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The Insurance Council of Australia is working with the state governments to improve conditions in the professional indemnity insurance market in the construction industry and restore insurers' confidence in the building sector, Asia Insurance Review reported. Meanwhile, the council expects that a building cladding exclusion may be required beyond the currently prescribed date of mid-2020.
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2. Zurich Insurance to stop underwriting new oil and gas projects
3. Bermudan, European reinsurers to suffer major hit from bridge collapse
4. Tycoon gets death sentence for multi-billion-dollar fraud
5. Inflation drives 10% increase in sum insured for windstorms
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