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News
ASIC confirms investigation into collapsed Sphere Insurance Group
4+ day, 42+ min ago (374+ words) "ASIC can confirm that it has commenced an investigation and has engaged with the liquidator in connection with that investigation," an ASIC spokesperson told Insurance Business. Read next: ASIC issues warning to AFS licensees ASIC declined to say whether it…...
The 30-day renewal is dead — why brokers are starting earlier than ever
4+ day, 23+ hour ago (721+ words) Some commercial insurance brokers are beginning renewal discussions as much as five months before expiry as persistent casualty pressures raise the stakes around submission quality and carrier engagement. The extended timeline reflects an increasingly divided market. Average US commercial insurance…...
CTP compliance concentrated at one insurer in SIRA’s Q4 update
4+ day, 21+ hour ago (585+ words) The State Insurance Regulatory Authority (SIRA) has published its quarterly regulatory update for the period ending June 30, 2026 – and a single insurer’s compliance record is the standout finding. For context, SIRA’s December 2025 quarterly update recorded three CTP remediation plans commencing across…...
IUMI warns of hidden cargo insurance costs
5+ day, 4+ hour ago (394+ words) The International Union of Marine Insurance (IUMI) has published new guidance highlighting an often-overlooked risk for marine cargo insurers - non-compliant wood packaging material, the pallets, crates and dunnage used to ship goods internationally, and the disruption that follows when regulators…...
Clients rarely see the full expert report insurers use to decide coverage, Aon claims director says
6+ day, 47+ min ago (449+ words) A related and thornier issue, Rosenbaum said, is what happens once an expert's report is actually finished. Insurers rely on those reports to determine a coverage position, but clients are typically shown only the portions the insurer chooses to share,…...
FCA marks its own homework on insurance – and gives itself a six or seven
1+ week, 3+ day ago (463+ words) The UK's financial watchdog doesn't often put a number on its own performance. This week, giving evidence to peers, it did. Appearing before the House of Lords Financial Services Regulation Committee yesterday as part of its inquiry into regulation of the…...
Cash settlement claims stall five months after Cyclone Narelle
1+ week, 4+ day ago (709+ words) The ABC reported that Exmouth resident Darryl Byatt and his family have been living in a renovated shed since the category four system tore the roof and verandah off their home in March 2026. "We had concerns the insurance might take…...
Singapore life insurance sales rise 21% as only half feel future-ready
1+ week, 6+ day ago (560+ words) Only 49% of Singaporeans feel prepared for the next decade even though 76% have already taken steps to improve their finances, health or future readiness, according to Etiqa Insurance Singapore’s Life Preparedness Survey 2026. The disconnect comes as life insurance sales expand. Weighted…...
Record motor profit masks a claims trend brokers cannot ignore
2+ week, 3+ day ago (649+ words) Insurance Business Record motor profit masks a claims trend brokers cannot ignore Net claims incurred in Australian domestic motor rose 22% in two years. New Youi research identifies a predictable afternoon incident window driven by fatigue, time pressure and overconfidence. For…...
No Surprises Act IDR costs top $22 billion, brokers take note
2+ week, 4+ day ago (170+ words) For the past two renewal cycles, group benefits brokers have fielded the same uncomfortable question from clients: why did our health plan's costs jump again, when nothing about our workforce changed? A study published this week gives brokers a more…...