Vero NZ chief calls for reform of earthquake insurance
26 November 2012
New Zealand’s earthquake insurance model is systemically flawed when exposed to a large volume of claims, Vero NZ CEO Gary Dransfield says…
Local
Earthquake map plots risk
26 November 2012
Geoscience Australia has developed an earthquake hazard map based on a study of past events…
Mortgage notes can withstand LMI downgrades: S&P
26 November 2012
Residential mortgage-backed securities ratings would withstand any downgrade of the two lenders’ mortgage insurance players, according to a Standard & Poor’s report…
NZ quake recovery ‘remarkable’: Bartlett
26 November 2012
Despite public criticism about the speed of rebuilding after the Canterbury earthquakes, “government, industry and community have made remarkable progress in the world’s most complex and proportionally…
Vehicle thefts rise for first time in a decade
26 November 2012
The number of motor vehicles stolen in Australia has risen for the first time in 10 years, according to the National Motor Vehicle Theft Reduction Council…
Insurers behind banks in enterprise risk management
19 November 2012
Banks have the most robust enterprise risk management practices of financial services organisations, followed by general insurers, according to a survey of delegates at the Actuaries Institute ERM seminar…
Insurers hit back at Earthquake Commission
19 November 2012
Vero and the Insurance Council of New Zealand have hit back at a suggestion insurers are trying to cut Canterbury quake claims by pushing costs onto the state…
Jury still out on climate change, insurers say
19 November 2012
Some insurers remain sceptical about climate change, a new survey shows…
Zurich explains how not to get sued over privacy
19 November 2012
Companies are six times less likely to be sued after data breaches if they provide free services to monitor accounts for suspicious transactions, according to Zurich…
Great Southern D&O case to begin in January
19 November 2012
A court case to determine whether directors’ and officers’ liability insurance can be used to pay directors’ legal costs will be heard by the NSW Court of Appeal on January 29…
Talk to customers about risk: Seymour
19 November 2012
Brokers must educate clients about risk rather than only discussing price, according to Macquarie Premium Funding CEO Gary Seymour…
Allianz stars again with Virgin travel product
19 November 2012
Virgin Australia’s comprehensive domestic travel insurance product, underwritten by Allianz Global Assistance, has again won a five-star rating in Canstar’s annual travel insurance survey…
Fraudsters love automated payments, says fraud expert
19 November 2012
Fraud rates will rise as insurers automate their claims systems, a Harvard University expert has warned…
Climate change worries insurance professionals
12 November 2012
Changing weather patterns and how they should be dealt with are uppermost on the minds of insurance industry professionals, according to a survey by the Actuaries Institute…
Climate change raises fire risk across Australia: report
12 November 2012
Fire risk has risen across Australia over the past four decades, particularly in the south and southeast, in a clear example of man-made climate change, according to one of the world’s foremost climate experts…
Toxic derivatives cost Chartis $5.5 million
12 November 2012
Insurer Chartis will be given a temporary reprieve from paying $5.5 million to financial intermediary Local Government Financial Services after fellow defendant Standard & Poor’s indicated it will appeal…
Great Southern insurers test D&O
12 November 2012
The legal action being brought against the collapsed managed investment scheme Great Southern is bringing the issue of access to directors’ and officers’ liability insurance to a head, with insurers…
Australia well down insurance penetration rankings
12 November 2012
Australia is 14th in the world ranking for general insurance penetration, according to the World Economic Forum’s 2012 Financial Development Report…
Most small businesses not insured for business interruption
12 November 2012
Around 65% of small businesses do not have business interruption cover and 16% do not even have fire insurance, according to research conducted for Allianz…
Council claims $NZ575 million from Christchurch earthquakes
12 November 2012
Christchurch City Council has claimed $NZ575.6 million ($456.9 million) for earthquake damage and has so far received $NZ379.4 million ($301 million) from insurers…