Botched surgery attracts $3.8m award
The NSW Supreme Court has awarded a Sydney man more than $3.8m after he became a paraplegic when a spinal surgery went wrong. Justice Ian Harrison said senior orthopaedic surgeon Randolph Gray and...
View ArticleGI ctee wants better fraud oversight
ICA's independent general insurance code governance committee wants best practice claim investigation standards to help stem consumer complaints. In its first report on claims and outsourced services,...
View ArticleFlood class action set for talks
Maurice Blackburn Lawyers says 2011 south-east Qld flood class action participants will try to mediate the dispute on August 14. A spokesperson told CN talks with respondents Seqwater, Sunwater and the...
View ArticleInsurers already phasing out NSW ESL
The NSW emergency services levy (ESL) is already being phased out in renewals ahead of its July 1 removal, insurers told the insurance monitor's public inquiry ( CN 13/04/17 ) . Insurers attending the...
View ArticleVero study finds hope in SME market
Vero's second study into SMEs has found a relatively untapped insurance target market of sophisticated business owners likely to place importance on expert advice. The study showed 61% of SMEs seeking...
View ArticleAdvice failure refunds rise to $205m
The cost of refunding customers for financial advice delivery failures by the big four banks and AMP has escalated since October 2016 from $178m to $205m, ASIC's latest compensation update reveals....
View ArticleNSW considers third-party laws
New proposed laws enabling third-party claimants to recover directly from insurers have gone before the NSW Parliament. The proposed amendments to s6 of the Law Reform (Miscellaneous Provisions) Act...
View ArticleResilience award nominations sought
NSW emergency services minister Troy Grant is seeking nominations for NSW resilient Australia awards and NSW get ready community awards. Applications close on June 30. Winners will be announced at NSW...
View ArticlePeople
AMP Ltd has appointed Andrew Harmos a non-executive director. He remains an AMP Life Ltd non-executive director … Alex Green has become QBE Australia and NZ head of product - negotiated lines … AILA...
View ArticleIFRS 17 - ‘marathon' industry change
The Australian industry is facing a “marathon change program” over coming years as it transitions to the international financial reporting standard (IFRS) 17 issued last week by the International...
View ArticleLegacy systems ‘hamper industry'
A trust gap between industry and customers needs to be improved through a more innovative, consumer-centric approach, APRA executive director Geoff Summerhayes says. He told the annual Actuaries...
View ArticleFormer ASIC boss joins ICA review
Former ASIC GM Phil Khoury has joined ICA to oversee the general insurance code of practice (CoP) review ( CN 23/02/17 ) . ICA communications GM Campbell Fuller told CN Khoury would provide independent...
View ArticlePool Re ‘ready for terrorism claims'
Pool Re, the UK's government-backed reinsurer of terrorist attacks, has said it will work with insurers “as quickly as possible” to resolve claims from this week's suicide bomb attack in Manchester....
View ArticleLloyd's seeks 1,100 redundancies
Lloyd's has confirmed plans to seek 1,100 voluntary staff redundancies as part of an ongoing operational review, London financial news website CityAM.com reports . Lloyd's is said to have issued a call...
View ArticleFitch warns insurers on cyber
In the wake of the WannaCry global ransomware attacks this month ( CN 18/05/17 ) , Fitch Ratings warns aggressive growth in stand-alone cyber coverage, or movement to high portfolio concentrations in...
View ArticleSuper returns ‘crash' though 10% bar
Australian super funds' April returns continued an eight-year bull run, boosted by international shares and a $A fall, SuperRatings says. Its latest data shows the median balanced option return posted...
View ArticleDiary
June 29-30, Amsterdam, Holland: IFRS foundation conference. Go to www.ifrs-conference.org
View ArticleEditorial team
Editor: Eva Wiland. Email eva.wiland@thomsonreuters.com. Contributing Editor: Kate Tilley. Journalist: John Reynolds. Managing Editor: Helen Jones. Twitter: @Cover_NoteTR.
View ArticleSwiss Re sets up Asia-Pac P&C hub
Swiss Re is establishing an Asia-Pacific property and casualty (P&C) underwriting hub in its reinsurance business unit based in Singapore. Swiss Re said creating one hub handling the full range of...
View ArticleJudge rejects s6 plea
NSW Supreme Court Justice James Stevenson has prevented liquidated electronics retailer Dick Smith's (now DSHE) creditors seeking damages directly from the retailer's insurers. DSHE's receivers and...
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