Professional Indemnity Insurance News

Non-life insurers safe from catastrophes - Mar 15, 2010
Australia’s largest catastrophe insurers have purchased additional covers in recent years, protecting them against the increased frequency of large weather-related events, according to Fitch Ratings...

Ten-year ban for insurance representative - Mar 08, 2010
A Victorian insurance representative has been banned from providing financial services as a result of action pursued by the Australian Securities and Investments Commission (ASIC)...

Prudential buys AIA - Mar 03, 2010
American International Group (AIG) has sold its Asia Pacific life insurance business, AIA, to UK-based insurer Prudential for US$35...

Taxpayers to foot $1b bill for under-insured families - Mar 03, 2010
A new report reveals the Federal Government will spend more than $1 billion supporting under-insured working families over the next 10 years...

Suncorp life business takes a hit - Feb 26, 2010
Suncorp’s life insurance business took a hit in the half year to December 31, 2009, with the Queensland-based bank reporting a 23 per cent fall in net profit for that business arm...

IAG posts profit surge - Feb 26, 2010
Australia's top home and car insurer, Insurance Australia Group, has enjoyed a massive surge in its first-half profit to $329 million...

Convenience at a high price - Feb 23, 2010
Direct life insurance can cost up to 8.5 per cent more and offer less.

Insurance companies are taking advantage of the more cautious mood of consumers and their underinsurance to crank up the marketing of direct life insurance ??? but the explosion of choice makes it difficult to work out if that special offer you receive in the mail or see on television provides value for money...

NIB steps up asset hunt - Feb 23, 2010
PRIVATE health insurer NIB is to make an effort over the rest of this calendar year to secure a highly prized acquisition, otherwise it will hand back its ''war chest'' of cash to shareholders in 2011...

Profitable AMP restates interest in AXA - Feb 19, 2010
AMP has declared its continuing interest in acquiring AXA Asia Pacific at the same time as reporting a 27 per cent increase in net profit attributable to shareholders to $739 million...

Genetic test offer raises discrimination fears - Feb 16, 2010
Australian insurance provider NIB plans to write to 5,000 of its customers offering half-price genetic testing...

Zurich cracks down on insurance fraud - Feb 15, 2010
Zurich Financial Services is upping the ante in the fight against insurance fraud with the announcement it is expanding its fraud fighting practices to help protect those making valid claims and to keep insurance premiums to minimum levels...

Big banks dominate life - Feb 10, 2010
Industry consolidation has had a fundamental impact on the Australian life insurance sector, according to new analysis published by Credit Suisse...

NAB sets deadline on AXA deal - Feb 10, 2010
NATIONAL Australia Bank has set a six-week deadline to seal an agreement with AXA SA of France for the takeover of Australian fund manager AXA Asia Pacific...

AMP hopes regulator will frustrate bank in AXA battle - Feb 09, 2010
AMP is pinning its hopes of securing AXA Asia Pacific on the regulatory process governing its battle with National Australia Bank, which it believes will frustrate the bank's proposed partnership with the French group AXA SA...

AMP in no hurry to up bid, says analyst - Feb 08, 2010
AMP is in no rush to up its bid for AXA Asia Pacific, according to a Credit Suisse analyst.

Arjan van Veen said not only has AMP’s internal growth remained strong, but much hinged on the Australian Competition and Consumer Commission’s (ACCC's) decision with regards to NAB’s bid on March 18...

Consolidation earns Suncorp insurance unit a re-rating - Feb 03, 2010
THE changes being wrought at Suncorp-Metway under the recently appointed chief executive, Patrick Snowball, have received a significant boost from one of the main ratings agencies, which is expecting the bancassurance group to report improved profits later this month...

NAB completes due diligence on AXA - Jan 25, 2010
One of the earliest hurdles to National Australia Bank’s (NAB’s) acquisition of AXA Asia Pacific (AXA APH) has been cleared, with NAB and AXA announcing the completion of confirmatory due diligence...

AMP board comes up with defence strategy - Jan 21, 2010
A MEETING of the AMP board this month mapped out options for the wealth manager if, as is widely expected, National Australia Bank buys AXA Asia Pacific...

.Consumers ignoring life insurance - Jan 20, 2010
Consumers are increasingly ignoring life insurance in the face of high costs and the belief that superannuation benefits will be enough to deal with future financial obligations, according to an IBISWorld report...

Tower Australia expands group insurance presence - Jan 19, 2010
Tower Australia has appointed Paul Rohan as the head of the AustralianSuper Insurance Account as the company looks to establish a group insurance presence in Melbourne...

Suncorp wants AAMI as top brand - Dec 16, 2009
SUNCORP METWAY is looking to position AAMI as its dominant national car and home insurance brand and will use pricing as a lever to tackle its key rival, Insurance Australia Group...

AIG rebranding itself as Chartis - Nov 30, 2009
Insurance company AIG is rebranding itself throughout Australia and New Zealand, as it tries to distance itself from its troubled American parent company...

Tower Australia profit takes hit - Nov 30, 2009
Tower Australia Limited has reported a solid full-year result, but could not evade the impact of the global financial crisis, reporting a 32 per cent decline in net profit after tax of $46...

Facebook smile costs woman her benefits - Nov 24, 2009
A Canadian woman has learned that Facebook can be a double-edged sword after an insurance company cut her health benefits, claiming she was healthy after seeing pictures of her smiling in a bikini at the beach...

Life insurance churn and burn - Nov 23, 2009
Concerns about churning of life insurance policies have emerged, with increases in risk-writing by advisers coinciding with a rise in attrition rates for insurance companies across the industry...

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