ASIC issues first unfair contract term proceeding against an insurer

On 4 April 2023, ASIC commenced its first proceeding against an insurer under the unfair contract terms regime. The term in question is contained in a home and contents insurance contract and concerns an obligation on the insured to notify the insurer if “anything changes about your home or contents”. The allegedly unfair contract term […]

Celebrating 10 years of impact: 2012-2022

At W+K we are committed to making a difference in people’s lives through our pro bono and responsible business program – Community Footprint. In this report, we reflect on 10 years of Community Footprint and celebrate the positive impacts we have made. These include raising more than half a million dollars for our deserving charity […]

The IT professionals claims landscape in 2023

Claims against IT professionals following cyber events continue to be on the rise. Businesses including managed services providers (MSPs) and cloud services providers (CSPs) that are responsible for hosting data on behalf of their clients continue to be common targets for cyber criminals. While MSPs and CSPs are not always the direct victims of a […]

Russia sanctions – the implications for marine insurers

Coinciding with the one-year anniversary of Russia’s invasion of Ukraine, the Australian Government announced further sanctions against Russia. There are now over 100 sanctioned persons and entities on the Australian list and a raft of other sanctions in place around the world. Organisations doing business across jurisdictions need to undertake careful due diligence with their […]

ASIC’s first greenwashing case ups the ante on ESG issues

ASIC has issued its first greenwashing proceeding marking a new stage in its greenwashing enforcement activity. The proceeding is issued against Mercer Superannuation (Australia) Limited regarding allegedly misleading statements it has made about the sustainable nature of some of its superannuation investment options. This proceeding highlights the breadth of ESG risk as one that extends […]

Federal, state and territory ministers unanimously agree to consider banning engineered stone

On 28 February, federal, state and territory ministers unanimously agreed to consider banning engineered stone in a meeting led by Workplace Relations Minister Tony Burke. Their decision follows recent harrowing media coverage about the silicosis tragedy facing many Australian workers. It’s not a new story, but one gaining considerable traction in the public interest and […]

Recent NSWCA decision highlights cost of IT liability risk

Renown Corporation Pty Ltd v SEMF Pty Ltd [2022] NSWCA 233 A recent NSW Court of Appeal (NSWCA) decision, Renown, highlights the potential for IT providers that breach supply and installation contracts – and their insurers – to end up paying out higher damages awards. Notably, the NSWCA found that the proper measure of damages […]

Gridlock – why insurers need to focus on the grid as Australia transitions to renewables

A successful Australian transition to renewable energy hinges on the grid’s ability to deliver and store energy. Reflecting this reality, there has already been significant investment in energy storage Australia-wide. This will lead to valuable storage assets being commissioned over the next three decades. Edward Burrell and Bailey Neate look at the storage story and […]

The rising costs of construction

Although there is a glimmer of hope that construction costs might be easing, construction price hikes in 2022 across Australia were the highest ever recorded. The construction industry across Australia has been under significant pressure since the pandemic began, with contract work insurers seeing requests for insured sums increase by as much as 45%. The challenges […]

W+K’s 2023 Insurance Predictions Report

The W+K team is pleased to share its 2023 Insurance Predictions Report, which addresses the major trends and issues impacting the insurance industry in our region. The report considers key trends across insurance lines, including the rise in class actions in Australia despite regulatory change and the rapidly evolving cyber exposure landscape. We look at […]