Power company assessing insurance options for flood
20 August 2012
Floods at Yallourn power station in Victoria’s Latrobe Valley in June may cost owner TRUenergy $128.75 million, with the company still considering its options on insurance claims…
Local
In Insurance News (the magazine) this month
20 August 2012
Allan Manning runs a highly successful insurance services company…
Lloyd’s syndicates warned on changing FSL regimes
13 August 2012
The Lloyd’s Market Association has warned syndicates writing Australian property business they face losses if they don’t correctly calculate their obligations for fire services levies in Victoria and NSW…
Insurance may not cover class actions
13 August 2012
Power distribution company SP AusNet, the subject of two class actions over Victoria’s Black Saturday bushfires in 2009, says it may not have enough insurance cover to pay out all damages if the actions…
Agents win holiday pay entitlement
13 August 2012
Ace Insurance has been ordered to pay $10,000 and substantial compensation to five former agents after the Federal Court ruled they were employees rather than independent contractors…
El Nino likely for later this year
13 August 2012
El Nino conditions will impact Australia’s east in late winter or spring, according to the Bureau of Meteorology…
Financial services drive ICT spend, but insurance lags
13 August 2012
The financial services industry, including insurance, spent the most on information and communications technology last year, at $9.6 billion – nearly 22% of the entire ICT spend in Australia…
Bridgecorp D&O appeal starts next month
13 August 2012
An appeal of the groundbreaking Bridgecorp judgement on directors’ and officers’ cover will start in the New Zealand Court of Appeal next month…
No claims from Tongariro eruption
13 August 2012
New Zealand insurers have received no claims for damage from the first eruption of the Mt Tongariro volcano in 115 years, says the Insurance Council of New Zealand…
Power station’s flooded mine may lead to lawsuit
06 August 2012
TRUenergy, owners of the Yallourn power station in Victoria’s Latrobe Valley, may seek compensation from the State Government for damage caused in June when the Morwell River burst its banks and…
Insurers pay out $NZ4.4 billion on Canterbury earthquakes
06 August 2012
The insurance industry has so far paid $NZ4.4 billion ($3.4 billion) in Christchurch earthquake claims, of which $NZ1.3 billion ($1 billion) relates to residential damage…
Questions hang over Queensland councils’ flood liability
06 August 2012
Queensland councils have questioned whether they must abide by recommendations of the Queensland Floods Commission of Inquiry…
Thai floods pose big problems for loss adjusters
06 August 2012
Underinsurance, complex claims and loss adjusters’ lack of resources are the key challenges for loss adjusters dealing with last year’s devastating Thai floods, according to Australasian Institute of…
Christchurch rebuild raises questions over insurance settlements
06 August 2012
The rebuilding of the Christchurch CBD will respect property rights but does require sensible solutions to restore the city, according to Earthquake Recovery Minister Gerry Brownlee…
Insurance industry ‘lags behind’ in use of social media
06 August 2012
Australians have become a nation of electronically connected people using social media, but the insurance industry hasn’t yet embraced the concept and is lagging behind other industry sectors…
Brokers’ reputation on the line at claims time, says Day
06 August 2012
Insurers need to be consistent when assessing claims because brokers have entrusted their reputations to them, Suncorp Commercial Insurance CEO Anthony Day says…
Victorian earthquake: Claims wider than expected
06 August 2012
Claims from the Victorian earthquake on June 19 are coming from a wider area than first thought, extending to a 125km radius…
ICA applauds call to scrap stamp duty
06 August 2012
The Insurance Council of Australia has welcomed the NSW Professional Services Industry Taskforce’s proposal that the state scrap stamp duty on insurance policies…
Met bureau wants investment in early warning systems, monitoring
06 August 2012
The Bureau of Meteorology says investment in early-warning systems and environmental monitoring and analysis would reduce risks from climate change…
BHP settles massive Queensland flood claim
30 July 2012
BHP Billiton and its partner Mitsubishi Developments are believed to have made the world’s largest out of court settlement of its type with insurers over flood damage to their Bowen Basin coalmines in 2007/8…