IAG

The Fair Work Commission has found that insurer IAG did not unfairly dismiss a veteran employee after a company review of her at-home cyber activity revealed extensive periods of “no or minimal keyboard activity”.

A court has imposed a $40 million penalty on Insurance Australia Limited in a case by the corporate regulator alleging NRMA customers were not paid $60 million in promised loyalty discounts.

Insurance Australia Group is investigating the underwriter behind an allegedly unauthorised trade credit policy issued to Greensill Capital, according to a defence by the insurer in a $43 million case brought by a Credit Suisse supply chain fund left heavily exposed after Greensill's collapse.

While mostly prevailing in test cases over coverage for COVID-19 business interruption claims, Insurance Australia Group has asked the High Court to weigh in on what it says is a "radical" approach by an appeals court in the treatment of JobKeeper payments.

A Credit Suisse supply chain fund that was left heavily exposed with the collapse of Greensill Capital alleges Insurance Australia Group owes $43 million under a policy indemnifying it for outstanding debt owed by the failed financing firm.

An appellate victory by insurers in a test case over business interruption coverage for losses stemming from the COVID-19 pandemic does not spell the end to class actions brought on behalf of businesses whose claims were denied, according to a lawyer for the class actions.

An appeals court challenge by a group of small businesses seeking coverage under business interruption insurance policies for losses flowing from COVID-19 restrictions has largely failed.

Insurance Australia Group has denied it owes Greensill Bank $48.5 million under a trade credit policy issued by its agent BCC, saying the underwriter was not authorised to enter into the policy.

The insolvency administrator of Germany-based Greensill Bank AG has launched court proceedings against Insurance Australia Limited seeking US$35 million allegedly owed under a policy indemnifying the collapsed financial services firm for unrecovered debts.

The Australian Securities and Investments Commission has accused the largest general insurer in Australia of short-changing its customers a staggering $60 million in promised discounts, according to action launched in the Federal Court on Friday.