Consumer credit reporting agency Equifax has lost a considerable amount of money dealing with legal and security costs in the fallout of its major data breach.
The company’s first quarter earnings report reveals it has spent US$28.9 million (about AU$38.3 million) for legal and investigative fees tied to the breach. On top of those costs, Equifax has also paid US$45.7 million (about AU$60.5 million) for the quarter on IT and data security, as well as US$4.1 million (about AU$5.4 million) in product liability expenses.
In total, Equifax spent US$78.7 million (pre-tax) responding to the data breach and for legal costs for the quarter, before insurance reco...
IAG has risen two places on S&P’s “top 20” list of insurers for the Asia-Pacific, becoming the biggest Australian insurer and 15th-largest in the region in the first quarter.
The ratings agency’s Global Market Intelligence Top 20 is based on market capitalisation, and says IAG’s $US13.59 billion ($17.48 billion) value was up 3.3% on the preceding quarter, pushing it above Suncorp on the list.
Suncorp, valued at $US13.27 billion ($17.06 billion), dropped to 16th from 14th place, while QBE slipped out of the Top 20 after ranking 19th at the end of last year.
Life insurer AMP remained in 18th position with a value of $US11.05 billion ($14.21 billion) at Marc...
icare has said that no patient will be left out of pocket by planned changes to accreditation and fees surrounding X-ray and imaging technologies.
Responding to an article published by Insurance Business earlier this month, John Nagle, interim CEO and managing director, refuted claims raised by the Australian Diagnostic Imaging Association (ADIA) that icare was set to cut fees and change rules surrounding radiology and imaging services.
“Our primary focus is the care and support we provide our customers,” Nagle told Insurance Business.
“No patient will be disadvantaged or out of pocket by the changes and we will continue to cover all reasonably necessary...
Consumer advocates have called for an end to the sale of some add-on insurance products.
They say the Productivity Commission’s proposal for a deferred sales model is an important first step towards improving consumer outcomes but does not go far enough.
The joint submission from the Consumer Action Law Centre, Financial Counselling Australia and the Financial Rights Legal Centre says it’s not clear that a deferred sales model “would resolve the widespread problems of add-on insurance mis-selling in every case”.
“In many instances, withdrawal of this product from sale would be the preferable approach.
“It is low-value, sold to many people who are ineligibl...
Australia's biggest general insurer by market share is planning to sell its four Southeast Asian businesses, under a review of its Asian operations, three people with knowledge of the matter have revealed.
The Asian market has proven to be a challenge for IAG despite its years of investments, with the insurance giant reporting a $6m underwriting loss in the region in its fiscal half of 2018 – a slight improvement from the $9m loss it posted in the second half of 2017.
Asia's overall earnings contribution also dropped to $10m in 2017 from $26m the previous year.
The sale of IAG's businesses in Malaysia, Thailand, Vietnam, and Indonesia, in deals that coul...
Lloyd’s wrote $2.3 billion of premium in Australia last year, making it the fifth-largest player in the local market, according to General Representative Chris Mackinnon.
In a LinkedIn post celebrating Lloyd’s success since setting up here two decades ago, he says Australia is now its fourth-largest territory.
Lloyd’s wrote about $500 million of premium in 1998, its first year here.
“It has been a pleasure to work with our loyal network of coverholders and brokers, and it has been immensely gratifying to slowly see the growth and success of the Lloyd’s Australia business,” Mr Mackinnon said.
“As we look to the future, we see it is very clear that the techn...