Australia's prominent life insurer, TAL, has partnered with the global insurtech firm, Cover Genius, to introduce an innovative 'digital-only', embedded life insurance product. This new solution aims to serve Australian workers such as part-time employees, contractors, and casual staff who often lack access to affordable insurance coverage. - read more
Recent findings from a Consumer NZ survey highlight increasing skepticism towards insurers in New Zealand, as affordability remains a significant concern for many. The survey noted that insurance now ranks as the fourth-largest financial pressure among respondents, trailing housing, food, and household debt, marking an upward shift from sixth place last October. This change has negatively impacted the industry's reputation, with more individuals expressing distrust towards insurers. - read more
The Australian Financial Complaints Authority (AFCA) has supported Open Insurance's decision to deny a refund to a customer who cancelled his motor policy after being informed that his new rooftop tent installation would breach policy guidelines. The policyholder was advised that any modifications, including a 'slip on camper/tent or camper conversion,' would void coverage, prompting him to cancel his insurance in March. - read more
In a triumphant moment for Australian life insurer Acenda, the company secured top honours in four of the ten categories at the Australian Life Underwriting and Claims Association (ALUCA) Life Insurance Excellence Awards. Formerly known as MLC Life Insurance, Acenda emerged as a finalist in nine categories, ultimately winning the Leadership Award, Claims Team Award, Customer Service Team Award, and Partnership Impact Team Award. - read more
A recent ruling by the Australian Financial Complaints Authority (AFCA) supported Auto & General's decision to deny a motor policyholder's claim after a crash. The decision stemmed from the policyholder's failure to disclose a driving-related good behaviour bond, despite his claims of a learning disability affecting his understanding of the policy's inquiries. - read more
In a recent decision, the Australian Financial Complaints Authority (AFCA) directed insurer QBE to honour an arson claim for a restaurant, despite the owner's failure to disclose prior criminal convictions during the policy's inception. The restaurant, which operates from a leased location, suffered extensive damage due to an arson attack on August 2 of last year, halting its business operations. While the arsonist was apprehended, QBE initially denied the claim, citing non-disclosure of the director's criminal history. - read more
The insurance industry secured a net profit after tax of $1.11 billion in the March quarter, with major contributions from insurers at $990 million and reinsurers at $123 million, as revealed by the latest data from the Australian Prudential Regulation Authority. The insurance service result, a key indicator of underwriting success, reached $1.32 billion during this period, while investment returns added an impressive $1.18 billion. - read more
The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against Choosi Pty Ltd, alleging deceptive practices in its insurance comparison service. The regulatory body charges that from July 2019 to June 2025, Choosi misrepresented its offerings, claiming to compare funeral and life insurance policies from multiple insurers while actually only comparing products from a single provider, Hannover Life Re of Australasia Ltd. - read more
Recent figures from the Australian Prudential Regulation Authority reveal that individual disability income insurance (DII) recorded an underwriting profit of $231 million for the first quarter of 2025, continuing a five-quarter streak of profitability. This performance shows promising growth compared to the December 2023 quarter, which saw an $86 million loss. Although the latest profit is up from $138 million in the last quarter, it still falls short of the $419 million achieved a year before. - read more
The Australian Financial Complaints Authority (AFCA) has ruled that a camper trailer owner will receive coverage for water and mould damage after the insurer could not demonstrate that the wear and tear exclusions applied under the policy. The case emerged after a storm in November 2023, which the claimant says caused severe wind to rip the cover off the camper, allowing water ingress and subsequent mould development. - read more
Australia’s leading financial regulators, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA), have raised concerns regarding the practice of duration-based pricing in life insurance products. They have emphasised the need for insurers to improve transparency, ensuring that consumers are fully informed about the long-term costs associated with initial premium discounts. - read more
A policyholder faces a denied claim after inadvertently excluding his newly licensed 21-year-old son from his car insurance policy, highlighting a common oversight in age-specific exclusions. Following a collision involving his son, who recently earned his licence, Hollard Insurance declined the claim based on policy terms that excluded drivers under 25, unless accompanied by a qualified adult. - read more
Recently, New South Wales has been severely affected by major floods, with damages to around 10,000 homes and businesses. The Insurance Council of Australia has already received over 6,000 claims from the Mid North Coast and Hunter regions, while countless families face displacement as their homes become uninhabitable. - read more
A ride-share driver recently won a significant claim dispute against an insurer that initially denied his claim following a traffic accident. The Australian Financial Complaints Authority (AFCA) sided with the driver, determining that Auto & General could not prove he misrepresented his vehicle use when purchasing his insurance policy. - read more
In a groundbreaking development for the Australian life insurance sector, a new digital initiative promises to simplify the process of providing medical information for life insurance applications. The collaboration between Acenda, formerly known as MLC Life, and EQ Pathology introduces “smart” digital questionnaires to streamline data collection. - read more
The landscape of pet insurance in the UK has marked another milestone, with payouts reaching an unprecedented £1.23 billion ($2.36 billion) last year. This 4% increase over the previous year is attributed to soaring veterinary fees, reflecting broader inflation trends in the industry. - read more
As floods wreak havoc across New South Wales, the stark reality of inadequate insurance coverage emerges as a pressing issue for farmers, homeowners, and businesses. In localities like Taree, the lack of flood coverage is a cause for concern as the region grapples with the aftermath of record-breaking rains and destruction. - read more
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Hospitality insurance is a crucial component for businesses within the hospitality sector, offering coverage for a range of incidents that could potentially derail operations. It's designed to protect establishments like hotels, restaurants, and event venues from various risks such as liability claims, property damage, and interruption of services. - read more
Running a cafe is more than just serving delightful coffee and snacks; it's about creating an experience and ensuring that experience is safeguarded. While the hospitality industry can be incredibly rewarding, it's not without its risks. This is where the importance of insurance comes into play, acting as a crucial safety net for cafe owners. - read more
Tailored insurance is a type of insurance policy that's specifically designed to meet the unique needs of a particular business or industry. Unlike one-size-fits-all policies, tailored insurance provides a more customized approach, ensuring that the coverage fits the specific risks and requirements of the business. - read more
The Australian hospitality industry is renowned for its vibrancy, yet it also faces significant challenges. With fluctuating demand, seasonal changes, and unpredictable external factors such as economic downturns and pandemics, hospitality businesses often operate in a high-risk environment. For hotel operators, the stakes are even higher due to substantial investments in property, staff, and customer service. - read more
In the bustling world of hospitality, the right insurance can make all the difference for your business. Tailored insurance, as the name suggests, involves customising your insurance policy to meet the specific needs and risks associated with your industry. This personalised approach ensures that you are not overpaying for unnecessary coverage while also safeguarding your business against potential threats. - read more
Tailored insurance is a type of insurance policy that's specifically designed to meet the unique needs of a particular business or industry. Unlike one-size-fits-all policies, tailored insurance provides a more customized approach, ensuring that the coverage fits the specific risks and requirements of the business. - read more
Hospitality insurance is a crucial component for businesses within the hospitality sector, offering coverage for a range of incidents that could potentially derail operations. It's designed to protect establishments like hotels, restaurants, and event venues from various risks such as liability claims, property damage, and interruption of services. - read more
The Australian hospitality industry is renowned for its vibrancy, yet it also faces significant challenges. With fluctuating demand, seasonal changes, and unpredictable external factors such as economic downturns and pandemics, hospitality businesses often operate in a high-risk environment. For hotel operators, the stakes are even higher due to substantial investments in property, staff, and customer service. - read more
Running a cafe is more than just serving delightful coffee and snacks; it's about creating an experience and ensuring that experience is safeguarded. While the hospitality industry can be incredibly rewarding, it's not without its risks. This is where the importance of insurance comes into play, acting as a crucial safety net for cafe owners. - read more
In the bustling world of hospitality, the right insurance can make all the difference for your business. Tailored insurance, as the name suggests, involves customising your insurance policy to meet the specific needs and risks associated with your industry. This personalised approach ensures that you are not overpaying for unnecessary coverage while also safeguarding your business against potential threats. - read more
Knowledgebase
Elimination Period: The time period between an injury and the receipt of benefit payments from an insurer, particularly in disability insurance.
