❓ The parliamentary question concerns the oversight of Nicheliving by QBE regarding Housing Indemnity Insurance, specifically questioning the effectiveness of QBE's review processes and restrictions imposed. The answer details the timeline of QBE's monitoring and actions.
AnsweredQoN 2224Legislative Council
QuestionView source ↗
I refer to Housing Indemnity Insurance, and QBE's practice of reviewing and renewing builders for insurance regularly, and I ask: (a) will the Minister please list how many times this renewal process has been undertaken for Nicheliving since 2020, including the dates the process began and was completed; (b) why did none of these review processes identify the significant issues Nicheliving were having, which led to the current well publicised circumstances; (c) was Nicheliving told they could not continue signing up new customers for home builds; and (d) if yes to (c), when?
AnswerView source ↗
Answered
26 November 2024
Responded by
Minister for Commerce
Response time
10 days
(a)
I am advised that Projex Management & Construction Pty Ltd (Nicheliving) was subject to ongoing monitoring by QBE Insurance (Australia) Ltd (QBE) from May 2019. In April 2021, QBE imposed restrictions on Nicheliving’s home indemnity insurance (HII) facility, which made access to new HII policies contingent upon completion of existing projects. In March 2024, QBE suspended Nicheliving’s HII facility.
(b) QBE took appropriate action. It applied restrictions from April 2021 which limited Nicheliving’s ability to sign up new customers for home builds. QBE subsequently suspended Nicheliving’s HII facility in March 2024.
(c) Yes.
(d) Refer to the response provided at (b).
I am advised that Projex Management & Construction Pty Ltd (Nicheliving) was subject to ongoing monitoring by QBE Insurance (Australia) Ltd (QBE) from May 2019. In April 2021, QBE imposed restrictions on Nicheliving’s home indemnity insurance (HII) facility, which made access to new HII policies contingent upon completion of existing projects. In March 2024, QBE suspended Nicheliving’s HII facility.
(b) QBE took appropriate action. It applied restrictions from April 2021 which limited Nicheliving’s ability to sign up new customers for home builds. QBE subsequently suspended Nicheliving’s HII facility in March 2024.
(c) Yes.
(d) Refer to the response provided at (b).
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