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Insurance News from Plant And Equipment Insurance Online

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Insurance News
Year: Month:

Inattention and Speed Identified as Key Factors in Australian Truck Crashes Inattention and Speed Identified as Key Factors in Australian Truck Crashes
06 Nov 2025: Paige Estritori

The National Truck Accident Research Centre (NTARC) has released its 2025 Major Incident Investigation Report, shedding light on the primary human factors contributing to significant truck crashes across Australia. The findings emphasise the critical roles of inattention, distraction, and inappropriate speed in these incidents, underscoring the necessity for targeted safety interventions within the transport industry. - read more
QBE and Sure Insurance Forge New Home Cover Partnership QBE and Sure Insurance Forge New Home Cover Partnership
06 Nov 2025: Paige Estritori

QBE Australia Pacific has recently entered into a strategic partnership with Sure Insurance, aiming to bolster its broker-distributed householders cover. This collaboration signifies a concerted effort to provide more comprehensive and accessible home insurance solutions tailored to the diverse needs of Australian homeowners. - read more
Blue Zebra Enhances Insurance Offerings with New Underwriting Partnerships Blue Zebra Enhances Insurance Offerings with New Underwriting Partnerships
06 Nov 2025: Paige Estritori

Underwriting agency Blue Zebra has recently announced the establishment of new capacity arrangements for its home building and contents, landlord, and small to medium-sized enterprise (SME) package products. This strategic move is set to enhance the agency's ability to offer comprehensive and competitive insurance solutions tailored to the evolving needs of Australian homeowners and business operators. - read more
AIG Australia Penalised for Claims Handling Failures AIG Australia Penalised for Claims Handling Failures
06 Nov 2025: Paige Estritori

The Insurance Code Governance Committee has imposed a $30,000 penalty on AIG Australia for breaching its obligations related to claims handling. The insurer failed to inform customers about delays in processing their claims and neglected to advise them of their right to escalate complaints to the ombudsman. This regulatory action underscores the critical importance of transparency and communication in the insurance claims process. - read more
Climate Change Impacting Home Insurance Costs, IAG Reports Climate Change Impacting Home Insurance Costs, IAG Reports
05 Nov 2025: Paige Estritori

Insurance Australia Group (IAG), a leading insurer in Australia, has highlighted the significant impact of climate change on the cost of home insurance. The company reports that the increasing frequency and severity of weather events are contributing to rising premiums for homeowners. - read more
Suncorp's Financial Growth and Share Buyback: What It Means for Policyholders Suncorp's Financial Growth and Share Buyback: What It Means for Policyholders
05 Nov 2025: Paige Estritori

Suncorp, a prominent Australian insurer, has reported an 8% increase in full-year cash earnings, reaching A$1.49 billion for the year ending June 30, 2025. This performance surpasses analyst expectations and is attributed to improved insurance margins and favorable natural hazard costs. - read more
IAG's Profit Growth and Its Implications for Australian Tradespeople IAG's Profit Growth and Its Implications for Australian Tradespeople
05 Nov 2025: Paige Estritori

Insurance Australia Group (IAG) has reported a significant increase in annual cash earnings for the fiscal year ending June 30, 2025, reaching A$1.17 billion. This growth is primarily driven by an 8% rise in net earned premiums to A$9.98 billion and lower-than-expected natural peril costs. - read more
Markel's New Professional Indemnity Insurance Solutions for Australian Professionals Markel's New Professional Indemnity Insurance Solutions for Australian Professionals
05 Nov 2025: Paige Estritori

In April 2024, Markel, a US-based specialty insurer, unveiled a suite of professional indemnity (PI) insurance products specifically designed for the Australian market. These offerings cater to professionals in accounting, construction, design and construct, insurance, media, and miscellaneous sectors. - read more
APRA's Regulatory Action on Pacific International Insurance's Binder Management APRA's Regulatory Action on Pacific International Insurance's Binder Management
05 Nov 2025: Paige Estritori

In November 2024, the Australian Prudential Regulation Authority (APRA) directed Pacific International Insurance to increase its prudential capital requirement by $10 million. This action was taken in response to identified deficiencies in the insurer's oversight and control of its binder arrangements with intermediary partners. - read more
Australian Small Businesses Advocate for Insurance Premium Reforms Australian Small Businesses Advocate for Insurance Premium Reforms
05 Nov 2025: Paige Estritori

In October 2025, the Australian Chamber of Commerce and Industry, in collaboration with the Insurance Council of Australia, released a report highlighting the significant challenges faced by small and medium-sized enterprises (SMEs) due to soaring insurance premiums. The report emphasizes that many SMEs are compelled to either forgo insurance coverage or reduce their policies to remain financially viable in a challenging economic environment. - read more
Consumer Credit Insurance Decision: AFCA Rules Against Refund Request Consumer Credit Insurance Decision: AFCA Rules Against Refund Request
04 Nov 2025: Paige Estritori

An Australian man seeking a refund on his paid premium for consumer credit insurance (CCI) has been denied by the Australian Financial Complaints Authority (AFCA). The man argued the insurance was mis-sold to him, claiming he was led to believe the coverage was essential when he acquired it with his credit card in 2015. - read more
Qantas Travel Insurance Honoured with Mozo Experts Choice Award 2024 Qantas Travel Insurance Honoured with Mozo Experts Choice Award 2024
04 Nov 2025: Paige Estritori

Qantas Travel Insurance has been recognised in the 2024 Mozo Experts Choice Awards for Travel Insurance, showcasing its exceptional value for their Annual Multi Trip Travel Insurance policy. - read more
SCTI Highlights Top 10 Costliest Travel Insurance Claims of 2024 SCTI Highlights Top 10 Costliest Travel Insurance Claims of 2024
04 Nov 2025: Paige Estritori

Southern Cross Travel Insurance (SCTI) has unveiled its top 10 most expensive international travel claims made by Australian travellers in 2024, shedding light on the significant financial risks associated with unforeseen incidents abroad. - read more
Significant Rise in Home Insurance Premiums Poses Challenges for Australian Homeowners and Lenders Significant Rise in Home Insurance Premiums Poses Challenges for Australian Homeowners and Lenders
04 Nov 2025: Paige Estritori

Recent reports indicate that Australian home and contents insurance premiums have surged by up to 65% over the past five years. This substantial increase is outpacing both general consumer inflation and wage growth, leading to significant financial strain for homeowners and potential risks for mortgage lenders. - read more
Insurance Council Advocates for Strata Law Reforms to Mitigate Rising Premiums and Building Defects Insurance Council Advocates for Strata Law Reforms to Mitigate Rising Premiums and Building Defects
04 Nov 2025: Paige Estritori

The Insurance Council of Australia (ICA) has called for urgent reforms to strata laws in response to escalating insurance premiums and the financial burden of building defects, which are costing residential apartment owners approximately $1.3 billion annually. - read more
Upcover Unveils Comprehensive Management Liability Insurance for Australian SMEs Upcover Unveils Comprehensive Management Liability Insurance for Australian SMEs
04 Nov 2025: Paige Estritori

Sydney-based insurtech company Upcover has launched a new management liability insurance product designed specifically for small and medium-sized enterprises (SMEs) and sole traders across Australia. This offering aims to provide comprehensive protection against a range of risks, including employment disputes, official investigations, tax audits, financial crimes, statutory liabilities, and allegations of legal breaches. - read more
APRA Data Shows Stability in Professional Indemnity Claims Amid Declining Premiums APRA Data Shows Stability in Professional Indemnity Claims Amid Declining Premiums
04 Nov 2025: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database (NCPD) report, providing insights into the professional indemnity (PI) insurance sector. The data indicates that while claims payments for non-facility business remained relatively stable at $1.111 billion in the 2022 underwriting year, there was a notable 6% decline in gross written premiums, which fell to $2.775 billion from the previous year's $2.954 billion. - read more
Rising Insurance Premiums Challenge Australian Hospitality Sector Rising Insurance Premiums Challenge Australian Hospitality Sector
04 Nov 2025: Paige Estritori

Australian hospitality businesses are currently facing significant financial challenges due to escalating insurance premiums. This trend is placing additional strain on an industry already contending with various economic pressures. - read more
Surcharges: A Vital Tool for Hospitality Businesses Facing Rising Costs Surcharges: A Vital Tool for Hospitality Businesses Facing Rising Costs
04 Nov 2025: Paige Estritori

In the face of escalating operational expenses, the Restaurant & Catering Association (R&CA) has expressed strong support for the use of surcharges by cafés, restaurants, and catering businesses, particularly on weekends and public holidays. - read more
Emerging Trends: The Rise of Chain Restaurants in Australia's Hospitality Sector Emerging Trends: The Rise of Chain Restaurants in Australia's Hospitality Sector
04 Nov 2025: Paige Estritori

Australia's hospitality landscape is undergoing a notable transformation, with a discernible shift from independently owned establishments towards chain operations. For the first time in recent history, the proportion of chain restaurants in Australia has grown from 23% to 24%, signaling a pivotal moment for the market. - read more
Brisbane Hailstorm Sees Over 16,000 Insurance Claims Brisbane Hailstorm Sees Over 16,000 Insurance Claims
03 Nov 2025: Paige Estritori

The recent hailstorm in Brisbane has triggered more than 16,000 insurance claims, marking it as a significant event as declared by the Insurance Council of Australia. Both Suncorp and IAG have experienced a substantial influx of claims following the severe weather conditions that affected parts of Queensland and Victoria over the weekend. - read more
Queensland Strata Owners Advised to Leverage New Premium Reduction Programs Queensland Strata Owners Advised to Leverage New Premium Reduction Programs
03 Nov 2025: Paige Estritori

Strata property owners in North and Central Queensland are being encouraged to take advantage of newly introduced federal and state initiatives designed to reduce insurance premiums and enhance cyclone resilience. These programs offer financial incentives for property upgrades that can lead to significant savings on insurance costs. - read more
Strata Futures Report Proposes National Task Force for Industry Overhaul Strata Futures Report Proposes National Task Force for Industry Overhaul
03 Nov 2025: Paige Estritori

The recently released Strata Futures Report has put forth a comprehensive set of 64 recommendations aimed at transforming Australia's strata industry. Central to these proposals is the establishment of a national task force, co-funded by the government, to spearhead reforms and foster a high-performing, transparent, and sustainable model of property ownership and governance. - read more
NSW Strata Managers Set to Eliminate Insurance Commissions by 2026 NSW Strata Managers Set to Eliminate Insurance Commissions by 2026
03 Nov 2025: Paige Estritori

In a significant development for the strata management sector, the Strata Community Association New South Wales (SCA NSW) has announced a phased plan to eliminate insurance commissions for managing agents, commencing January 1, 2026. This initiative aims to bolster transparency and trust between strata managers and property owners. - read more
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Equipment Insurance Articles

Understanding Plant and Equipment Insurance: A Guide for Small Business Owners
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
The Factors That Affect Plant and Equipment Insurance Premiums in Australia
The Factors That Affect Plant and Equipment Insurance Premiums in Australia
Plant and equipment insurance is a specific type of policy designed to protect the tools, machinery, and equipment that businesses rely on for their operations. This insurance safeguards against various risks, ensuring that your essential assets are not a financial burden during unforeseen circumstances. - read more
Understanding Owned vs. Hired-In Plant Insurance: A Comprehensive Guide for Australian Businesses
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
Unlock Savings: How Bundling Your Plant and Equipment Insurance Can Reduce Premiums
Unlock Savings: How Bundling Your Plant and Equipment Insurance Can Reduce Premiums
Plant and equipment insurance is a specialized type of coverage designed to protect your crucial assets. This insurance typically covers machinery, tools, and various equipment used in the operations of your business. It ensures that, in the event of damage or theft, you won’t face major financial setbacks. - read more
What does plant and equipment insurance cover?
What does plant and equipment insurance cover?
Plant and equipment insurance is a specialized form of coverage designed to protect the tools and machinery that businesses rely on for their operations. This type of insurance typically covers various assets, including construction machinery, agricultural equipment, and industrial tools. By safeguarding these critical assets, you can ensure that your business continues to run smoothly even in the event of loss or damage. - read more


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