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Allianz policy exclusion dooms United Petroleum unit’s fire damage claim
Insurance 2018-11-30 10:38 pm By Cat Fredenburgh

A Queensland ethanol refinery, owned by United Petroleum, has lost a dispute with its insurer Allianz Australia over coverage for damage resulting from a 2016 fire.

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CBA boss blames predecessor for dodgy credit insurance
Financial Services 2018-11-20 10:37 pm By Miklos Bolza

Commonwealth Bank of Australia chief Matt Comyn has pointed the finger at his predecessor, Ian Narev, for the bank’s selling of credit insurance to ineligible customers, claiming the former CEO failed to heed advice and stop selling the products.

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Bank of Queensland loses fight with insurer over $6M class action settlement
Insurance 2018-11-07 10:22 pm By Cat Fredenburgh

Bank of Queensland has lost a dispute with two insurers over coverage for a $6 million settlement of a class action brought by investors in a Ponzi scheme by jailed scammer Bradley Sherwin, with a judge shooting down the bank’s argument that the class action should only be considered one claim under the policy.

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ASIC wins $9M fine against Financial Circle
Financial Services 2018-11-05 1:36 pm By Christine Caulfield

The Australian Securities and Investments Commission has secured almost $9 million in penalties against Melbourne-based Financial CircleĀ  over a scheme to extract advice fees and ongoing commission from borrowers who took out personal loans.

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ASIC defeats referee bid in AMP insurance case
Insurance 2018-10-19 3:27 pm By Miklos Bolza

ASIC has successfully opposed a Federal Court judge’s push to appoint an independent referee in its case against AMP Financial Planning over alleged insurance churning.

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Judge stays $2.6M judgment against QBE over steel mill collapse
Insurance 2018-10-18 7:36 pm By Cat Fredenburgh

A Federal Court judge has stayed a $2.6 million award against QBE Insurance (Australia) to cover losses related to the 2014 collapse of steel product manufacturer Independent Tube Mills in 2014.

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Westpac appeals funding order in life insurance class action
Class Actions 2018-10-11 10:42 pm By Christine Caulfield

Westpac is challenging a judge’s order that gives the funder backing a class action over life insurance premiums a 25 percent cut of any recovery.

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Funeral insurer loses High Court appeal over profits from use of rival’s secrets
Employment 2018-10-10 11:35 pm By Cat Fredenburgh

The High Court of Australia has rejected an appeal of a ruling that found a funeral insurer was liable for the use of a rival’s confidential information by employees and instead granted a cross-appeal that more than doubled the rival’s award of profits.

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QBE Insurance to pay $2.6M over collapsed steel mill
Insurance 2018-10-09 9:02 pm By Miklos Bolza

QBE Insurance (Australia) has been ordered to pay over $2.6 million in compensation to cover losses after a series of mishaps led to the collapse of steel product manufacturer Independent Tube Mills in 2014.

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Bannister Law mulls direct life insurance class action
Class Actions 2018-08-30 10:47 pm By Cat Fredenburgh

Bannister Law is investigating a possible class action against providers of direct life insurance, in the wake of an ASIC report that found many insurers used aggressive sales tactics and didn’t provide consumers with enough information about the products they sold.

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