Moody’s to update rating process
28 November 2011
Moody’s has produced a paper on how it will update its global rating methodology of insurance brokers and service companies…
Local
Flood cover review chief sees cost as next big issue
21 November 2011
Affordability is the major issue facing flood insurance following the Federal Government’s swift response to the Natural Disaster Insurance Review report, the review’s chairman says…
Christchurch rebuild: Community engagement important
21 November 2011
Insurers are an important part of the rebuild of Christchurch and need to communicate what they are doing so the public can understand the process, an Insurance Council of New Zealand seminar…
Cyclone clusters can affect insurance risk
21 November 2011
Cyclones occur in clusters rather than randomly, according to new research that has implications for the insurance industry…
Insurers won’t quit NZ, says local Vero chief
21 November 2011
Fears about a withdrawal of major insurers and reinsurers from the New Zealand market are misplaced, according to Vero NZ CEO Gary Dransfield…
AM Best predicts industry consolidation for NZ
21 November 2011
Industry consolidation in New Zealand is likely because there are too many insurers for the size of the market, says AM Best…
EQC expects $NZ7 billion in claims above reinsurance
21 November 2011
New Zealand’s Earthquake Commission expects to incur a direct loss of $NZ7 billion ($5.3 billion) from the Christchurch earthquakes…
Inconsistent flood maps ‘prevents insurers from writing flood risk’
14 November 2011
Flood maps can be unreliable, of varying quality or not detailed enough, Actuaries Institute representative Peter McCarthy has told the parliamentary inquiry into the insurance response to…
Canterbury earthquake claims bill rises to $NZ30 billion
14 November 2011
The Reserve Bank of New Zealand has estimated the cost of property-related insurance claims from the Canterbury earthquakes at $NZ30 billion ($23 billion) in a detailed calculation…
Insurers urged to look at boosting equities exposures
14 November 2011
Investment officers in insurance companies have been urged to increase exposure to equities to deliver better returns for shareholders…
Queensland flood hearings end
14 November 2011
The Queensland Floods Commission of Inquiry hearings have wrapped up with the final round of hearings held last week in Brisbane…
Wivenhoe Dam level to be lowered
14 November 2011
The level of Brisbane’s Wivenhoe Dam is to be lowered slightly before above average summer rainfall hits the area…
MP weighs into body corporate issue
14 November 2011
Federal MP Warren Entsch is spearheading a drive in Far North Queensland to review insurers’ body corporate practices…
Massive claims expected for Thailand
14 November 2011
IAG’s operations in Thailand have so far received around 1500 claims resulting from the country’s floods, with more Australian insurers expected to be affected as the regional business impacts…
Queensland Government buys $53.6 billion of reinsurance
07 November 2011
The Queensland Government has bought $53.6 billion of reinsurance cover for the state’s property assets, but has been unable to get cover for roads…
NZI stars in New Zealand industry awards
07 November 2011
The Insurance Brokers Association of New Zealand has made a special award to NZI’s claims team for an outstanding performance in response to the Canterbury earthquakes…
ICA to help shape National Injury Insurance Scheme
07 November 2011
The Insurance Council of Australia has been given a seat at the table of Assistant Treasurer Bill Shorten’s new National Injury Insurance Scheme (NIIS) advisory group…
Grant helps university study social media use in disasters
07 November 2011
Queensland University of Technology has received a Federal Government grant of $188,000 to study the use of social media in times of crisis, ensuring the lessons learned in last summer’s natural…
Miners not covering the ‘fracking’ risks properly
07 November 2011
Mining companies using fracking technologies aren’t covered under their existing public liability policies, according to an environmental insurance expert…
Suncorp quantifies Queensland recovery economic boost
31 October 2011
A new report commissioned by Suncorp reveals the insurer will stimulate the Queensland economy to the tune of $1.2 billion over a 10-year period through restoration and recovery work…