Study reveals scale of tsunami threat
23 June 2014
Australia has experienced almost three times as many tsunamis as previously thought, according to a University of New South Wales study…
Local
Defence Force admits Lithgow fire blunders
23 June 2014
Defence personnel faced “unacceptable risk” as shrapnel exploded near them during a botched training exercise that caused the State Mine fire last year, according to an inquiry report…
EQC makes most of soft reinsurance market
23 June 2014
New Zealand’s Earthquake Commission has bought reinsurance cover worth $NZ4.5 billion ($4.17 billion), increasing its protection due to lower global reinsurance prices…
Insurers, reinsurers record $5.1 billion profit
16 June 2014
General insurers’ and reinsurers’ annual profits totalled $5.16 billion last year, Australian Prudential Regulation Authority company-level figures show…
Brokers fight back on strata cover
16 June 2014
Brokers are developing strategies to combat body corporate managers who take insurance business from them…
Greenhouse gas emissions ‘to fuel more bushfires’
16 June 2014
Climate change could cause the weather event behind many of Australia’s worst bushfires to almost triple in frequency, according to a report from the CSIRO…
SP AusNet bushfire class action winds up
16 June 2014
The Black Saturday bushfire class action against electricity company SP AusNet is expected to conclude in Melbourne on Wednesday after 16 months…
NSW power company offers no view on fire cause
16 June 2014
The cause of a bushfire that destroyed 193 houses in the Blue Mountains has yet to be determined, according to lawyers for a power company facing a $200 million class action…
Trucking fines show threat from ‘heavy-handed’ regulation
16 June 2014
Record fines imposed on an SA truck company and two staff show the haulage industry faces “heavy-handed” regulation, according to Specialist Underwriting Agencies Director John Iles…
Hazelwood action on hold as fire inquiry proceeds
16 June 2014
Interest in a class action against the owner of the Hazelwood open-cut mine “has really gone quiet” since an inquiry into the recent fire there began, according to local broker Alan Wilson…
In Insurance News (the magazine) this month
16 June 2014
The local broking scene is in for a shake-up following Arthur J Gallagher’s acquisition of No.5 broker OAMPS. The June/July edition of Insurance News (the magazine) contains fresh…
Insurance woes ‘hit north Australian economy’
10 June 2014
Spiralling insurance costs have sent businesses bust, while householders have seen premiums rise 1000%, the Federal Parliament’s committee on the development of northern Australia has heard…
Homeowners warned on climate change
10 June 2014
Extreme weather risks and climate change could almost double home insurance premiums and cut at least 20% off property values in some exposed areas over a 30-year mortgage…
Australian insurers ‘wary of new reinsurance capital’
10 June 2014
Alternative capital has transformed the reinsurance market, but Australian insurers remain loyal to traditional reinsurance because they know it will pay claims, IAG CFO Nick Hawkins says…
Wilkins urges radical rethink of disaster management
10 June 2014
Australia needs a more sustainable, comprehensive and national approach to managing natural disasters, according to IAG MD and CEO Mike Wilkins…
S&P, ABN Amro lose appeal over GFC losses
10 June 2014
Standard & Poor’s, ABN Amro and investment manager Local Government Financial Services have lost an appeal in the Federal Court over claims they misled investors before the global financial crisis…
Heatwaves ‘growing more intense’
10 June 2014
Heatwaves now start earlier in the year, last longer and are more intense because of global warming, the Actuaries Institute’s Catastrophe Risk Seminar heard last week…
Car thefts continue to drop
10 June 2014
The number of car thefts dropped marginally in the March quarter, according to the National Motor Vehicle Theft Reduction Council…
NZ storm causes $41 million losses
10 June 2014
An Easter storm that left 22,000 New Zealanders without power and caused extensive damage to properties resulted in insured losses of $NZ46 million ($41.8 million), according to the…
Capacity, competition keep lid on rates
02 June 2014
Plenty of capacity and competition among insurers are keeping rates down as the new financial year approaches…