The CGC sanctioned two insurers with A$130,000 Community Benefit Payment during the year, including AIG Australia Ltd (AIGAL), for systemic failures in claims and complaints handling, which affected hundreds...
Industry-wide insurance service results jumped 27% YoY, supported by claims stabilisation and fast premium growth across cyber, mortgage, marine, aviation, and consumer credit.
The review will examine how professional indemnity insurance operates when financial services firms enter voluntary administration, winding-up, or deregistration.
The loss figure covers property and motor hull lines of business, in line with the PERILS coverage definition for Australia and based on data collected from affected insurers.
