| Allianz Australia Penalised for Misleading Travel Insurance Information Tue, 30 Dec: 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
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| Allianz Partners Highlights Risks of Travelling Uninsured Tue, 30 Dec: Recent research conducted by the Insurance Council of Australia (ICA) and the Department of Foreign Affairs and Trade (DFAT) has unveiled a concerning trend: approximately 14% of Australian travellers embark on international journeys without any form of travel insurance. This statistic has prompted Allianz Partners to urge Australians to reconsider the importance of securing adequate coverage before travelling abroad. - read more
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| Surge in Medical Claims Among Australian Travellers Highlights Importance of Comprehensive Insurance Tue, 30 Dec: In 2024, medical incidents emerged as the leading cause of travel insurance claims among Australian travellers, accounting for more than 40% of all claims handled by nib Travel. This trend underscores the critical importance of securing comprehensive travel insurance to mitigate the financial risks associated with medical emergencies abroad. - read more
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| Allianz Australia Penalised $16.8 Million for Misleading Conduct Tue, 30 Dec: In a significant regulatory action, Allianz Australia and its subsidiary, AWP Australia, have been fined $16.8 million for making false and misleading statements. This penalty was imposed following an investigation by the Australian Securities and Investments Commission (ASIC), underscoring the critical need for transparency and honesty in the insurance sector. - read more
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| New Legislation Prohibits Use of Genetic Test Results in Life Insurance Underwriting Tue, 30 Dec: The Australian government has announced plans to introduce legislation that will ban life insurers from using adverse genetic test results in their underwriting processes. This move aims to eliminate genetic discrimination and encourage individuals to undergo genetic testing without fear of insurance repercussions. - read more
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| Bupa Penalised $35 Million for Misleading Conduct Towards Customers Tue, 30 Dec: In a landmark decision, health insurer Bupa has been fined $35 million for misleading customers about the benefits they were entitled to under their policies. This penalty, imposed by the Australian Competition and Consumer Commission (ACCC), underscores the necessity for transparency and accuracy in the health insurance sector. - read more
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| ICA Advocates for Overhaul of Civil Liability Laws to Curb Rising Insurance Premiums Tue, 30 Dec: 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
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| APRA Data Shows Significant Rise in Public Liability Insurance Premiums Tue, 30 Dec: 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
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| AFCA Ruling: Insurer Must Honour Arson Claim Despite Director's Past Tue, 30 Dec: In a significant decision, the Australian Financial Complaints Authority (AFCA) has directed an insurer to honour an arson claim for a restaurant, despite the director's failure to disclose his criminal history during the policy's inception. This ruling underscores the complexities surrounding disclosure obligations and the insurer's duty to assess risk appropriately. - read more
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| Navigating Insurance Challenges: A Call to Action for Perth's Hospitality Sector Tue, 30 Dec: Perth's hospitality industry is currently grappling with escalating operational costs, prompting many businesses to reassess their insurance coverage to ensure both adequacy and affordability. Rising wages, tighter profit margins, and complex compliance requirements are compelling restaurants, cafes, and bars to scrutinize their insurance policies more closely. - read more
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| The Impact of Rising Insurance Costs on Australian Households Tue, 30 Dec: As the cost-of-living crisis intensifies in Australia, a growing number of households are making the difficult decision to forgo insurance coverage to prioritise immediate necessities like food and utilities. This trend raises significant concerns about financial vulnerability and the potential long-term consequences of being uninsured. - read more
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| CHU's 2025 Strata Market Report Highlights Industry Stability Tue, 30 Dec: In November 2025, CHU, Australia's largest strata insurance underwriting agency, released its 2025 State of the Strata Market report, providing a comprehensive analysis of the current trends and challenges within the strata industry. The report offers valuable insights into premium trends, climate-related risks, regulatory developments, and emerging sector challenges. - read more
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| Markel Insurance Expands into Australian Marine Market with New Leadership Mon, 29 Dec: Markel Insurance has announced the appointment of Tim Wills as Head of Marine for Australia, marking a significant expansion into the country's marine insurance sector. Based in Sydney, Wills will spearhead the introduction of Markel's marine products, starting with marine cargo coverage. This move represents the company's first foray into the Australian market beyond its existing long-tail lines established two years prior. - read more
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| Pelagic Risk Services Strengthens Commitment to Australian Marinas Mon, 29 Dec: Pelagic Risk Services, a specialist marine insurance broker, has announced an increased commitment to the Australian marina industry by upgrading its sponsorship of the Marina Industries Association (MIA) from Silver to Gold. This enhanced partnership underscores Pelagic's dedication to supporting marinas across the nation. - read more
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| Marinex Underwriting Debuts in Australian Marine Insurance Sector Mon, 29 Dec: Rhodian Group has announced the launch of Marinex Underwriting, a new marine underwriting agency set to address complex marine insurance needs across the Australian market. Backed by global specialty insurance distributor Amwins, Marinex is co-founded by industry veterans Janelle Karnib, Chris Kelly, and Ainsley Smith. - read more
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| ANZ Predicts Significant Boost in Holiday Consumer Spending Mon, 29 Dec: As the festive season approaches, ANZ Bank has forecasted a substantial increase in consumer spending, anticipating a total of $5.1 billion between 21 December 2025 and 5 January 2026. This projection marks a 4.7% rise compared to the same period last year, indicating a robust consumer confidence and a positive economic outlook. - read more
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| ASIC Enhances Digital Disclosure Guidelines for Financial Services Mon, 29 Dec: The Australian Securities and Investments Commission (ASIC) has recently updated its Regulatory Guide 221, titled 'Facilitating Digital Financial Services Disclosures.' This revision follows a comprehensive consultation with industry stakeholders and reflects ASIC's commitment to promoting transparency and protecting consumers in the digital financial landscape. - read more
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| ASIC Grants Extension of Transitional Relief for Foreign Financial Services Providers Mon, 29 Dec: The Australian Securities and Investments Commission (ASIC) has announced a 12-month extension of the transitional relief for foreign financial services providers (FFSPs). This extension permits FFSPs to continue offering financial services to Australian wholesale clients without holding an Australian Financial Services (AFS) licence until the new deadline. - read more
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| Rising Insurance Premiums Challenge Australian SMEs Mon, 29 Dec: Small and medium-sized enterprises (SMEs) across Australia are increasingly burdened by soaring insurance premiums, with many facing hikes of 30% or more within a single year. This surge has led some businesses to either reduce their coverage or forgo insurance altogether, exposing them to significant financial risks. - read more
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| Upcover's New Management Liability Insurance for SMEs Mon, 29 Dec: Australian insurtech company Upcover has unveiled a new management liability insurance product designed specifically for small and medium-sized enterprises (SMEs) and sole traders. This offering aims to provide comprehensive protection against a range of risks that business owners may encounter. - read more
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| QBE Strengthens Cyber Insurance Offerings Mon, 29 Dec: In response to the growing prevalence of cyber threats and increasingly stringent regulations, QBE Insurance has announced a strategic initiative to bolster its cyber insurance capabilities. This move aims to provide brokers and their clients with more robust support in navigating the complex landscape of cyber risks. - read more
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| Australian Insurers Report $1.11 Billion Profit in Q1 2025 Mon, 29 Dec: The Australian insurance industry has reported a net profit after tax of $1.11 billion for the first quarter of 2025, according to the latest data from the Australian Prudential Regulation Authority (APRA). This figure includes contributions of $990 million from insurers and $123 million from reinsurers. The insurance service result, a key measure of underwriting performance, stood at $1.32 billion for the quarter, complemented by investment returns totaling $1.18 billion. - read more
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| Australian General Insurance Premiums Set to Surpass $144 Billion by 2029 Mon, 29 Dec: The Australian general insurance industry is on a trajectory to see direct written premiums (DWP) exceed $144 billion by 2029, according to projections from data and analytics firm GlobalData. This anticipated growth is attributed to several key factors, including an increased demand for coverage and a rise in the frequency of natural disasters. - read more
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| Health Insurers' Free Cover Promotions Under Government Review Mon, 29 Dec: In a bid to attract new members, several Australian health insurers have launched aggressive promotional campaigns offering up to three months of free cover. This surge in promotional activity has drawn the attention of federal authorities, who are now investigating whether these offers comply with existing regulations that cap allowable discounts. - read more
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| Australian Borrowers Turn to Refinancing Amidst Rising Mortgage Arrears Sun, 28 Dec: Recent data indicates a notable increase in mortgage refinancing across Australia, driven by borrowers seeking improved loan terms in response to escalating arrears, particularly among substantial loans. This trend underscores the financial pressures many Australians are currently facing. - read more
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