Insurance

The High Court has declined to review a ruling from the Victorian Court of Appeal that found domestic building insurance policies do not respond to when a defect arises, but rather to when loss or damage is suffered.

Businesses in two cases against Lloyd's and QBE over COVID-19 losses have failed in an appeal of a ruling stripping the suits of class action status.

Insurer IAG has provided a draft undertaking in the hopes of alleviating the ACCC's concerns that its $1.35 billion takeover of the RAC WA’s insurance operations would substantially lessen competition for certain insurance products in the state.

A judge will approve deductions that will leave less than half of a $22.5 million class action settlement against two former CBA wealth management units left over for distribution to group members.

Two Deloitte reports commissioned by a Swiss law firm for Credit Suisse are protected by legal professional privilege despite access given to financial regulators investigating the collapse of supply chain financier Greensill. 

The sole director of WA insurance broker Dynamic Insurance can't represent the company in its competition suit against insurance broking network Steadfast Group and insurers QBE and Allianz, with a judge finding the company would be better off hiring a lawyer. 

Dexus has dragged five of its insurers to court seeking indemnity for more than $16.5 million in remediation costs stemming from alleged defects in the waterproofing system that was installed as part of the $150 million redevelopment of Sydney's MLC Centre.

Former ANZ subsidiaries have filed proceedings against three insurers claiming they wrongfully denied coverage for $182 million in compensation and costs relating to financial adviser breaches to retail clients. 

Credit Suisse is fighting a bid for access to Deloitte reports commissioned by a Swiss law firm and advice from Linklaters, in litigation against insurers over the collapse of supply chain finance company Greensill Capital. 

Counsel representing a class action on behalf of thousands of Aussie Home Loan customers has told a trial judge brokers "planted seeds" to convince customers they needed to take out worthless mortgage protection insurance.