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High Court decision could impact 250k businesses
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ME probes approved borrowers in flood-hit Gippsland
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Jun 28, 2021 â 1.11pm
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Australiaâs biggest insurance companies have largely endorsed potential government intervention to outlaw reimbursements to companies that make ransom payments to cyber criminals on the basis it acts as a perverse incentive.
Australiaâs two dominant insurers, IAG and QBE, and insurance brokerage Marsh, endorsed further review of the controversial practice while appearing before a House of Representatives committee on Friday.
IAG chief executive Nick Hawkins has tolled the bell on insurance for cyber attack ransom payments. Â
Dominic Lorrimer
IAG chief executive Nick Hawkins said cyber insurance that covered ransom payments was âan area that is likely to see significant change in coming yearsâ.
Insurers facing huge claim after High Court blow27/06/2021|8min
Thousands of small businesses across Australia will be covered for losses due to the pandemic after the High Court refused to hear an appeal put forward by the Insurance Council of Australia.
Many businesses had a type of insurance which they argued would cover them for losses stemming from an interruption of trade due to the pandemic.
The insurance industry, which could be liable for up to 10 billion in losses, argued they are not responsible for covering the cost of a pandemic.
The industry body challenged the case in the NSW Court of Appeal, but lost due to a change in wording when the federal government repealed the Quarantine Act and replacement with a new Biosecurity Act.