Wed, 17 Jun: The Reserve Bank of Australia (RBA) has decided to keep the cash rate steady at 4.35% during its June 2026 meeting, following three consecutive rate hikes earlier this year. This decision reflects the central bank's assessment of a slowing economy due to tighter financial conditions. However, the RBA has signalled that further rate increases may be necessary to manage persistent inflationary pressures. - read more
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| APRA's System Risk Outlook Emphasises Australia's Financial Resilience Wed, 17 Jun: The Australian Prudential Regulation Authority (APRA) has released its latest System Risk Outlook, highlighting the resilience of Australia's financial system amidst intensifying global risks. The report underscores the system's preparedness to withstand severe downside scenarios, including a deep global recession combined with higher funding costs and operational disruptions. - read more
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| ASIC Initiates Legal Action Against Equity Trustees for Onboarding Failures Wed, 17 Jun: The Australian Securities and Investments Commission (ASIC) has commenced civil penalty proceedings against Equity Trustees Superannuation Limited, alleging failures in care, skill, and diligence concerning the decision to allow members to invest in the First Guardian Master Fund. Over $65 million was invested in First Guardian between June 2023 and March 2024 by approximately 2,700 members of NQ Super & Pension, a division of the AMG Superannuation Fund for which Equity Trustees was the trustee. - read more
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| Understanding the Impact of New Regulations on Cosmetic Nurses' Insurance Wed, 17 Jun: The Australian cosmetic nursing industry has experienced significant growth, driven by increasing demand for non-surgical cosmetic procedures such as injectables and skin treatments. This expansion has led to heightened scrutiny and the implementation of new regulations aimed at ensuring patient safety and professional accountability. - read more
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| Guild Insurance and EML Group Announce Strategic Partnership Wed, 17 Jun: Guild Insurance and EML Group have announced a strategic partnership aimed at strengthening their collective ability to deliver high-quality insurance and claims solutions across Australia. This collaboration introduces a new ownership structure for Guild Insurance, with EML Group leading alongside Guild Group, representing the Pharmacy Guild of Australia, which remains a key shareholder. - read more
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| ACT Eliminates Stamp Duty for First Home Buyers Wed, 17 Jun: In a landmark move, the Australian Capital Territory (ACT) government has announced the abolition of stamp duty for all first home buyers, effective from July 1, 2026. This initiative positions the ACT as the first jurisdiction in Australia to eliminate this tax for first-time purchasers, regardless of property value or income level. - read more
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| Tasmania's Stamp Duty Exemption for First Home Buyers Nears End Wed, 17 Jun: As the June 30, 2026, deadline approaches, Tasmania's first home buyers are racing to finalize property purchases before the expiration of the state's stamp duty exemption. This exemption, which has been instrumental in assisting first-time buyers by reducing upfront costs, is set to conclude without extension. - read more
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| APRA and ASIC Advocate for TPD Insurance Reforms Wed, 17 Jun: The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have jointly called on life insurers to take decisive action to address mounting sustainability pressures in the Total and Permanent Disability (TPD) insurance market. This appeal follows a high-level industry roundtable discussion involving senior executives from 19 insurers and reinsurers, as well as representatives from Treasury and the Council of Australian Life Insurers (CALI). - read more
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| Surge in Life Insurance Disputes Linked to TPD and Disability Claims Wed, 17 Jun: Recent data from the Australian Prudential Regulation Authority (APRA) reveals a significant concentration of disputes in the life insurance sector, with Total and Permanent Disability (TPD) and disability income insurance (DII) claims accounting for 88% of all disputes. This trend underscores the pressing need for both insurers and policyholders to closely examine the factors contributing to these disputes and seek solutions to enhance the claims process. - read more
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| Rising Delays in Income Protection Payments Concern Regulators Wed, 17 Jun: Recent findings from the Life Insurance Code Compliance Committee (Life CCC) have revealed a concerning 67% increase in violations related to the timely payment of income protection benefits during the 2024-25 financial year. This surge has raised alarms about the industry's adherence to its own standards and the impact on policyholders. - read more
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| APRA and ASIC Address TPD Insurance Sustainability Challenges Wed, 17 Jun: In a recent joint CEO roundtable, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) highlighted the pressing need for life insurers to take decisive action to address sustainability challenges in the Total and Permanent Disability (TPD) insurance market. - read more
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| Surge in Income Protection Payment Delays Raises Concerns Wed, 17 Jun: Recent findings from the Life Insurance Code Compliance Committee (Life CCC) have revealed a 67% increase in violations related to timely income protection payments. This surge raises significant concerns about insurer compliance and the impact on customers who rely on these benefits during challenging times. - read more
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| AFCA Upholds Insurer's Right to Adjust 'Level' Premiums Wed, 17 Jun: The Australian Financial Complaints Authority (AFCA) recently dismissed a complaint from a policyholder regarding significant increases in 'level' life insurance premiums. The complainant argued that they had been misled into believing their premiums would only experience marginal increases. However, AFCA found that the insurer, Nippon Life Insurance Australia and New Zealand, was within its rights to adjust premiums, as the policy explicitly allowed for such changes. - read more
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| APRA and ASIC Address TPD Insurance Sustainability Challenges Wed, 17 Jun: In a recent industry roundtable, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) convened with senior executives from 19 insurers and reinsurers to discuss the sustainability pressures facing Total and Permanent Disability (TPD) insurance. The primary concern is the significant increase in mental health-related claims, which are contributing to affordability issues for consumers and financial volatility for insurers. - read more
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| Westpac Penalised $26 Million for Failing to Support Customers in Hardship Tue, 16 Jun: In a significant development within the Australian banking sector, Westpac has been fined $26 million by the Federal Court for failing to adequately respond to over 200 customers experiencing financial hardship between 2017 and 2023. This penalty underscores the critical importance of banks adhering to their obligations under the National Credit Code, which mandates timely and appropriate assistance to customers facing financial difficulties. - read more
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| AMP Bank Reintroduces SuperEdge Loan for SMSF Property Investment Tue, 16 Jun: After a seven-year absence, AMP Bank has re-entered the Self-Managed Super Fund (SMSF) lending market with the reintroduction of its SuperEdge loan. This move reflects AMP's strategic focus on diversifying its product offerings and catering to the evolving needs of investors seeking property acquisition through their SMSFs. - read more
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| Exclusive Ride-Away Deals on CFMOTO's 450 Range Tue, 16 Jun: CFMOTO Australia has launched its 'Ride Forward Sale,' presenting enticing ride-away pricing across its 450cc range. This promotion is available until June 30, 2026, or while stocks last, offering an excellent opportunity for riders to acquire LAMS-approved motorcycles at competitive prices. - read more
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| High-Risk SMEs Intensify Credit Applications Amid Economic Challenges Tue, 16 Jun: Recent data from Equifax's Business Market Pulse for Q1 2026 reveals a concerning trend: high-risk small and medium-sized enterprises (SMEs) are significantly increasing their credit applications, even as overall SME credit demand declines. This pattern suggests that financially vulnerable businesses are seeking additional funding to navigate tightening economic conditions. - read more
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| NRMA's Departure from Farm Insurance: What It Means for Australian Farmers Tue, 16 Jun: In a significant shift within the Australian insurance landscape, NRMA has announced its withdrawal from the farm insurance market, ceasing the sale of new policies as of July 1, 2025. This decision affects both Hobby Farm Insurance and Rural Farm Insurance offerings, leaving many farmers in search of alternative coverage options to safeguard their livelihoods. - read more
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| New Partnership Strengthens Risk Management in Australia's Protected Cropping Sector Tue, 16 Jun: Protected Cropping Australia (PCA) and Achmea Farm Insurance have announced a strategic partnership aimed at bolstering risk mitigation and resilience within Australia's protected cropping sector. This collaboration seeks to empower growers by providing tailored insurance solutions and promoting best practices in risk management. - read more
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| ABARES Report Highlights Insurance as a Key Tool for Managing Agricultural Risks Tue, 16 Jun: The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) has released a comprehensive report examining the role of insurance as a risk management tool for Australian farmers. The report emphasises that while insurance cannot protect against inevitable events like climate change, it can be instrumental in managing the variability and unpredictability inherent in farming. - read more
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