AIG ordered to pay defence costs
Vic Supreme Court Justice John Dixon has ruled a director fighting ASIC legal action over the Prime Trust nursing home group collapse is entitled to additional payment of up to $1m to cover defence...
View ArticleNib signals $73m-$80m FY14 profit
Nib announced a FY14 consolidated operating profit guidance at the lower end of $73m to $80m in an investor strategy briefing today (June 19). Nib CEO and MD Mark Fitzgibbon said health expenditure...
View ArticleJudge splits on HIH decision
NSW Supreme Court Justice Paul Brereton has dismissed a claim by a De Bortoli Wines (DBW) owned company against HIH's liquidators, saying Aabrofay Pty Ltd had failed to intervene in earlier DBW...
View ArticleDependants have 'right of action'
Qld Appeal Court judges have unanimously quashed a Supreme Court ruling that a widow's damages claim for her late husband's mesothelioma-caused death was statute barred, CN news associate Workers...
View ArticleBudget ‘will see life cover lapse'
Australia has an $800bn underinsurance problem, and the federal budget is likely to increase it, Deakin University academic Dr Adrian Raftery warns . He said Australian households were under “mounting...
View ArticleNSW changes warranty rules
Reforms to NSW's builders' warranty insurance system “fall short on [a] long-outstanding promise of a re-write of the Home Building Act”, Gadens partner Robert Riddell says ( CN 1685 ) . He said NSW...
View ArticleFSC hopes for Korean office in Aust
FSC hopes South Korea (SK) will open an investment office in Australia. Last week FSC signed in Seoul a memorandum of understanding with the Korea Financial Investment Association and the Seoul...
View ArticleSuncorp launches business website
Suncorp Group has developed a website for SMEs with content marketing agency Edge Custom Media. Edge strategy head Richard Parker said BusinessInsuranceHub.com.au helped “break down industry jargon to...
View ArticleCall for RM Advancer nominations
Suncorp Commercial Insurance has invited nominations from July 1 for the ninth annual RM Advancer awards, which recognise Vero customers' risk management achievements and innovations. The three award...
View ArticlePeople
TAL is mourning the death of independent non-executive director Roger Garrett , who joined the TAL board in 2011. Chair Rob Thomas said: "Roger's past experience as head of life at Munich Re Life...
View ArticleInsurance code ready for July 1 start
After a long gestation, ICA has finalised the general insurance code of practice ( CN 1854 ). It will be launched next Tuesday (July 1). An ICA spokesperson told CN the revised code committed insurers...
View Article‘Scope' for gradual ARPC exit
A senior broker says there is scope for “a gradual exit” from the Australian Reinsurance Pool Corporation (ARPC). Willis Re head of broking Glen Riddell told CN he agreed with the Audit Commission's...
View ArticleSA privatises CTP scheme
SA will open its CTP scheme to private insurers, SA Treasurer Tom Koutsantonis announced in last week's SA budget. Insurers can write CTP from July 1, 2016. Koutsantonis said CTP was not an “essential”...
View ArticleAust super system ‘falls far short'
Australia's super system is forecast to reach close to $8tr in 20 years but that will still fall far short of delivering a comfortable living for Australian retirees, Deloitte special super adviser...
View ArticleFoFA wind-back via regulation
Federal Finance Minister Mathias Cormann last Friday (June 20) said the Federal Government would implement “through regulation” several changes to the FoFA legislation the Gillard govt introduced in...
View ArticleEQC secures reinsurance cover
NZ's Earthquake Commission (EQC) increased its reinsurance cover to $NZ4.5bn ($A4.17bn) in its latest annual negotiations, EQC senior media adviser John King has confirmed ( CN 1867 ). EQC bought an...
View ArticleAon launches cat bond product
Aon Benfield Securities has launched a facility it says offers cedants faster, more efficient access to capital market capacity for catastrophe risk. An Aon statement said CATstream featured template...
View ArticleEditorial team
Editor: Eva Wiland. Email eva.wiland@thomsonreuters.com. Contributing editor: Kate Tilley. Journalist: Krystal Belcher. Managing Editor: Helen Jones. Twitter: @Cover_NoteTR. Product code: 134001872
View ArticleSydney Water loses HIH appeal
The NSW Appeal Court has upheld a Supreme Court decision ( CN 1825 ) preventing Sydney Water Corporation (SWC) from directly recouping funds from HIH's reinsurers. SWC lodged several claims before...
View ArticleReport denounces ASIC deficiencies
The Senate Economics References Committee's damning report on ASIC's performance last week made several recommendations for improvement, including an independent inquiry, possibly a royal commission,...
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