Flood review airs its options
06 June 2011
The Federal Government’s Natural Disaster Insurance Review’s issues paper released last week makes it clear that a solution isn’t going to be focused only on the insurance industry…
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Natural disasters slash 1.7 points from GDP
06 June 2011
Floods and cyclones slashed economic growth in the first quarter, leading to a fall of 1.2% in gross domestic product…
Floods and Yasi stir record claims disputes
06 June 2011
The Financial Ombudsman Service is bracing for an onslaught of disputes despite already receiving an “historically high” number from the Queensland and Victorian floods and Cyclone Yasi…
NZ councils face earthquake cover uncertainty
06 June 2011
Local councils across New Zealand may be left without earthquake insurance cover if their mutual pool insurer, the Local Authority Protection Program Disaster Fund, is unable to secure reinsurance…
NZ businesses face big premium rises
06 June 2011
Premium increases are being noted by New Zealand brokers, but so far the June renewals season has revealed no standardised rates of increase, according to Insurance Brokers Association…
Compulsory flood cover would disadvantage smaller players
30 May 2011
The Natural Disaster Insurance Review’s preferred “full flood” insurance solution would create difficulties for smaller insurers who would be unable to fund the proper risk assessment…
Sea level rises widen gaps in cover
30 May 2011
Insurance “gaps” in coastal regions could continue to widen if the Federal Government Climate Change Commission’s rising sea-level predictions become a reality…
Brokers say natural disasters their biggest concern
30 May 2011
Brokers responding to a Vero survey have nominated natural disasters and negative perceptions of the industry as their biggest concerns…
Flood cover debate is progressing, says ICA chief
30 May 2011
The insurance industry is making “enormous progress” in the drive to solve the flood cover issue, Insurance Council of Australia CEO Rob Whelan says…
Flood: Media key to keeping residents informed
30 May 2011
Rockhampton residents knew the “potential gravity” of the season months ahead of the devastating January floods, the Queensland flood commission has heard…
Snowball calls for natural disaster inquiry
30 May 2011
Suncorp Group CEO Patrick Snowball wants a review of natural disaster management modelled on the Wallis Inquiry of the late ’90s, which led to the financial services reforms of 2001 and later…
Council offers residents the chance to move from floodplain
30 May 2011
Residents of the Lockyer Valley whose properties were devastated in the January floods have been offered a cost-free opportunity to relocate to safer ground in the region…
ACORD Australian business app wows US P&C forum
30 May 2011
Australian representatives of the Association for Co-operative Operations Research and Development received a standing ovation when they ran a live demonstration of the new Steadfast business…
Christchurch earthquake 2: EQC receives 159,000 claims
30 May 2011
The New Zealand Earthquake Commission’s deadline for the February 22 Christchurch earthquake has passed with 159,318 claims being made…
EQC ‘owes Christchurch tradesmen’
30 May 2011
New Zealand’s Earthquake Commission is being pressured to pay the bills of tradesmen doing repair work around Christchurch or face legal action…
Government review to advocate compulsory flood cover for insurance-buyers
23 May 2011
The Federal Government’s Natural Disaster Insurance Review is advocating a “full flood cover” solution to the availability and affordability of flood insurance, which will mean that all insurers…
Queenslanders don’t want to pay to insure all Australians
23 May 2011
The majority of Queenslanders are against paying a property tax or levy to adequately insure all Australians against natural disaster, an Insurance Council of Australia survey has revealed…
Insurers back flood definition but wary of ‘key facts’
23 May 2011
Insurers who responded to the Federal Government’s consultation on a standard flood definition have generally accepted the suggested wording…
Reinsurers positive about Australia – at a cost
23 May 2011
Reinsurers in Europe are “positive but concerned” about risks in Australia, but they have retained their appetite for risk in this part of the world, according to Suncorp CEO Commercial Insurance…
Conservative approach to national flood map could drive up premiums
23 May 2011
Any national flood-mapping scheme could be “overly conservative” in its assessment of which areas are at high flood risk, potentially penalising affected homeowners with higher insurance premiums…