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Insurance News
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Fair Work Commission Enforces Fuel Cost Recovery Measures for Transport Operators Fair Work Commission Enforces Fuel Cost Recovery Measures for Transport Operators
01 Jun 2026: Paige Estritori

The Fair Work Commission (FWC) has implemented a mandatory fuel cost recovery order, effective from 21 April 2026, to address the escalating fuel expenses burdening Australia's transport sector. This directive mandates that all parties within the road transport contract chain adjust their rates fortnightly or bi-monthly, ensuring that transport operators can recuperate the increased fuel costs incurred since 6 March 2026. - read more
Trucking Industry Seeks Immediate Support to Mitigate Fuel Price Impact Trucking Industry Seeks Immediate Support to Mitigate Fuel Price Impact
01 Jun 2026: Paige Estritori

The Australian trucking industry is facing unprecedented challenges as soaring fuel prices threaten the viability of many transport operators. Industry leaders are urgently calling for financial relief measures to prevent widespread business closures and maintain the integrity of the nation's supply chain. - read more
Regulatory Bodies Advocate for TPD Insurance Reforms Amid Mental Health Claim Surge Regulatory Bodies Advocate for TPD Insurance Reforms Amid Mental Health Claim Surge
01 Jun 2026: Paige Estritori

In a recent joint CEO roundtable, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) highlighted pressing concerns regarding Total and Permanent Disability (TPD) insurance. The discussion centered on the escalating frequency and complexity of mental health-related claims, which are exerting significant pressure on both insurers and policyholders. - read more
Analyzing the 2026-27 Federal Budget's Impact on Australia's Insurance Industry Analyzing the 2026-27 Federal Budget's Impact on Australia's Insurance Industry
01 Jun 2026: Paige Estritori

The 2026-27 Federal Budget, presented by Treasurer Jim Chalmers, introduces several measures with direct implications for Australia's insurance sector. Notably, the budget addresses concerns related to property insurance costs and the issue of underinsurance, both of which are critical for tradespeople and small business owners. - read more
Zurich's Acquisition of ClearView Wealth Receives ACCC Approval Zurich's Acquisition of ClearView Wealth Receives ACCC Approval
01 Jun 2026: Paige Estritori

The Australian Competition and Consumer Commission (ACCC) has granted approval for Zurich Financial Services to acquire ClearView Wealth, a transaction valued at approximately $425 million. This decision follows a comprehensive assessment of the potential impact on competition within the Australian life insurance market. - read more
QLS Approves 15% Reduction in Professional Indemnity Insurance Levies for 2026/27 QLS Approves 15% Reduction in Professional Indemnity Insurance Levies for 2026/27
01 Jun 2026: Paige Estritori

The Queensland Law Society (QLS) has announced a substantial 15% reduction in professional indemnity (PI) insurance levies for the 2026/27 period, a decision poised to benefit legal practitioners throughout Queensland. This move follows the QLS Council's approval in April 2026, reflecting the strong performance of the insurance scheme managed in collaboration with Lexon Insurance. - read more
ICA Advocates for Structural Reforms to Compensation Scheme of Last Resort ICA Advocates for Structural Reforms to Compensation Scheme of Last Resort
01 Jun 2026: Paige Estritori

The Insurance Council of Australia (ICA) has called for structural reforms to the Compensation Scheme of Last Resort (CSLR) to address growing funding pressures and enhance consumer protection. This appeal comes in response to a Treasury consultation paper examining the role of professional indemnity insurance in compensation claims. - read more
Markel Introduces Tailored Professional Indemnity Insurance Solutions in Australia Markel Introduces Tailored Professional Indemnity Insurance Solutions in Australia
01 Jun 2026: Paige Estritori

Markel, the insurance operation within Markel Group Inc., has announced the launch of professional indemnity (PI) insurance solutions in Australia, featuring localised wordings to service a broad range of professions. This strategic move aims to address the growing demand for professional and financial risks (PFR) insurance solutions in the Australian market. - read more
NSW Government Introduces Strata Law Reforms to Safeguard Communities NSW Government Introduces Strata Law Reforms to Safeguard Communities
01 Jun 2026: Paige Estritori

The New South Wales Government has initiated a series of reforms to the state's strata laws, aiming to bolster transparency and accountability within strata communities. These changes come in the wake of significant fraud incidents that have raised concerns about the governance standards in strata schemes. - read more
CHU Enhances Strata Insurance Capacity to Support Larger Developments CHU Enhances Strata Insurance Capacity to Support Larger Developments
01 Jun 2026: Paige Estritori

CHU, Australia's leading strata insurance underwriting agency, has announced a significant increase in its single risk capacity, now offering coverage up to $690 million. This substantial enhancement more than doubles the previous limit of $300 million, positioning CHU to better support larger residential and commercial strata developments. - read more
CHU's 2025 Report Shows Stable Strata Insurance Premiums Amid Market Changes CHU's 2025 Report Shows Stable Strata Insurance Premiums Amid Market Changes
01 Jun 2026: Paige Estritori

CHU Underwriting Agencies has released its 2025 State of the Strata Market report, providing a comprehensive analysis of the current state of the industry. The report indicates that strata insurance premiums have experienced a modest increase of 2.8%, rising from an average of $954 to $981 per lot annually in the year leading up to June 2025. This increment is notably lower than the 14% surge observed in house insurance premiums during the same period, maintaining affordability for apartment owners. - read more
IAG and QBE Navigate Premium Growth Amidst Rising Claims Costs IAG and QBE Navigate Premium Growth Amidst Rising Claims Costs
01 Jun 2026: Paige Estritori

In the face of escalating claims costs driven by natural disasters and supply chain disruptions, major Australian insurers Insurance Australia Group (IAG) and QBE Insurance Group have reported significant premium growth. This trend reflects the industry's ongoing efforts to maintain financial stability amidst challenging conditions. - read more
Australian Insurers Strengthen Collaborative Efforts to Tackle Fraud Australian Insurers Strengthen Collaborative Efforts to Tackle Fraud
01 Jun 2026: Paige Estritori

In a concerted effort to combat insurance fraud, Australian insurers have intensified their collaboration and data-sharing initiatives, leading to substantial financial recoveries and legal actions against fraudulent activities. This unified approach marks a significant shift in the industry's strategy to address a longstanding challenge. - read more
Australian Cyclone Reinsurance Pool Expands to Cover 3.2 Million Properties Australian Cyclone Reinsurance Pool Expands to Cover 3.2 Million Properties
01 Jun 2026: Paige Estritori

The Australian Reinsurance Pool Corporation (ARPC) has announced a significant expansion of the Cyclone Reinsurance Pool, now providing coverage for approximately 3.2 million properties across the nation. This development marks a substantial step forward in enhancing insurance affordability and accessibility for residents and businesses in cyclone-prone areas. - read more
Markel Introduces Tailored Professional Indemnity Insurance for Australian Businesses Markel Introduces Tailored Professional Indemnity Insurance for Australian Businesses
01 Jun 2026: Paige Estritori

Markel, a prominent global insurance provider, has recently unveiled its professional indemnity insurance solutions tailored specifically for the Australian market. This strategic move aims to address the increasing demand for comprehensive coverage among local businesses, particularly in light of recent capacity reductions in the sector. - read more
Sompo Strengthens Australian Market Position with New Underwriting Team Sompo Strengthens Australian Market Position with New Underwriting Team
01 Jun 2026: Paige Estritori

Sompo, a leading provider of commercial and consumer property and casualty insurance, has recently expanded its Australian operations by appointing a nine-person underwriting team based in Sydney and Melbourne. This strategic move aims to enhance the company's local underwriting capabilities across key sectors, including property, casualty, financial lines, energy, and construction. - read more
Gallagher Expands Australian Footprint with Acquisition of International Insurance Brokers Gallagher Expands Australian Footprint with Acquisition of International Insurance Brokers
01 Jun 2026: Paige Estritori

Arthur J. Gallagher & Co. (Gallagher), a global insurance brokerage, has recently announced the acquisition of International Insurance Brokers Pty Ltd., a Brisbane-based firm specializing in property coverage for non-profit organizations in Australia. This strategic move aims to bolster Gallagher's presence in the Australian market and enhance its service offerings to the non-profit sector. - read more
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Household Insurance Articles

The Ultimate Checklist for Comparing Home Insurance in Australia
The Ultimate Checklist for Comparing Home Insurance in Australia
Embarking on the journey of homeownership is a landmark event full of anticipation and dreams. As Australians, we cherish the sanctuary of our homes against the backdrop of our incredibly diverse and sometimes unpredictable climate. However, with this excitement comes a significant responsibility—protecting your investment with the right home insurance. - read more
Why Australian Households Can't Afford to Skip Insurance
Why Australian Households Can't Afford to Skip Insurance
Household insurance is a critical safety net for many Australian families. It protects against unexpected events such as natural disasters, theft, and accidents, ensuring that your home and belongings can be repaired or replaced if something goes awry. - read more
Household Insurance 101: How to Effectively Plan Your Coverage
Household Insurance 101: How to Effectively Plan Your Coverage
Household insurance, commonly referred to as home insurance, is a type of policy that provides financial protection for your home and belongings against damage, theft, or loss. In Australia, this type of insurance is crucial for homeowners and renters alike, offering peace of mind in the face of unexpected events. It's designed to help you recover and rebuild without bearing the full financial burden yourself. - read more
Top 10 Questions to Ask Before Buying Home Insurance in Australia
Top 10 Questions to Ask Before Buying Home Insurance in Australia
For many Australians, owning a home is a significant life achievement and a substantial financial investment. Protecting this asset is crucial, which is where home insurance becomes indispensable. As we navigate the complexities of life and confront the unpredictable forces of nature, the right home insurance acts as a financial shield against potential losses. Whether it's a natural disaster, accidental damage, or theft, having a robust insurance policy ensures that your home and peace of mind remain intact. - read more
How to ensure your home renovation is covered by your insurance policy
How to ensure your home renovation is covered by your insurance policy
Renovating your home can be an exciting time, but it can also be a stressful one. There are so many things to consider and plan for, including financing the renovations, choosing the right contractor, and selecting the materials to be used. One aspect that often gets overlooked during planning is the impact that renovations can have on your insurance coverage. - read more

Knowledgebase
Term Life Insurance:
A life insurance that provides a cover for a specific period of time - usually one to five years or until the insured reaches age 65 or 70.

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