• Financial services insurance premiums may be set to increase when the Australian Financial Complaints Authority (AFCA) starts reviewing legacy disputes in July.
  • In February, the Government approved an enhancement to AFCA’s power to investigate complaints dating back to January 2008. These changes have already resulted in a surge in additional claims.
  • The Royal Commission inspired insurers to intensify their underwriting discipline given the greater incidence of claims. Carriers have not only redressed the higher exposure through premium increases - they have significantly dropped their capacity and increased retention levels on risks.
  • Evidence coming out of the Royal Commission has put Insureds with lending practices in the limelight. The findings of the inquiry alleged a tendency of lenders to reduce loan standards to increase credit activity and profitability, which have put many Insurers into a state of alarm.

Are you covered?

  • Cyber Insurance

    Protection against misuse of confidential or privileged data and unauthorised use of, or access to, electronic data or software.

  • Public Offering of Securities Insurance (POSI)

    Cover for errors, omissions or misleading information when raising extra capital or listing the company on a public exchange.

  • Crime Insurance

    Protection for first party loss against dishonesty, fraud and other criminal or malicious losses.

  • Employment Practices Liability

    Protection for claims from employees against the business.  

  • Directors & Officers Liability

     protection against Wrongful Acts in an individual’s capacity as a Director or Officer of the Insured.

  • Professional Indemnity Insurance

     Protection against negligent errors and omissions or breach of duty.

News & Insights

Henry Clark

Industry Lead - Financial and Professional Risks

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