D&O faces class action pressure
14 March 2011
Australia’s increased exposure to class action cases and the availability of commercial litigation funders is continuing to apply pressure to the local directors’ and officers’ insurance market…
Local
Get involved with definition: ICA
07 March 2011
The Insurance Council of Australia has warned its members they must contribute to the creation of a universal flood definition or an “uninformed” Federal Government will do it for them…
Christchurch earthquake: building classification under fire
07 March 2011
New Zealand’s rapid assessment system for earthquake-damaged buildings is being questioned after it emerged that buildings cleared for occupancy after the September 4 Christchurch quake were…
Christchurch earthquake: likely total cost $10 billion-plus
07 March 2011
The economic impact of the second Christchurch earthquake is expected to top $NZ15 billion ($10.95 billion), but the insurance losses will be difficult to apportion between the two quakes…
Christchurch earthquake: insurance cost mounts
07 March 2011
Christchurch City Council is likely to get NZ’s largest-ever insurance payout from the country’s local government insurer, Civic Assurance…
Flood: time to examine force majeure
07 March 2011
When mining companies and their clients sit down to negotiate, discussion tends to focus on price and quantities rather than what might happen if a disaster strikes, but that might have to change…
Flood: O’Halloran says governments were warned
07 March 2011
QBE CEO Frank O’Halloran admits there are problems with flood insurance, but says governments should have heeded insurance industry warnings over building in flood-prone areas…
Opposition calls on insurers to speed claims
07 March 2011
The Federal Opposition will support tougher regulation of the insurance industry if policy claims from the Queensland and Victorian floods are not resolved quickly, according to emergency services…
Christchurch earthquake: compo bill tops $270 million
07 March 2011
NZ’s national injury insurer, the Accident Compensation Corporation, expects the second Christchurch earthquake to cost it $NZ370 million ($270.4 million)…
Insurance a target of choice for cyber criminals
07 March 2011
Almost all cyber crime is financially motivated and insurance is a major target, according to a report by the Australian Institute of Criminology…
Carlos claims hit $4.5 million
07 March 2011
Damages continue to mount in the Northern Territory as claims from Cyclone Carlos reach $4.5 million…
Christchurch earthquake: adjuster confirmed dead
28 February 2011
The first insurance industry victim of last week’s Christchurch earthquake has been named…
Christchurch earthquake: aftershock losses estimated
28 February 2011
Initial estimates for NZ’s 6.3-magnitude earthquake in Christchurch last week show insured losses could reach up to $NZ11.5 billion ($8.5 billion)…
Christchurch earthquake: reinsurance rise a ‘near-certainty’
28 February 2011
While the major reinsurers have been relatively quiet about the possible impact of the latest string of catastrophes in Australia, the NZ insurance industry is already braced for substantial change…
Christchurch earthquake: EQC says it’s OK
28 February 2011
The NZ Earthquake Commission has refuted media reports that damage from this latest aftershock will drain its funds…
Flood: expert defends hydrologists’ ethics
28 February 2011
A leading figure in the claims sector says attacks on the independence of hydrologists reporting to the Insurance Council of Australia are “nonsense”…
Flood: Queensland shops for reinsurance
28 February 2011
The Queensland Government has bowed to Federal Government pressure and begun seeking reinsurance quotes, but Queensland Finance Minister Rachel Nolan says the price and…
Aon says rate hikes won’t lead to market cycle changes
28 February 2011
Risk consultants Aon and the Royal Bank of Scotland research arm Equities predict recent catastrophic events in Australia won’t be enough to turn the soft commercial market cycle…
Good forecast for crop premiums
28 February 2011
The outlook for crop insurance premiums is looking positive for the next 12 months, says Primacy Underwriting Agency Underwriting Manager Peter Book…
Flood: insurance plays minor role in firms’ flood recovery
28 February 2011
About 35% of medium and large-sized businesses affected by the Queensland floods do not have insurance, a National Australia Bank survey has found…