The number of claims-related breaches to the General Insurance Code of Practice grew 73% last financial year, with the code’s governance committee saying the huge rise is partly due to catastrophes increasing pressure on insurers.
The committee has reported 6613 claims-related breaches – including 10 significant ones – representing nearly three-quarters of all code non-compliance incidents.
“This trend highlights the need for code subscribers to maintain rigorous compliance frameworks for claims handling and do more to prepare for influxes of claims so service standards are maintained during times of high claims volume,” committee chairman Lynelle Briggs...
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The NSW Government says it will do all it can to avoid a tragedy like London’s Grenfell Tower disaster.
Flammable cladding on the North Kensington tower block caused the rapid spread of a fire that claimed the lives of at least 79 people.
Concerns were previously raised at the amount of similar cladding used in Sydney buildings and the lack of action from authorities, particularly following a fire at the Lacrosse apartments in Melbourne’s Docklands in 2014 which also spread rapidly due to flammable cladding.
Now the NSW Government is believed to be creating “a comprehensive building product safety scheme”, likely to include powers to prevent use of unsafe...
Looks like Emergency Services Levy will stay for a little longer. This levy is only paid by insurance purchasers and funds Fire Fighters & SES etc in NSW. This tax is an unfair levy on insurance policies as everyone in the community has access to the services but only insurance purchasers pay the levy. Please note this levy adds over 20% to most home & contents insurance policies and over 30% to business insurance policies.
The insurance industry has fort for decades to remove this levy and move it to land rates (that way all of the community contributes to the levy) which is a fair way for the levy to be charged.
The Federal Government will invest $10.7 million over four years to set up the Cyber Security Advisory Office (CSAO) to enhance the country’s digital defences.
“The CSAO will provide strengthened central governance and assurance for cyber security and broader project vulnerability across government,” Treasury says. “[It] will work with agencies to ensure they are appropriately managing the risks of cyber and other digital vulnerabilities on digital services.”
Treasurer Scott Morrison announced the allocation in the new federal budget.
JLT Australia CEO Leo Demer has welcomed the initiative.
“Continuing to strengthen Australian networks and systems, and inv...
More than 350 delegates, including visitors from the Netherlands, Singapore, the US and Vietnam, will attend tomorrow’s National Flood Conference organised by Floodplain Management Australia (FMA).
“Preparing for the next great flood” is the theme of the four-day event in Newcastle.
Organisers chose Newcastle because this year marks the 10th anniversary of the “Pasha Bulker storm” in the region, and 150 years since the great Hawkesbury-Nepean River flood.
“This conference will look at the lessons we have learned from past flood events, and explore how we can implement strategic actions to make our communities more informed, safer and resilient,” FMA Presi...