Tag archives: insurance

Insurance after Hayne Part 1 – What do insurers need to do following the Royal Commission’s final report?

Ray GiblettMatthew EllisTimothy ChanBy Ray Giblett, Matthew Ellis and Timothy Chan on Posted in Industry news
Welcome to Part 1 of “Insurance after Hayne”, a special series on our Insurance Law Tomorrow blog focusing on the implications for general and life insurers following the release of the Royal Commission’s final report. Each week, we will be sharing our thoughts on Commissioner Hayne’s recommendations through the lens of our insurance regulatory team. … Continue reading

Less is more? Do insurance customers know what they’ve been given?

Ray GiblettTimothy ChanBy Ray Giblett and Timothy Chan on Posted in Regulation
Ahead of the release of the Financial Services Royal Commission’s final report, the Treasury has released a discussion paper seeking input in relation to disclosure in general insurance. The focus of the paper is to explore ways to improve current disclosure requirements to ensure positive consumer outcomes. The consultation process is open until 28 February … Continue reading

A Trend Has Emerged – Third Quarter Report on Data Breaches by the OAIC

Jacques JacobsMatthew EllisEden WinokurMatthew FontiBy Jacques Jacobs, Matthew Ellis, Eden Winokur and Matthew Fonti on Posted in Legislation
The Office of the Australian Information Commissioner (OAIC) recently released its third quarterly report in relation to data breaches notified under the Notifiable Data Breach (NDB) Scheme between 1 July and 30 September 2018. For this quarter, the OAIC received 245 data breach notifications which is on par with the previous quarter. With this being … Continue reading

New super ombudsman AFCA commences operation today

Ray GiblettTimothy ChanBy Ray Giblett and Timothy Chan on Posted in Industry news
Starting 1 November 2018, the Australian Financial Complaints Authority (AFCA) replaces the Financial Ombudsman Service (FOS), Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal. The AFCA is now the ASIC approved External Dispute Resolution (EDR) scheme for consumer and small business complaints for Australian financial and credit industries. All financial firms should now … Continue reading

Cloud cover: 5 tips to mitigate the risks of cloud computing services

Jacques JacobsMatthew EllisEden WinokurMatthew FontiBy Jacques Jacobs, Matthew Ellis, Eden Winokur and Matthew Fonti on Posted in Industry news
In mid-2017, the Australian Bureau of Statistics revealed that almost a third of sampled businesses are using commercial cloud computing services.  This year, Gartner reported Australian businesses will spend $4.6 billion on cloud services (an 18.5% increase from last year). Below we highlight some of the risks for businesses associated with the use of cloud … Continue reading

Skills Down, Claims Up: What the Infrastructure Boom Means for Insurers

James RigneyNina O'KeefeBy James Rigney and Nina O'Keefe on Posted in Industry news
The recent collapse of a 50 year-old suspension bridge in Genoa Italy is a stark reminder of the devastating impact that failed infrastructure projects can have. Roads and rail, hospitals and schools, airports and stadiums: there’s no doubt Australia is going through a turbulent infrastructure boom, perhaps its biggest yet. The Federal government has announced … Continue reading

Fraudulent non-disclosure, avoidance and refusal to advance – Federal Court decides insurers can avoid advancing defence costs to Cranston and Onley

Tricia HobsonJacques JacobsAndrea GarrattElizabeth KordicBy Tricia Hobson, Jacques Jacobs, Andrea Garratt and Elizabeth Kordic on Posted in Cases
The Full Court of the Federal Court in the last couple of weeks considered a question that by some has been considered a “sleeper issue” which had not previously received judicial attention. The question was whether a final adjudication clause in a conduct exclusion prevents Underwriters from relying on their statutory right to avoid a … Continue reading

Data breaches notifications are on the rise

Jacques JacobsMatthew EllisEden WinokurAlexander ProudfordBy Jacques Jacobs, Matthew Ellis, Eden Winokur and Alexander Proudford on Posted in Industry news
As many readers know, the Notifiable Data Breach Scheme (NDB Scheme) came into force on 22 February 2018.  It has resulted in changes to Australia’s privacy law in relation to notification obligations on individuals and organisations that experience an eligible data breach. The Office of the Australian Information Commissioner (OAIC) recently released its second quarterly … Continue reading

 Cyber aggregation risk – the elephant in the cyber room

Anna TippingJacques JacobsEden WinokurSundar OdgersBy Anna Tipping, Jacques Jacobs, Eden Winokur and Sundar Odgers on Posted in Industry news
  Although cyber insurance is seen as one of the biggest opportunities in insurance and reinsurance right now, the risks to insurers and insureds could be equally large. One significant threat is ‘cyber risk aggregation’. What is ‘cyber risk aggregation’? Risk aggregation in the insurance industry refers to multiple claims being generated by the same … Continue reading

The results are in: weekly data breach notifications have increased fivefold!

Eden WinokurJacques JacobsMatthew EllisAlexander ProudfordBy Eden Winokur, Jacques Jacobs, Matthew Ellis and Alexander Proudford on Posted in Legislation
The Notifiable Data Breach Scheme (NDB Scheme) came into force on 22 February 2018.  It has resulted in changes to Australia’s privacy law in relation to notification obligations on individuals and organisations that experience a data breach.  In this post, we look at the first quarterly report issued by the Office of the Australian Information … Continue reading

Fast track to hearing: tips for your next expedition application

Natalie ApreaDunzelle ScholtzBy Natalie Aprea and Dunzelle Scholtz on Posted in Claims
From time to time, applications are made by a party to proceedings to expedite the hearing because of a feature about the case raises a need for urgency (for example, a dying plaintiff). However, often when an application is made to fast track the proceedings, it can raise issues of prejudice for the respondent, by … Continue reading

Season’s Greetings

The Editorial CommitteeBy The Editorial Committee on Posted in Industry news
Season’s Greetings from the insurance team at Norton Rose Fulbright. We’ll be taking a break from blogging over the holiday period.  But we’ll be back next year to keep you up-to-date with the latest legal and industry developments across the insurance industry. This will include content from our annual thought leadership event:  The Inter-Generational Divide: … Continue reading

Norton Rose Fulbright/Henry Davis York combination now official

The Editorial CommitteeBy The Editorial Committee on Posted in Industry news
We are excited to announce that Norton Rose Fulbright and leading Australian law firm Henry Davis York have now officially combined, to be known as Norton Rose Fulbright in Australia. Together, we have created one of Australia’s largest and most dynamic providers of legal services. The combination further expands our market-leading insurance capabilities.  We now … Continue reading

Insurance: necessary evil or social good?

Elana BenjaminNicole WearneBy Elana Benjamin and Nicole Wearne on Posted in Industry news
In Ireland, AIG recently cancelled the policies of numerous young drivers who persistently exceeded the speed limit.  In New York, property and casualty insurer Lemonade has announced changes to their policies following the tragic Las Vegas massacre.  And in Sweden, Skandia has developed an underwriting model to reduce long-term sick leave for corporates. What do … Continue reading

Another hot topic for insurers – is combustible cladding the next big risk?

Suzanne LineTimothy ChanBy Suzanne Line and Timothy Chan on Posted in Industry news
What are the legal and insurance implications of the recent furore regarding cladding in Australia? This was considered at a Norton Rose Fulbright panel discussion, “What does the future hold for cladding in Australia?”, by partners John Moran, Emmanuel Confos and Katherine Morris, and Christina Knorr, Chief Fire Engineer at Stephen Grubits & Associates. The … Continue reading

Life insurers are not an employment agency

Monique MorganBy Monique Morgan on Posted in Cases
Assessing life insurance claims is a careful balancing act, weighing up the opinions of various medical experts and vocational assessors. Dotlic v Hannover Life Re of Australasia Limited [2017] NSWSC 986 provides some much needed colour to the shades of grey insurers face when considering expert evidence. The Accident Mr Dotlic immigrated from Bosnia to … Continue reading

Game of Drones – what does the rise of the drone mean for insurers?

Jodie OdellBy Jodie Odell on Posted in Industry news
Unmanned aerial vehicles (UAVs), remotely piloted aircraft (RPAs) or drones – however you choose to refer to them, are big business. They’re being used increasingly in the commercial world – from mining and agriculture, to tourism, sports and entertainment. But that’s not all. Your ten year old niece or nephew probably has one which they … Continue reading

We don’t have your back: the importance of clear drafting in reinsurance contracts

Dunzelle ScholtzBy Dunzelle Scholtz on Posted in Cases
A recent NSW Court of Appeal decision highlights the importance of clearly defining the scope of reinsurance cover, rather than relying on a presumption that cover will always be held to be back-to-back with the underlying insurance:  Metlife Insurance Ltd v RGA Reinsurance Company of Australia Ltd [2017] NSWCA 56 Retreat from the treaty In … Continue reading

Director’s trust misplaced when it comes to PI coverage

Tristan BakerBy Tristan Baker on Posted in Claims
Clear and precise drafting is essential when it comes to setting out the scope of cover provided under an insurance policy. This is especially significant in the professional indemnity and directors’ and officer’s insurance space where policies often seek to include or exclude complex legal and commercial relationships. The advantage of clearly defining the parties’ … Continue reading

Product suitability and intervention powers one step closer

Matthew EllisDavid McIndoeBy Matthew Ellis and David McIndoe on Posted in Regulation
Treasury released its public consultation paper on the proposed introduction of product suitability obligations and intervention powers for ASIC in December, bringing the reforms recommended  by the Financial System Inquiry one step closer to reality. The consumer protection measures will require issuers and distributors of insurance (and other financial) products to ensure products are suitable … Continue reading

What does a fire, a million dollar property and a former inmate make?

Kathryn WhybourneBy Kathryn Whybourne on Posted in Cases
The answer? Not what you’d expect. Proving that an insured has been fraudulent under section 56 of the Insurance Contracts Act 1984 (Cth) where the evidence is mainly circumstantial is no mean feat. Insurance Australia Ltd (IAL) learned this lesson on 4 November 2016, in a disputed insurance claim for property damage resulting from a … Continue reading
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