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Insurance News

Rising Group Premiums Pose Challenges for Australian Life Insurance

28 Aug 2025: Paige Estritori

Insurance premiums for group life policies with long-term benefits have surged between 15% to 25% on average in the first half of the year, according to a mid-year market update from Marsh Australia. While the steepest increases affected those with adverse claims experiences, short-term rates and premiums for permanent disabilities remained relatively steady. The sector has also become more selective, with insurers adopting stricter underwriting standards, particularly eschewing high-risk industries. - read more

Concerns Arise Over Construction Code Pause Amid Housing Push

28 Aug 2025: Paige Estritori

The federal government's initiative to accelerate housing development by relaxing certain building regulations has raised alarm within the insurance sector. Housing Minister Clare O’Neil announced changes on social media, indicating a strategic pause on parts of the National Construction Code to expedite building approvals and encourage the construction of much-needed homes across Australia. This move comes in response to challenges in the approval process, which often delays construction. - read more

RACQ Insurance Ordered to Increase Payout After Claim Handling Flaws

27 Aug 2025: Paige Estritori

RACQ Insurance has been instructed to bolster a payout to a customer following a ruling by the Australian Financial Complaints Authority (AFCA). The dispute arose after the insurer's handling of a house fire claim lodged by a woman in October 2023 was found lacking. The fire, initiated by scented candles, resulted in significant fire and smoke damage to her home. - read more

ASIC Review Puts Life Insurance Sector Under Scrutiny

26 Aug 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has spotlighted significant shortcomings in the direct sale of life insurance products, urging the industry to reassess its sales practices. The recent review unearthed ongoing issues with remuneration structures, indicating that some insurers still link commissions to sales targets, potentially fostering aggressive sales tactics. The study further revealed a troubling rise in claims disputes, with reported cases more than doubling since 2018, raising concerns about the transparency and trustworthiness of these policies. - read more

Ombudsman Sides with Insurer on Imposed Excess Dispute

25 Aug 2025: Paige Estritori

A recent ruling by the Australian Financial Complaints Authority (AFCA) has upheld an insurer's decision to impose an additional $2000 excess on a property policy, following a dispute raised by a policyholder over claims history impacts. - read more

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Equipment Insurance Articles

Understanding Owned vs. Hired-In Plant Insurance: A Comprehensive Guide for Australian Businesses

Understanding plant and equipment insurance is crucial for any contractor in Australia. This type of insurance protects your valuable machinery and tools from unforeseen events that could disrupt your business. Without proper coverage, equipment damage or loss can lead to significant financial strain, potentially jeopardizing your operations. - read more

General Liability Insurance vs. Plant and Equipment Insurance: What You Need to Know

When it comes to running a business, insurance is one of those things that often gets overlooked. However, understanding the different types of insurance is crucial for protecting your business assets and ensuring your peace of mind. Among the many options available, plant and equipment insurance is vital for businesses that rely on machinery and various tools. - read more

Is Plant and Equipment Insurance a Legal Requirement for Australian Contractors?

Plant and equipment insurance is a specialized type of coverage designed to protect construction and contracting businesses against financial losses related to their machinery and tools. This includes any equipment used in the delivery of services, such as excavators, cranes, and other vital equipment. In essence, this insurance safeguards your investment, providing peace of mind as you focus on your projects. - read more

What Paperwork is Necessary When Applying for Plant and Equipment Insurance?

In the bustling world of business, safeguarding your assets is crucial. This is especially true for industries reliant on machinery and equipment. One essential type of coverage for such businesses is plant and equipment insurance. It provides financial protection against risks associated with the loss or damage of your essential tools. - read more

Understanding Plant and Equipment Insurance: A Guide for Small Business Owners

When it comes to running a small business, particularly in sectors like construction, having the right insurance is essential. This is where plant and equipment insurance comes into play. It protects your valuable machinery and tools, allowing you to focus on your projects without the constant worry of potential financial loss. - read more

Knowledgebase

Insurance:
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of potential financial loss.

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