| Budget Direct Achieves Top Honors as Australia's Insurer of the Year Sat, 21 Mar: Budget Direct has been honored with the inaugural 'Insurer of the Year' title at the 2026 Finder Provider of the Year Awards, solidifying its position as a leading choice for Australians seeking exceptional insurance coverage. This recognition is accompanied by four additional category wins, making Budget Direct the most awarded provider in this year's ceremony. - read more
|
| Australian Insurers Advocate for Legislation Against Unfair Claims Practices Sat, 21 Mar: The Insurance Council of Australia (ICA) has expressed strong support for the proposed Competition and Consumer Amendment (Unfair Trading Practices) Bill 2026, which aims to establish a general prohibition on unfair trading practices within Australian Consumer Law. This legislation is designed to empower regulators to take decisive action against predatory operators, particularly within the claims management sector. - read more
|
| Significant Rise in Private Health Insurance Premiums Set for April 2026 Sat, 21 Mar: Australians are bracing for a substantial increase in private health insurance premiums, with an average rise of 4.41% scheduled to take effect from April 1, 2026. This marks the most significant hike since 2017 and is expected to place additional financial pressure on households already contending with the rising cost of living. - read more
|
| Insurance Council Declares Significant Events for Northern Territory and Queensland Floods Sat, 21 Mar: The Insurance Council of Australia (ICA) has declared Significant Events in response to the severe flooding that has recently impacted communities in the Northern Territory and Queensland. This declaration aims to expedite the insurance industry's response and provide necessary support to affected residents. - read more
|
| Insurance Australia Group Enhances 2026 Outlook Following RACQ Insurance Acquisition Sat, 21 Mar: Insurance Australia Group (IAG) has revised its fiscal 2026 outlook upwards, following the successful acquisition of the Royal Automobile Club of Queensland's (RACQ) insurance arm. This strategic move is set to bolster IAG's presence in the Queensland market and drive substantial growth in the coming year. - read more
|
| Volvo Trucks Australia Enhances FM Series with New 13-Litre Engine Options Sat, 21 Mar: Volvo Trucks Australia has announced the addition of new low-horsepower 13-litre engines to its FM series, aiming to provide more efficient and versatile options for various transport applications. The new engine range includes variants with 380hp and 1850Nm, 420hp and 2100Nm, and 460hp with 2300Nm of torque. These engines comply with Euro 6 emissions standards, reflecting Volvo's commitment to environmental sustainability. - read more
|
| Hino Australia Broadens 700 Series with Eleven New Euro 6-Compliant Models Sat, 21 Mar: Hino Australia has unveiled an expansion of its 700 Series heavy-duty truck range, introducing eleven new models that comply with Euro 6 emissions standards. This development aims to provide solutions for a wide array of heavy-duty applications, catering to the evolving needs of the transport industry. - read more
|
| Kia Enters Australian Ute Market with the Launch of the Tasman Sat, 21 Mar: Kia has officially launched the Tasman, its first-ever ute, in the Australian market. Designed with significant input from Kia Australia, the Tasman aims to capture approximately 10% of the country's pickup truck market share. The vehicle is built on an all-new platform and is set to compete with established models like the Ford Ranger and Toyota Hilux. - read more
|
| Industry Bodies Call for Reforms in Professional Indemnity Insurance to Address Systemic Failures Sat, 21 Mar: In a concerted effort to enhance the effectiveness of professional indemnity (PI) insurance within Australia's financial services sector, leading industry bodies have submitted a joint proposal to the Treasury. The submission, dated 13 February 2026, underscores the necessity for increased transparency and proactive measures to prevent systemic failures that have previously led to significant consumer losses. - read more
|
| CHU Enhances Strata Insurance Coverage for Larger Properties Sat, 21 Mar: CHU, Australia's leading strata insurance underwriting agency, has significantly increased its capacity to insure larger residential and commercial strata developments. The company has raised its maximum single risk capacity from $300 million to $690 million, more than doubling its previous limit. This expansion applies to CHU's strata insurance policies across both residential and commercial properties, encompassing all property-related sections under a single policy, including insured property, catastrophe cover, and lot owners' fixtures and improvements. - read more
|
| ACCC Advocates for Elimination of Strata Insurance Commissions Sat, 21 Mar: The Australian Competition and Consumer Commission (ACCC) has called for a ban on strata insurance commissions, highlighting concerns that undisclosed financial arrangements are misleading consumers and driving up insurance costs. ACCC Chair Gina Cass-Gottlieb emphasized that hidden payments and commissions create financial incentives that may not align with the best interests of property owners. - read more
|
| Allianz Partners Highlights Risks of Travelling Uninsured Fri, 20 Mar: 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
|
| Rising Medical Costs Lead to Surge in High-Value Travel Insurance Claims Fri, 20 Mar: Southern Cross Travel Insurance (SCTI) has reported a notable rise in high-cost travel insurance claims, underscoring the escalating medical expenses faced by Australian travellers abroad. The insurer's most expensive claim last year amounted to $672,630, a 259% increase compared to the previous year's highest claim. - read more
|
| Australian Travel Insurers Extend Support During Middle East Conflict Fri, 20 Mar: In response to the ongoing conflict in the Middle East, Australian travel insurers have mobilised additional resources to support customers impacted by the situation. The Insurance Council of Australia (ICA) announced that insurers are providing dedicated 24/7 assistance, coordinating medical care, and prioritising support for those in affected regions. - read more
|
| Key Challenges for Australian Insurers in 2026: Premiums, Cybersecurity, and Talent Fri, 20 Mar: As the Australian insurance industry progresses through 2026, it faces a trio of significant challenges: escalating premium costs, increasing cyber threats, and a tightening labour market. These issues are reshaping the sector's priorities and strategies. - read more
|
| Significant Decline in Australian Commercial Insurance Rates in Late 2025 Fri, 20 Mar: In the final quarter of 2025, Australia's commercial insurance sector experienced a notable 12% reduction in rates, marking the most substantial decrease among eight regions monitored by Marsh Risk's Global Insurance Market Index. This trend reflects a broader global pattern of declining insurance rates, with the composite index falling for the sixth consecutive quarter. - read more
|
| Upcoming 4.41% Increase in Australian Private Health Insurance Premiums Fri, 20 Mar: Starting 1 April 2026, Australians will face an average increase of 4.41% in private health insurance premiums, marking the most significant rise since 2017. This adjustment comes in the wake of escalating healthcare costs and increased utilisation of health services. - read more
|
| ICA Advocates for Overhaul of Civil Liability Laws Amid Rising Insurance Premiums Fri, 20 Mar: 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
|
| Severe Hailstorms Lead to Sharp Decline in Insurance Industry Profits Fri, 20 Mar: The Australian insurance industry has experienced a notable decline in profits during the December quarter, primarily due to severe hailstorms that occurred in October and November. According to data from the Australian Prudential Regulation Authority (APRA), the general insurance sector reported a net profit of $132 million for the quarter, bringing the annual total to approximately $5.8 billion. This marks a decrease from the $6.8 billion profit recorded in 2024. - read more
|
| NSW Court Decision Escalates Liability Risks for Construction Industry Fri, 20 Mar: A recent landmark ruling in New South Wales has significantly altered the liability landscape for the construction industry. The court's decision removes the ability for developers and builders to rely on proportionate liability defences under the Design and Building Practitioners Act 2020 (DBP Act), thereby increasing their exposure to claims related to building defects. - read more
|
| Café's Underinsurance Dispute After Storm Closure Fri, 20 Mar: In August 2024, a café and catering business faced significant challenges after a storm forced its closure. The establishment remained shut until January 2025, during which time the insurer, Suncorp, accepted the claim and completed necessary repairs. The insurer compensated the business with $280,570 for a year's gross profit loss and an additional $26,863 for increased operational costs. - read more
|
| Undisclosed Religious Meetings Lead to Denied Insurance Claim Fri, 20 Mar: In December 2025, a landlord faced a denied insurance claim after failing to disclose that the upper floor of their building was used for weekly religious meetings. Initially insured as a restaurant, the premises' change in use was not communicated to the insurer, AIG. Following a theft claim in 2023 amounting to $99,295, AIG declined coverage, citing non-disclosure of the building's actual use. - read more
|
| RespectInHospitality: Promoting Respect and Safety in Hospitality Fri, 20 Mar: In November 2024, leading Australian hospitality and business organisations launched RespectInHospitality, a microsite dedicated to providing resources, training, and templates aimed at fostering respectful and safe workplaces within the hospitality sector. This collaborative effort includes the Australian Hotels Association NSW, Night Time Industries Association, Independent Bars Association, Clubs NSW, Restaurant & Catering Association, Business NSW, and Hospitality Industry Insurance. - read more
|
| CHU Enhances Strata Insurance Capacity for Larger Developments Fri, 20 Mar: In a significant move to accommodate the evolving landscape of strata developments, CHU, Australia's leading strata insurance underwriting agency, has more than doubled its maximum single risk capacity. The agency now offers coverage up to $690 million, a substantial increase from the previous limit of $300 million. This enhancement applies to both residential and commercial strata properties, reflecting the trend towards larger and more complex strata developments across the country. - read more
|
| CHU Launches Tailored Insurance Solutions for Strata Lot Owners Fri, 20 Mar: CHU, Australia's premier strata insurance underwriting agency, has expanded its suite of insurance products to better serve the diverse needs of strata communities. The agency now offers tailored landlord insurance and home and contents cover specifically designed for individual lot owners, regardless of who holds the association's common property policy. This initiative provides lot owners with the flexibility to select coverage that aligns precisely with their property and occupancy circumstances. - read more
|
Author:
Please Note: If this information affects you or is relevant to your circumstances, seek advice from a licensed professional.
