Broking growth solid, Macquarie says
17 March 2014
Insurance broking businesses improved their profitability last financial year despite a subdued economic environment and increased competition, according to a study by…
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FOS looks to cut backlogs following service review
17 March 2014
The Financial Ombudsman Service (FOS) will restructure some operations to reduce backlogs as it responds to an independent review that found delays in dispute resolution…
Flood mitigation brings Queensland premium reductions
17 March 2014
Insurers are to cut some property premiums in Queensland by up to 70% following the completion of flood mitigation works…
SMEs more receptive to risk analysis
17 March 2014
Australian SMEs face tough times and are increasingly likely to invest in risk analysis, according to a survey by Zurich…
Insurers agree Bridgecorp D&O payout
17 March 2014
Insurers will pay $NZ18.9 million ($17.76 million) from a directors’ and officers’ policy to the receiver of failed New Zealand finance company Bridgecorp…
ICA publishes risk and affordability data
17 March 2014
The Insurance Council of Australia has aggregated information on affordability and published it online…
Marsh NZ reveals directors’ worst nightmares
17 March 2014
Reputational risk keeps most directors awake at night, according to a survey by Marsh NZ…
Pirates pose growing threat to Australian businesses
17 March 2014
Piracy attacks in Indonesian waters have increased 700% in the past five years, raising risks for Australian businesses, according to a report by Allianz Global Corporate & Specialty…
Levy monitor’s enforcer ‘traumatised office staff’
10 March 2014
An underwriting agency has had some of its Melbourne office staff counselled by a trauma specialist after an officer from the Victorian Fire Services Levy Monitor threatened to have a receptionist arrested for obstruction…
Intermediated premium levels rise
10 March 2014
Premiums invoiced by intermediated general insurance businesses grew to $9.85 billion in the past six months, according to the Australian Prudential Regulation Authority…
Brokers ‘shrinking their own market’
10 March 2014
Brokers need to switch from being transaction-driven to advice-driven, according to CGU CEO Peter Harmer…
Munich Re uses cat bond for Australian cyclone risks
10 March 2014
Munich Re has again used the capital markets to acquire coverage for Australian cyclone and US hurricane risks with a total volume of $US100 million…
Global groups seek insurance data for analytics
10 March 2014
Multinational companies want greater data transparency in their insurance programs, according to Zurich Global Corporate Head of International Program Distribution Petra Riga…
FOS appoints new consumer director
10 March 2014
The Financial Ombudsman Service has appointed Elissa Freeman as a director representing consumer interests…
Christchurch floods trigger mitigation pledge
10 March 2014
Christchurch City Council has announced fast-track mitigation work following a one-in-100-year storm that caused severe flooding in the city…
Tide turning on direct insurance
03 March 2014
Many small business owners who buy cover online will consider using a broker, this year’s Vero SME Insurance Index has found…
GI underwriting earnings rise
03 March 2014
General insurance underwriting earnings grew last year as increased premium revenue more than offset claims, according to the Australian Prudential Regulation Authority…
Steadfast interface costly and complex, says Ebix
03 March 2014
The ongoing maintenance of an interface between Ebix Australia’s broker systems and the Steadfast Virtual Underwriter transaction platform is a high-cost item…
General insurers pay high price for complaints
03 March 2014
Customer dissatisfaction costs general insurers and other businesses at least $720 per negative experience, according to an Ernst & Young report on complaints…
NZ court rejects dishonest broker’s appeal
03 March 2014
New Zealand’s Supreme Court has dismissed an appeal by a broker who misled clients before they lost their house in the Christchurch earthquakes…