Business ‘ignoring the real risks’
19 September 2011
Businesses are not acknowledging the real risks in their operations and as a result are ill-prepared to deal with them, Aon Global Risk Consulting CEO Stephen Cross says…
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Reinsurance rising, says NZ minister
19 September 2011
New Zealanders will have to pay more for reinsurance cover and the Government cannot give them any indication as to when the market will ease, Earthquake Recovery Minister Gerry Brownlee has…
Consumer groups want automatic flood cover
19 September 2011
A Treasury-backed submission to the Natural Disaster Insurance Review has called on the panel to recommend automatic flood cover as the preferred option for increasing overall coverage…
Flood map data initiative applauded
19 September 2011
The Insurance Council of Australia has welcomed the Queensland Government’s new flood-mapping initiative following months of talks about floodplain vulnerabilities…
New order in world pricing cycles
19 September 2011
Like the two-tier economy, Australia is also seeing a two-tier pricing model, Aon Chief Placement Officer Bob Mann says…
Christchurch earthquakes: Business interruption starting to run out
19 September 2011
NZI EGM Karl Armstrong says some companies did enact cover after the September 2010 event, but most commercial claims relate to the February 22 earthquake…
Pike River claim settled
19 September 2011
A consortium of European insurance companies has agreed to pay out $NZ80 million ($64.32 million) to the receivers of the Pike River Coal company…
Mitigation needs investment, says Wilkins
19 September 2011
Australian governments spend 220 times more money on recovery and rebuilding after floods than they do on mitigation, according to IAG CEO Mike Wilkins…
Note to Whistleblower53
19 September 2011
Please contact us again. We need more specific information before we can investigate…
Christchurch earthquakes: Insurers seek further data on land damage
12 September 2011
Insurers are seeking further information on the extent of land damage in the Canterbury area and warning that green zone land may not yet be suitable for property repairs…
Electricity company blamed for fire
12 September 2011
Changing power line inspection periods to five years created an unacceptable fire risk that led to a bushfire, the Victorian Supreme Court has heard…
$NZ2 billion to upgrade NZ buildings, earthquake inquiry told
12 September 2011
A technical report for the Canterbury Earthquakes Royal Commission says all unreinforced masonry buildings in New Zealand should be reinforced, at a cost of around $NZ2 billion ($1.57 billion)…
Police reveal WA fire ban bungle
12 September 2011
A conviction against a Perth man who started a fire in a national park last summer will be reviewed after investigations revealed the state’s fire service didn’t have the authority to declare a total…
Claims and renewals top key performance indicators
12 September 2011
The three top key performance indicators for the insurance industry are claims processing time, policy renewal rates and insurance underwriting time, according to a management consultant Eab Group…
Youth rehabilitation key to reducing thefts
12 September 2011
Australia’s peak car theft reduction body is ramping up its efforts to rehabilitate young thieves in a bid to bring down the level of short-term thefts…
Logging increases fire risk
12 September 2011
Victorians are being warned to prepare for bigger and more intense firestorms than those experienced on the 2009 Black Saturday bushfires, with continued “salvage logging” in forest areas increasing…
General insurance brokers won’t escape FOFA
05 September 2011
Brokers will be facing new regulations to ensure they act in the best interest of their clients under the draft Future of Financial Advice Bill…
Brokers fear Victoria will retain FSL
05 September 2011
Regional Victorian brokers are calling on the State Government to justify its decision to raise the fire services levy on insurance by 30% amid growing fears it will go back on its pre-election pledge to…
Flood claims will take another year to finish
05 September 2011
The Insurance Council of Australia says while more than half of the Queensland flood and Cyclone Yasi claims have been settled, it could take another 12 months to finalise the rest…
Claims cost $12.3 billion more this year
05 September 2011
Claims in the Australian general insurance industry leapt to $35.9 billion for the year to June 30, up from $23.6 billion in the previous year, the Australian Prudential Regulation Authority’s quarterly…