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.
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...
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...
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...
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...