NSW Emergency Services Levy Insurance Monitor Allan Fels has hit back at the Insurance Council of Australia’s call for a rethink of his role.
Insurance Council CEO Rob Whelan recently told a NSW parliamentary inquiry that information requirements imposed by the monitor are extensive and costly to meet. He also said insurers are paying for the monitor’s work – a claim Professor Fels has rejected.
“Insurers, in fact, have not been charged one cent of the monitor’s cost,” Professor Fels told the same inquiry last week. “They do not pay for us. Also, on this compliance issue, it is true we have been requiring insurers to provide us with the necessary data… b...
About half of Australian households are exposed to faulty products, the Australian Competition and Consumer Commission (ACCC) warns.
And at least 10 residents are injured every day using such items.
“The number of Australians being injured by unsafe products is far too high,” ACCC Deputy Chairman Delia Rickard said. “Ten injuries a day due to defective products is alarming, but we suspect this is just the tip of the iceberg because many more consumers don’t report injuries to the product suppliers.”
The ACCC issued 613 product recalls involving more than 4.5 million items last financial year. There were 591 recalls in 2016/17, a spokesman told insuranceNE...
Brokers have been urged to step up efforts to identify and report breaches of the Insurance Brokers Code of Practice.
The code’s compliance committee is concerned that its annual review shows 59% of code subscribers reported no breaches and 43% noted no client disputes last financial year.
“For the insurance broking industry, the code represents norms and expectations that exceed the bare regulatory minimum, challenging code subscribers to achieve a higher standard of service to clients,” committee Chairman Michael Gill said.
“Code subscribers that capture complaints and breaches are better placed to identify the root causes of any problems and to improve...
PSC Insurance Group has posted a 39% rise in statutory after-tax net profit to $27.8 million for last financial year, underpinned by strong organic growth and contributions from acquisitions.
Underlying net profit grew 31% to $24.2 million and underlying revenue was 24% higher at $101.1 million.
“It has been another active and successful year for the group,” MD Paul Dwyer says in the report.
“The underlying earnings growth has again been due to a healthy balance between organic improvements and acquisition-based initiatives. We are well placed for [this year] and are confident we can continue to grow the group for all stakeholders.”
QBE’s first-half profit grew 4% to $US358 million ($495 million) as it pushed through price rises and quit underperforming areas.
Gross written premium (GWP) increased 4% to $US7.9 billion ($10.9 billion), while the combined operating ratio for continuing operations improved to 95.4% from 96.8%.
QBE has agreed to sell the North American personal lines portfolio to Liberty Mutual, continuing an exit from businesses that generated an underwriting loss of more than $US200 million ($276.7 million) last calendar year.
CEO Pat Regan, who took over in January, says further benefits will flow as QBE improves underwriting and risk selection, and continues its deta...
Facebook Twitter LinkedIn Google Two Elders Insurance brokers have been permanently banned by the Australian Securities and Investments Commission (ASIC) after being convicted of fraud and theft.
Tony Bashford, of Talbingo in NSW, and Brody Glenn Jarman, of Yarrawonga in Victoria, were reported to police and ASIC after internal investigations by Elders and parent QBE.
A QBE spokesman told insuranceNEWS.com.au its protective services team uncovered fraudulent claims Bashford made without clients’ knowledge, keeping the payments for himself. He subsequently paid some funds back to the business.
Elders revoked Bashford’s licence as an authorised represen...