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6 Mar 2018

The number of claims-related breaches to the General Insurance Code of Practice grew 73% last financial year, with the code’s governance committee saying the huge rise is partly due to catastrophes increasing pressure on insurers.

The committee has reported 6613 claims-related breaches – including 10 significant ones – representing nearly three-quarters of all code non-compliance incidents.

“This trend highlights the need for code subscribers to maintain rigorous compliance frameworks for claims handling and do more to prepare for influxes of claims so service standards are maintained during times of high claims volume,” committee chairman Lynelle Briggs...

5 Mar 2018

Insured losses from severe storms in regional Victoria and Melbourne late last year have risen to $406 million, according to latest figures from the Insurance Council of Australia.

The Insurance Council declared a catastrophe after heavy rain and hail on December 19 caused vehicle and property damage, and localised flooding.

East and southeast Melbourne suburbs were worst affected.

There have been more than 53,000 domestic claims and 6700 commercial claims. 

4 Mar 2018

We realise your need for an insurance broker that provides an abundance of knowledge allowing you to make informed decisions.

We realise your need for transparency, relative, timely and uniquely specific products and services for your business so you have peace of mind.

We realise you don’t want to be sold yet another product you don't really want, that’s why our day is spent minimising risks to your business so it continues to thrive.

We realise your need for uniquely specific solutions and risk management strategies to protect your assets and minimise potential losses which reduces liabilities and allows for your company and its employees to be taken...

27 Jun 2017

The NSW Government says it will do all it can to avoid a tragedy like London’s Grenfell Tower disaster.

Flammable cladding on the North Kensington tower block caused the rapid spread of a fire that claimed the lives of at least 79 people.

Concerns were previously raised at the amount of similar cladding used in Sydney buildings and the lack of action from authorities, particularly following a fire at the Lacrosse apartments in Melbourne’s Docklands in 2014 which also spread rapidly due to flammable cladding.

Now the NSW Government is believed to be creating “a comprehensive building product safety scheme”, likely to include powers to prevent use of unsafe...

13 Jun 2017

Looks like Emergency Services Levy will stay for a little longer. This levy is only paid by insurance purchasers and funds Fire Fighters & SES etc in NSW. This tax is an unfair levy on insurance policies as everyone in the community has access to the services but only insurance purchasers pay the levy. Please note this levy adds over 20% to most home & contents insurance policies and over 30% to business insurance policies.

The insurance industry has fort for decades to remove this levy and move it to land rates (that way all of the community contributes to the levy) which is a fair way for the levy to be charged.

There is a lot of uncertai...

15 May 2017

The Federal Government will invest $10.7 million over four years to set up the Cyber Security Advisory Office (CSAO) to enhance the country’s digital defences.

“The CSAO will provide strengthened central governance and assurance for cyber security and broader project vulnerability across government,” Treasury says. “[It] will work with agencies to ensure they are appropriately managing the risks of cyber and other digital vulnerabilities on digital services.”

Treasurer Scott Morrison announced the allocation in the new federal budget.

JLT Australia CEO Leo Demer has welcomed the initiative.

“Continuing to strengthen Australian networks and systems, and inv...

15 May 2017

The Insurance Council of Australia (ICA) has criticised the federal budget for falling desperately short in its commitment to disaster mitigation spending.

ICA and other groups had urged the Government to listen to Productivity Commission recommendations and set aside at least $200 million a year.

But, as reported in a Breaking News bulletin last week, the budget allocates just a fraction of that amount – $26.1 million – for disaster resilience.

The Government says this will be matched “dollar for dollar” by states and territories.

A further $7.9 million over four years will enable the Australian Competition and Consumer Commission (ACCC) to monitor and re...

15 May 2017

More than 350 delegates, including visitors from the Netherlands, Singapore, the US and Vietnam, will attend tomorrow’s National Flood Conference organised by Floodplain Management Australia (FMA).

“Preparing for the next great flood” is the theme of the four-day event in Newcastle.

Organisers chose Newcastle because this year marks the 10th anniversary of the “Pasha Bulker storm” in the region, and 150 years since the great Hawkesbury-Nepean River flood.

“This conference will look at the lessons we have learned from past flood events, and explore how we can implement strategic actions to make our communities more informed, safer and resilient,” FMA Presi...

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