Government to consider extending unfair contract terms to insurance contracts

The Australian Consumer Law and the Australian Securities and Investments Commission Act include provisions relating to unfair contract terms.  Insurance contracts are not presently covered by the unfair contract terms because of an exclusion for contracts covered by the Insurance Contracts Act.  

Following the events of last January in Queensland and the recommendation in the Natural Disaster Insurance Review to extend the unfair contract terms to insurance contracts, the Treasury Department has  released a Consultation Draft Regulation Impact Statement, Unfair terms in insurance contracts.  [Read More]

Posted by Samantha O’Brien on Tuesday 20 Dec 2011

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Insurance issues following the Thailand flooding

The floods in Thailand this year have been the worst for more than 50 years, with the Thai Finance Ministry estimating that the total economic cost of flood damage could exceed US$6 billion. Some in the industry regard this as a severe underestimate.

To date, it is estimated that the flooding in Thailand has cost around US$3.3 billion in insurance claims. Both residential and industrial areas in and around Bangkok have been affected by the flooding, as several large industrial estates have been left without facilities and resources. It is likely that large global businesses will suffer as a result of this disruption.

This update highlights issues that are likely to arise when insurance claims are brought in the wake of the flooding and practices to be considered when deciding whether an insurance policy responds to a claim.[Read More]

Posted by Louise Joyce on Tuesday 22 Nov 2011

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