NSW land valuation changes may aid levy change
06 May 2013
A state parliamentary committee has recommended improvements to NSW’s land valuation system, potentially paving the way for changes to emergency services funding…
Local
Builders’ warranty insurance headed for government/agency model
06 May 2013
Private insurers’ involvement as underwriters in the builders’ warranty insurance market is diminishing as insurers find the segment is no longer viable…
NZ tornado claims top $7 million
06 May 2013
Insured losses from a tornado that hit Hobsonville in Auckland in December total $NZ8.7 million ($7.2 million), according to the Insurance Council of New Zealand…
Australian companies note rise in overdue payments
29 April 2013
Credit conditions in Australia deteriorated last year, a study by global credit insurer Coface says…
Brokers hit back at survey findings
29 April 2013
Brokers insist their future is bright, despite recent surveys indicating a shift towards the direct purchase of insurance through online channels…
Insurance investors ‘more open to taking risks’
29 April 2013
Insurers are becoming more optimistic about investment opportunities and are more likely to take on portfolio risk, according to a global Goldman Sachs Asset Management study…
Businesses count cost of NZ floods
29 April 2013
Widespread flooding in New Zealand on the weekend of April 20/21 will be an insurance event, with businesses and insurers still calculating losses…
Ombudsman faces fewer disputes
29 April 2013
The number of disputes handled by the Financial Ombudsman Service fell 12% in the three months to December…
NZ launches earthquake advisory service
29 April 2013
New Zealand insurers will help fund a free earthquake support scheme for homeowners…
Bushfire costs could be passed to SP AusNet customers
22 April 2013
Power company SP AusNet can apply to pass to customers any shortfall in its insurance cover for the Black Saturday bushfires, the Australian Energy Regulator has decided…
Traditional broking in decline: research
22 April 2013
Business owners continue to switch to buying insurance online rather than through a broker, according to Roy Morgan Research…
Boston bombs ‘will affect terror cover for sports events’
22 April 2013
The Boston Marathon bombs will prompt price increases and tighter capacity in terrorism cover for big sports and entertainment events, SRS Underwriting Agency CEO Paul Lynam has warned…
Over-charging insurers must repay FSL cash
22 April 2013
Any insurer that over-collects the Victorian fire services levy this financial year will be expected to refund policyholders or pay the excess to the state’s Consumer Law Fund…
Bridgecorp D&O case heads for NZ Supreme Court
22 April 2013
New Zealand’s highest court will determine entitlement to directors’ and officers’ cover held by directors of failed finance company Bridgecorp, after the company’s receivers were last week granted leave to challenge…
US insurers to pay $US45 million to Lehman Bros creditors
22 April 2013
A group of US professional indemnity insurers will pay $US45 million ($43.5 million) to reimburse councils and charities that bought complex debt instruments from Lehman Brothers Australia, under a proposal…
Earthquake fraud may total $NZ2.25 billion
22 April 2013
Fraud relating to the Canterbury earthquakes could total $NZ2.25 billion ($1.84 billion) if events follow the same pattern as Hurricane Katrina in the US, a new report warns…
In Insurance News (the magazine) this month
22 April 2013
New laws and regulations are heading our way, governing the way the industry works, how it provides insurance and ultimately how much it costs…
State calls on insurers to cut premiums for flood mitigation
15 April 2013
The Queensland Government has written to the Insurance Council of Australia calling on insurers to cut premiums for householders who reduce flood risk…
Court reserves decision on Great Southern D&O cover
15 April 2013
The NSW Court of Appeal has reserved its decision on access to directors’ and officers’ insurance when a third party seeks priority to the funds over directors and executives…
‘Invisible forces’ pose future threat: ICA
15 April 2013
Three “invisible forces” are changing the industry, Insurance Council of Australia President Mark Milliner says…