A Victorian insurance brokerage that is being investigated by the Australian Securities and Investments Commission (ASIC) has launched a structural review.
Griffiths Goodall is understood to be working with a former insurance industry executive to explore a range of options, including a sale of the business.
The business’ Shepparton headquarters was raided in March by officers from ASIC and the Australian Federal Police, and a number of files were seized. ASIC is believed to be examining invoices to clients and the amount of premium charged.
Director Ben Goodall told insuranceNEWS.com.au the company is “undertaking a review of its structure, including tak...
Some brokers are risking failure by neglecting underwriters’ needs as the market hardens and capacity tightens, an underwriting agency principal has warned.
Underwriting Agencies Council Deputy Chairman and Lion Underwriting MD Kurt Nilsen has published an online message on his company’s website outlining a robust “personal view” on current market conditions and how brokers need to adapt to them.
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He says underwriters are fed up with seeing a “scattergun approach” whereby potential insureds engage multiple brokers or multiple underwriting agencies to “cover all bases”.
Insurers support moves to prevent “excessive” broker commissions, but are against calls for a new fee model, the Insurance Council of Australia (ICA) says in a submission released today.
Extending the ban on conflicted remuneration to brokers is one of 15 recommendations the Australian Competition and Consumer Commission (ACCC) wants Canberra to quickly take up to alleviate the premium affordability problem facing consumers in the north.
The competition watchdog issued the to-do list in its interim report in December as part of an ongoing pricing inquiry that will end next year.
But ICA does not believe axing commissions will remedy the problem, although...
Farms, abattoirs and other food-chain producers targeted by animal rights activists may find they are not covered for potential impacts on their businesses.
Protesters have chained themselves to equipment, invaded farms and abattoirs, stolen livestock and blocked a major Melbourne intersection as part of a wave of activity that culminated in simultaneous demonstrations last week.
Gallagher National Head of Food Production Stephen Elms says the brokerage has been talking with clients about the risk, with more vegan protests likely to remain a possibility.
“While we have seen it this last month in Australia, it is a global push as well and I don’t think the...
The National Insurance Brokers Association (NIBA) will examine Vero SME Insurance Index results that show declining trust levels and more businesses buying some cover in the direct market.
The survey results also highlight opportunities for brokers to be more proactive as advisers, with only 14% of respondents saying they undertake a risk analysis when prompted by an adviser such as a broker or accountant.
“The report has a number of important messages for brokers, and we are giving very careful consideration to these and to what we might do in response to the report,” NIBA CEO Dallas Booth told insuranceNEWS.com.au.