Bridgecorp D&O appeal starts next month
13 August 2012
An appeal of the groundbreaking Bridgecorp judgement on directors’ and officers’ cover will start in the New Zealand Court of Appeal next month…
Local
No claims from Tongariro eruption
13 August 2012
New Zealand insurers have received no claims for damage from the first eruption of the Mt Tongariro volcano in 115 years, says the Insurance Council of New Zealand…
Power station’s flooded mine may lead to lawsuit
06 August 2012
TRUenergy, owners of the Yallourn power station in Victoria’s Latrobe Valley, may seek compensation from the State Government for damage caused in June when the Morwell River burst its banks and…
Insurers pay out $NZ4.4 billion on Canterbury earthquakes
06 August 2012
The insurance industry has so far paid $NZ4.4 billion ($3.4 billion) in Christchurch earthquake claims, of which $NZ1.3 billion ($1 billion) relates to residential damage…
Questions hang over Queensland councils’ flood liability
06 August 2012
Queensland councils have questioned whether they must abide by recommendations of the Queensland Floods Commission of Inquiry…
Thai floods pose big problems for loss adjusters
06 August 2012
Underinsurance, complex claims and loss adjusters’ lack of resources are the key challenges for loss adjusters dealing with last year’s devastating Thai floods, according to Australasian Institute of…
Christchurch rebuild raises questions over insurance settlements
06 August 2012
The rebuilding of the Christchurch CBD will respect property rights but does require sensible solutions to restore the city, according to Earthquake Recovery Minister Gerry Brownlee…
Insurance industry ‘lags behind’ in use of social media
06 August 2012
Australians have become a nation of electronically connected people using social media, but the insurance industry hasn’t yet embraced the concept and is lagging behind other industry sectors…
Brokers’ reputation on the line at claims time, says Day
06 August 2012
Insurers need to be consistent when assessing claims because brokers have entrusted their reputations to them, Suncorp Commercial Insurance CEO Anthony Day says…
Victorian earthquake: Claims wider than expected
06 August 2012
Claims from the Victorian earthquake on June 19 are coming from a wider area than first thought, extending to a 125km radius…
ICA applauds call to scrap stamp duty
06 August 2012
The Insurance Council of Australia has welcomed the NSW Professional Services Industry Taskforce’s proposal that the state scrap stamp duty on insurance policies…
Met bureau wants investment in early warning systems, monitoring
06 August 2012
The Bureau of Meteorology says investment in early-warning systems and environmental monitoring and analysis would reduce risks from climate change…
BHP settles massive Queensland flood claim
30 July 2012
BHP Billiton and its partner Mitsubishi Developments are believed to have made the world’s largest out of court settlement of its type with insurers over flood damage to their Bowen Basin coalmines in 2007/8…
Climate change report appears to reject NDIR flood findings
30 July 2012
The Productivity Commission’s draft report on climate change appears to dismiss the key recommendations of the Natural Disaster Insurance Review, according to the three members of the review panel…
General insurance enjoying economic boom
30 July 2012
The general insurance sector is continuing to grow, although affordability in some areas remains a problem, Deloitte Access Economics General Insurance Partner Rick Shaw says…
Australia’s bushfire risks modelled
30 July 2012
Catastrophe risk modelling firm AIR Worldwide has released its first probabilistic bushfire model for Australia and updated its local tropical cyclone and earthquake models…
Pratten sentencing hearing delayed
30 July 2012
Rural & General Insurance Brokers founder and MD Charles Pratten is awaiting sentencing after having been found guilty of seven counts of dishonestly obtaining by deception a financial advantage…
Pressure on earthquake insurers to shorten timeframes
30 July 2012
New Zealand insurers are being urged to give Christchurch homeowners shorter timeframes on rebuilds and to have more staff available in the city, as frustration grows over delays on claims settlement…
New business continuity management standard adopted
30 July 2012
A new international standard has been devised to better prepare organisations for events like natural disasters and technology-related accidents…
Queensland considers better flood risk information
23 July 2012
The Queensland Government is investigating how property-buyers can get better information about flood risk…