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…
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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…
Christchurch earthquake: 10 separate events, reinsurance rise looms
23 May 2011
New Zealand’s Earthquake Commission has recognised 10 events for insurance purposes from the time of the first major earthquake on September 4, 2010…
Another insurer at risk, says NZ Treasury
23 May 2011
The New Zealand insurance industry is concerned that the Reserve Bank and Treasury have damaged the industry by raising fears that another insurer is at risk of failure…
Insurers ‘accepting’ contestable platforms
23 May 2011
Most insurers have accepted the “new reality” of contestable platforms being used by brokers to compare policy features and costs, but there are fears that it could drive clients toward…
New flood regulations for Brisbane
23 May 2011
Brisbane City Council has introduced interim flood levels and standards as a result of the January floods…
Flood: Rainfall forecasts questionable
23 May 2011
The decision to use rainfall forecast data during a flood crisis should be left to the engineer in charge, the Queensland flood inquiry has heard…
ICA claims public support for flood-prone buildings ban
23 May 2011
The Insurance Council of Australia says Australians support the industry’s call for a ban on building residences in flood-prone areas…
Insurer sues council over roof collapse
23 May 2011
Insurer NZI has sued Invercargill City Council in New Zealand’s South Island for $NZ27 million ($20.1 million) over construction work on a stadium roof that collapsed…
Research reveals insurance exclusion
23 May 2011
A social financial study has shown that 17.7% of people over the age of 18 are unable to access general insurance due to affordability…
Rates have begun to move as market hardens
16 May 2011
Rates are rising and insurers are imposing tougher conditions on difficult risks as the market enters a new hardening phase…
QBE tops Aon rankings for fifth year
16 May 2011
QBE has again scooped the pool in the annual Aon Australasian Risk Management Benchmarking Survey, topping the list as the most respected insurer overall for the fifth consecutive year…
Big rate rises follow NZ quakes
16 May 2011
New Zealand insurance premiums have begun to rise as reinsurers price for higher risk following the Christchurch earthquakes…
Flood: Better communication, flood mitigation needed
16 May 2011
North Pine Dam, northwest of Brisbane, poses a greater flooding threat to densely populated areas than the Wivenhoe and Somerset dams, Queensland’s flood commission of inquiry was told…
Regulatory push could lead to NZ market consolidations
16 May 2011
The Reserve Bank of New Zealand is expecting some merger and acquisition activity as a result of its takeover of insurance licensing in 2013…
Christchurch earthquake: EQC payments approaching $NZ850 million
16 May 2011
New Zealand’s Earthquake Commission has paid out nearly $NZ850 million ($632 million) in claims following the two Christchurch earthquakes and aftershocks…
Queensland floods, cyclone insurance bill almost $1 billion
09 May 2011
The Queensland floods and Cyclone Yasi have cost local insurers almost $1 billion, according to the Insurance Council of Australia…
Christchurch earthquake: Decisions on damaged land delay rebuilding
09 May 2011
Damage to land as well as property is complicating the insurance process for property-owners in and around earthquake-ravaged Christchurch…
Flood: Mapping needs a higher priority
09 May 2011
The Insurance Council of Australia says a $12.1 million Victorian Government investment in flood warning systems could be better spent on mapping…