Feature
The Reserve Bank remains dedicated to enhancing engagement with the industry, modernising its regulatory framework and approach, and embedding deeper insurance expertise within its leadership. Deputy Governor Christian Hawkesby has...
Feature
On 28 February 2025, the Supreme Court of New South Wales fined Allianz Australia Insurance Limited (‘Allianz’) AU$13.5 million and AWP Australia Pty Ltd (‘AWP’) AU$3.3 million for making false or misleading stat...
IBANZ Forum
QUESTION: We are finding that frequently insurers are using the ICR when underwriting new house insurance risks. We have come across a number of instances when a client is purchasing a home and the underwriter requests information...
IBANZ Forum
QUESTION: We have a client who has caused damage to a client's ceiling and is looking to claim for this. Unfortunately the affected property has asbestos in the ceiling. The insurer is suggesting that there may not be cover due...
IBANZ Forum
QUESTION: Insured lost phone and lodged a claim for it. The insurer took over two weeks to lodge and review it. Because it is a phone and was for work purposes, the insured had to buy one ASAP, which they did for $999. The...
IBANZ Forum
QUESTION: My client's dwelling is occupied by them and has a small unit downstairs, which is used for occasional AirBnB. The unit is self-contained. The client's sum insured reflects the cost to rebuild the whole...
IFSO Case Study
On 17 November 2022, Mr and Mrs Letterman* insured their household contents. Shortly after, on 21 November, Mrs Letterman made a claim, saying that her TV had been damaged on 19 November while they were moving house. However,...
IFSO Case Study
Manaia* made an insurance claim for damage to her house caused by her neighbour’s construction work. Her insurer accepted the claim, but a disagreement arose over the cost and scope of repairs. The insurer based the...
FSCL Case Study
Highlighting the importance of documentation for advisers
It is important for insurance advisers to confirm to their clients in writing the instructions the clients have given to them. This avoids misunderstandings and provides the client with the chance to correct any errors. It also provides...
