More underwriting discipline needed, says Swiss Re
20 August 2012
The insurance market needs more underwriting discipline to offset the effects of low interest rates, according to Swiss Re Chief Economist Kurt Karl…
Local
Aon moves to fill top-level gaps
20 August 2012
Aon Risk Solutions has made two key appointments as it moves to replace senior managers who have left the company for rival brokerages…
QBE lowers FSL in Vic, NSW
20 August 2012
QBE has reduced the fire services levy applied to Victorian country and metropolitan policies just three months after increasing it by 10 percentage point…
Ace to appeal agents’ holiday pay judgement
20 August 2012
Ace Insurance will appeal against a Federal Court judgement awarding five former agents holiday pay…
Judge warns there’s no space for fire class actions
20 August 2012
The Victorian Government must act fast to provide adequate court space for a class action related to the 2009 Black Saturday bushfires, which is likely to be the largest of its type, according to lawyers…
NZ insurers working to bridge expectation gap, says Vero chief
20 August 2012
The considerable gap between customer expectations and what private insurers and government agencies can deliver is a major concern, the head of Vero’s earthquake response has told…
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…
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…