NEWS

Stay in touch with Phoenix

21 Mar 2018

WaterNSW has awarded a $14.5 million contract to engineering consultant GHD and joint venture partner Stantec to create a design for raising the Warragamba Dam.

Raising the dam about 14 metres would reduce the risk of massive damage in the densely populated and flood-prone northeastern region of Sydney by about 75% on average, according to the State Government’s Hawkesbury-Nepean Valley Flood Management Strategy, released last year.

It says the dam wall project is the infrastructure option with the greatest benefit.

GHD and Stantec expect to have a design concept completed by early next year. 

20 Mar 2018

Companies are still not spending enough to protect their assets from cyber threats, according to the Australian Securities and Investments Commission (ASIC).

The regulator’s half-year market integrity report – citing findings from a study released last November – shows a disparity across businesses and insufficient investment in cyber resilience.

“Cyber resilience is widely regarded as one of the most significant concerns for the financial markets sector and the economy at large,” ASIC says.

“We will continue to review the technology and operational risk of our stakeholders and focus on malicious cyber crime in the context of rapid technological developme...

19 Mar 2018

Add-on insurance is becoming a significant issue being investigated by the royal commission on financial services misconduct.

Last week the Financial Rights Legal Centre told the commission it received about 7500 calls last financial year from consumers querying their insurance policies.

Most issues related to add-on cover and sales practices by car loan intermediaries, banks and other third-party distributors, the legal centre’s Co-ordinator Karen Cox says in a witness statement.

Common problems include consumers not realising they have consented to purchases, high-pressure sales tactics, unsuitable sales and add-on products that provide little benefit.

“...

18 Mar 2018

Loyal Employees work very hard, but they don’t miss a gym session, a doctors appointment or a child’s football game!!

“You can not do a good job, if a job is all you do."

While you owe your boss your best effort, your dedication, your concentration, your honesty and integrity there are things you do not owe them:

You do not owe your boss:

Your health

Your sanity

Your relationships

Your family

#phoenix_risk_services 

16 Mar 2018

Insurance intermediaries invoiced $10.6 billion of premium in the six months to December 31, according to the Australian Prudential Regulation Authority (APRA).

In APRA’s previous update, for the June half, the invoiced amount was $9.4 billion.

About $8.8 billion of the December-half premium was placed with APRA-authorised general insurers, $1.1 billion with Lloyd’s underwriters and $600 million with unauthorised foreign insurers (UFIs). Singapore and the UK accounted for 79% of premium placed with UFIs.

Of the UFI premium, $364 million was in the fire and industrial special risk class.

The high-value-insured exemption was used to place 76% of business wit...

15 Mar 2018

A Maersk container vessel may have been carrying cargo from Australia when a fire broke out in its holding area, National Transport Insurance (NTI) says.

The vessel was on its way from Singapore towards Suez when the fire happened.

“Given the practice of transhipping freight from Australia via Singapore, it is possible NTI customers have cargo on board,” the insurer says.

The fire broke out in the cargo hold last Tuesday on the Singapore-registered Maersk Honan, which was carrying 7860 containers or the equivalent of 12,416 twenty-foot equivalent.

Maersk is still investigating the cause of the fire, which happened when the vessel was about 900 nautical mil...

13 Mar 2018

QBE has outlined the seven areas of its business it will look to improve following a tough 2017.

Following a year which saw the major insurer sustain a statutory net loss after tax of US$1.2 billion, compared to a profit of US$844 million in FY16, Pat Regan, QBE Group CEO, has announced seven steps the firm will take to turn around its fortunes.

Firstly, following the sale of its Latin America operations, QBE will look to simplify in markets and products but, as earlier reported by Insurance Business the company will not look to “a wholesale reduction in size.”

“While we do have many high performing businesses at QBE we do need to further simplify our bus...

12 Mar 2018

The Australian Prudential Regulation Authority (APRA) says insurers and other financial institutions need to lift their cyber-security efforts to comply with a new standard.

Executive Member Geoff Summerhayes says Australia is the No.1 Asia-Pacific target for malicious software, and a significant incident affecting a regulated group is probably inevitable.

“A sense of urgency is paramount given the scale of the threat and the speed with which it’s evolving as the digital world expands,” he told the Insurance Council of Australia Annual Forum. “The challenge requires ongoing vigilance, improvement, investment and oversight because, though this race has no...

11 Mar 2018

Global commercial insurance prices have increased for the first time in more than four years, lifted by gains in the catastrophe-hit property sector, according to Marsh.

Large catastrophe losses in the third quarter drove up global property insurance pricing.

The broker’s Global Insurance Market Index snapped an 18-quarter losing streak, rising to 0.888 points in the December quarter from 0.886 points in the preceding quarter.

The Global Insurance Composite Pricing Change showed a 0.8% rise, its first since the first quarter of 2013.

“Although property pricing generally increased, market capacity remains abundant,” Marsh says. “Pricing in all regions showe...

7 Mar 2018

The Financial Ombudsman Service (FOS) has received 312 disputes relating to Cyclone Debbie, which swept across parts of Queensland and NSW in March last year, causing more than $1.6 billion in insured losses.

Speaking after FOS’ general insurance open forum, Lead Ombudsman for General Insurance John Price told insuranceNEWS.com.au 203 of the disputes have already been closed, but more are expected to come in.

Some 87 disputes relating to small businesses in the Lismore area were passed to FOS from the NSW Small Business Commissioner.

The businesses had claims denied due to lack of flood cover.

About 80 of the business disputes are now resolved, Mr Price sa...

Please reload

For any further information please reach out to us at any time

Phoenix Risk Services Pty Ltd / ABN 12 617 229 188 / AR 1252319 || Licensee: PSC Connect Pty Ltd ABN 23 141 574 914 AFS License No 344648

Privacy | Complaints

 

Phoenix Risk Services Pty Ltd endorses the Insurance Brokers Code of Practice. To obtain a copy of the code click here