- IAG CEO Predicts Ongoing Insurance Premium Rises
Insurance Australia Group (IAG) has reported a significant 91% increase in net profit for the first half of the 2024-2025 financial year, reaching $778 million.
- Rising Insurance Costs Challenge Australian Hospitality Sector
The Australian hospitality industry is currently facing significant challenges due to escalating insurance premiums. Business owners report substantial increases in their insurance costs, which are becoming one of the largest expenses alongside wages, rent, and the rising cost of goods. ([au.finance.yahoo.com](https://au.finance.yahoo.com/news/aussie-hotel-owner-reveals-insane-48000-cost-behind-alarming-small-businesses-trend-040048130.html?utm_source=openai))
- ACT Businesses Confront Higher Insurance Premiums Compared to NSW
The Australian Capital Territory (ACT) Legislative Assembly has initiated an inquiry into the rising costs of insurance premiums within the territory, particularly focusing on the hospitality sector. Recent data indicates that businesses in the ACT are paying significantly higher insurance premiums compared to their counterparts in New South Wales (NSW).
- RACQ Insurance Withdraws Rideshare Vehicle Coverage
RACQ Insurance has recently announced the cessation of coverage for rideshare and food delivery vehicles, effective from November 3, 2023. This decision stems from a notable increase in claims associated with these services, prompting the insurer to reassess its offerings.
- AFCA Directs Insurer to Settle Restaurant Arson Claim
The Australian Financial Complaints Authority (AFCA) has recently ruled in favour of a restaurant owner, directing the insurer to honour an arson claim despite the director's failure to disclose a past criminal conviction. This decision underscores the importance of clear communication and due diligence in the insurance application process.
- Upcover Introduces Affordable Management Liability Insurance for SMEs
Upcover, a Sydney-based insurtech company, has recently launched a management liability insurance product tailored specifically for small and medium-sized enterprises (SMEs) and sole traders. With premiums starting at $780 per year for a $1 million coverage limit, this offering aims to provide affordable and comprehensive protection against various business risks.
- Seafood Business Wins Insurance Dispute Over Storm-Induced Power Outage
A recent ruling by the Australian Financial Complaints Authority (AFCA) has significant implications for businesses seeking insurance compensation for losses due to power outages caused by natural disasters.
- Insurance Council Advocates for Liability Law Overhaul to Curb Rising Premiums
The Insurance Council of Australia (ICA) has called for urgent reforms to civil liability laws to address the escalating costs of liability insurance premiums affecting businesses nationwide.
- AFCA Upholds Restaurant's Arson Claim Amid Disclosure Dispute
In a significant ruling, the Australian Financial Complaints Authority (AFCA) has directed QBE Insurance to honour an arson claim from a restaurant, despite the director's failure to disclose his criminal history during the policy's inception.
- Pizzeria Owner Compensated for Stress in Insurance Claim Dispute
The Australian Financial Complaints Authority (AFCA) has awarded $2,500 in compensation to a pizzeria owner, citing undue stress and inconvenience caused by QBE Insurance's handling of a fire damage claim. This case underscores the necessity for insurers to manage claims with empathy and efficiency, particularly when dealing with vulnerable customers.
- Rising Insurance Premiums Challenge NSW Businesses
Business NSW has raised concerns over the escalating insurance premiums affecting businesses across the state, with a recent survey revealing that 64% of members are not fully insured against catastrophes. This alarming trend underscores the urgent need for comprehensive reform to address insurance affordability and accessibility.
- AFCA Ruling: Insurer Must Honour Arson Claim Despite Director's Past
In a significant decision, the Australian Financial Complaints Authority (AFCA) has directed an insurer to honour an arson claim for a restaurant, despite the director's failure to disclose his criminal history during the policy's inception.
- Navigating Insurance Challenges: A Call to Action for Perth's Hospitality Sector
Perth's hospitality industry is currently grappling with escalating operational costs, prompting many businesses to reassess their insurance coverage to ensure both adequacy and affordability. Rising wages, tighter profit margins, and complex compliance requirements are compelling restaurants, cafes, and bars to scrutinize their insurance policies more closely.
- The Impact of Rising Insurance Costs on Australian Households
As the cost-of-living crisis intensifies in Australia, a growing number of households are making the difficult decision to forgo insurance coverage to prioritise immediate necessities like food and utilities. This trend raises significant concerns about financial vulnerability and the potential long-term consequences of being uninsured.
- Embracing AI: How Australian Restaurants Are Innovating Operations
In the rapidly evolving landscape of the Australian hospitality industry, artificial intelligence (AI) is emerging as a transformative force. Recent data indicates that approximately 66% of restaurant operators in Australia perceive AI and automation as beneficial to their businesses.
- Australian Hospitality Sector Faces Unprecedented Business Closures
The Australian hospitality industry is currently grappling with significant economic challenges, leading to an unprecedented rate of business closures. Recent data reveals that 9.4% of food service and hospitality businesses have ceased operations in the past year, marking a record high for the sector.
- Australian Insurers Embrace Parametric Solutions Amid Climate Challenges
As Australia faces escalating natural hazard risks due to climate change, the insurance industry is adopting innovative solutions to address these challenges. A notable development is the increasing adoption of parametric insurance, designed to provide faster payouts and address underinsurance issues.
- Why Perth Hospitality Businesses Should Reassess Their Insurance Coverage
Perth's hospitality industry is currently navigating a challenging landscape marked by escalating operational costs and evolving risks. In response, industry experts are advocating for a thorough reassessment of insurance policies to ensure businesses are adequately protected.
- Fine Food Australia and R&CA Announce Strategic Partnership to Strengthen Hospitality Sector
In a significant move to support Australia's hospitality industry, Fine Food Australia has announced a partnership with the Restaurant & Catering Industry Association of Australia (R&CA). This collaboration aims to provide a unified platform for industry professionals to network, share insights, and advocate for the sector's interests.
- Rising Risks Lead to Soaring Insurance Premiums for Hospitality Venues
Australian hospitality venues, particularly those offering live entertainment and serving alcohol, are experiencing a significant surge in insurance premiums. This trend is attributed to the heightened risks associated with alcohol consumption and entertainment activities, leading to increased incidents and claims.
- Seafood Distributor Prevails in Insurance Claim for Stock Losses Due to Power Outage
In a recent ruling by the Australian Financial Complaints Authority (AFCA), a seafood distribution business has successfully claimed insurance for stock losses incurred during a week-long power outage. This case underscores the complexities surrounding insurance claims related to power failures and the importance of understanding policy exclusions.
- Victorian Café Secures Insurance Payout Following Landslide-Induced Business Interruption
A café located near the Falls Creek alpine resort in Victoria has successfully claimed business interruption insurance after a landslide led to the closure of the main access road, significantly impacting its operations.
- Record Profits in Insurance Industry Spark Public Concern Over Rising Premiums
The Australian general insurance industry has reported an after-tax profit of $7.3 billion for the last financial year, marking its strongest performance in over a decade.
- Introducing 'eeger': A New Era for Hospitality Careers in Australia
The Australian hospitality industry has long been a cornerstone of the nation's economy, offering diverse experiences to both locals and tourists. However, recent challenges, including labour shortages and the need for skilled workers, have prompted the government to take proactive measures.
- Harnessing Technology: A Catalyst for Growth in Australia's Hospitality Industry
In the face of rising operational costs and labour shortages, the Australian hospitality industry is increasingly turning to technology to drive growth and enhance customer experiences. A recent report by Lightspeed highlights that nearly half (47%) of venue operators acknowledge the pivotal role of digital tools in improving operational efficiency.
- Navigating Rising Costs: Challenges for Australia's Hospitality Sector
The Australian hospitality industry is currently grappling with escalating operational costs, posing significant challenges to profitability and sustainability. Factors such as increased supply expenses, labour shortages, and economic uncertainties have converged, creating a complex landscape for businesses in the sector.
- Rising Insurance Premiums Challenge Australian Hospitality Sector
Australian hospitality businesses are currently facing significant financial challenges due to escalating insurance premiums. This trend is placing additional strain on an industry already contending with various economic pressures.
- Surcharges: A Vital Tool for Hospitality Businesses Facing Rising Costs
In the face of escalating operational expenses, the Restaurant & Catering Association (R&CA) has expressed strong support for the use of surcharges by cafés, restaurants, and catering businesses, particularly on weekends and public holidays.
- Emerging Trends: The Rise of Chain Restaurants in Australia's Hospitality Sector
Australia's hospitality landscape is undergoing a notable transformation, with a discernible shift from independently owned establishments towards chain operations. For the first time in recent history, the proportion of chain restaurants in Australia has grown from 23% to 24%, signaling a pivotal moment for the market.
- AFCA Rules in Favour of Restaurant in Arson Insurance Dispute
In a recent decision, the Australian Financial Complaints Authority (AFCA) has directed an insurer to honour an arson claim, despite the restaurant's director failing to disclose his criminal history during the policy's inception.
- IAG's Profit Surge and the Impending Rise in Insurance Premiums
Insurance Australia Group (IAG), a leading insurer in the country, has reported a significant 91% increase in net profit for the first half of the financial year, amounting to $778 million. This substantial growth is attributed largely to favourable weather conditions during the period.
- Rising Insurance Costs Pose Challenges for NSW Restaurant Owners
Recent findings from a survey conducted by Business NSW have highlighted a growing concern among businesses in New South Wales regarding escalating insurance premiums. The survey revealed that 64% of respondents are not fully insured against catastrophic events, and nearly 80% have experienced double-digit rate increases over the past year.
- Addressing Business Interruption Insurance Gaps in the Food Industry
Recent findings have highlighted a significant vulnerability within Australia's food and beverage sector: a substantial number of businesses are operating without adequate business interruption insurance. This oversight places them at considerable financial risk in the event of unforeseen disruptions.
- Rising Insolvencies in the Australian Hospitality Industry
The Australian hospitality sector is currently grappling with significant economic challenges, leading to a notable increase in business closures. Recent data indicates that nearly one in ten hospitality and food service businesses have shut their doors in the past year, marking a record-high closure rate of 9.4%.
- Innovative Strategies for Building Resilience in Australia's Hospitality Sector
In response to mounting economic pressures, Australian restaurateurs are increasingly embracing innovative strategies to enhance resilience and ensure long-term success. A recent report by Square, in collaboration with YouGov, sheds light on how the industry is adapting to challenges such as inflation, rising operational costs, and staff retention issues.
