Professional Indemnity Insurance News

Risk brokers resent FOFA's 'one size fits all' - Jan 16, 2012
The risk insurance industry has been unduly impacted by the Future of Financial Advice (FOFA) changes because the Government has adopted a 'one size fits all' approach, according to the National Insurance Brokers Association (NIBA)...

Suncorp purchases AMP insurance business - Dec 06, 2011
Suncorp has purchased AMP's General Insurance Distribution (AMP GID), securing the business for Suncorp for the long term, the two groups announced today...

Insurance in superannuation - what is about to change? - Nov 14, 2011
Following the Government’s release of the Stronger Super information pack, Comminsure's Jeffrey Scott outlines some of the major changes about to happen with respect to insurance within superannuation...

Man accused of insurance fraud found not guilty - Nov 07, 2011
A Canberra teacher who was accused of asking his friend to burn a car in an insurance fraud has been found not guilty in the ACT Supreme Court...

Australia's life insurance gap expands as risk aversion increases - Swiss Re - Oct 25, 2011
The life insurance gap in Australia expanded from $540 billion to $927 billion between 2000 and 2010 – the fifth largest increase in the world, according to Swiss Re’s ‘Mortality Protection Gap: Asia-Pacific 2011’...

MLC launches new insurance offer - Oct 21, 2011
MLC has come out with a new insurance product, aptly named MLC Insurance, which marks the culmination of the company's integration with Aviva...

'Churning' defames advisers, says Synchron - Sep 19, 2011


Natural disasters hit Suncorp result - Aug 25, 2011
Natural disasters and other factors have served to significantly undercut Suncorp's annual result, with the company reporting an almost 36 per cent slump in net profit after tax of $453 million...

Carers welcome disability insurance pledge - Aug 22, 2011
People with disabilities and their families are celebrating the Productivity Commission's recommendation of a new $6...

AAMI closes down all branches - Jun 07, 2011
Australian insurer AAMI is closing all 24 of its branches within the next two months due to tight budgets and more customers doing business online...

Macquarie Life upgrades product and service offerings - May 30, 2011
As a result of product reviews and adviser feedback, Macquarie Life has announced a range of updates to its FutureWise and Macquarie Life Active products...

Risk insurance: understanding underinsurance - May 18, 2011
The recent natural disasters have highlighted the importance of insurance but, as Janine Mace discovers, the industry has a lot to do to tackle the underinsurance issue...

Brisbane businesses in flood insurance battle - May 09, 2011
The inquiry into Australia's most expensive natural disaster has completed its first week of hearings but there is no end in sight to the problems caused by south-east Queensland's floods...

CommInsure and Tower named life companies of the year - Feb 26, 2011
CommInsure and Tower have both been named the winners of the Association of Financial Advisers/Plan for Life 2010 Life Company of the Year Awards...

Standard ‘flood’ definition for insurance providers - Feb 21, 2011
In the wake of the Queensland floods, the Federal Government and Insurance Council of Australia (ICA) have agreed to develop a mandatory definition of ‘flood’ to be incorporated into current legislation...

Qld flood claims more than $1b - Jan 24, 2011
Insurers say they have received more than $1 billion worth of claims from Queensland flood victims.

The Insurance Council of Australia (ICA) say more than 31,000 claims worth $1...

Advisers make difference in life cover - Jan 24, 2011
There is a distinct difference in adequate levels of insurance between people who have received financial advice and those who have not, according to a new piece of research released by life insurer Asteron...

Insurance council rejects flood cover criticism - Jan 19, 2011
The Insurance Council of Australia has rejected complaints that flood policies are too complicated and is instead blaming customers for not reading their contracts...

Swan flags changes to flood insurance - Jan 17, 2011
Federal Treasurer Wayne Swan has foreshadowed changes to the insurance industry as part of the Government's response to the Queensland floods...

Small businesses underinsured during natural catastrophes - Jan 11, 2011
Up to half of small businesses do not have business interruption insurance despite it being basic cover that they all should have, according to Zurich national broker manager, general insurance, Keith Till...

Flood victims lodge thousands of insurance claims - Jan 04, 2011
A Queensland-based insurance company says it has already received 1,800 insurance claims across Queensland for flood damage...

Carers push for national disability insurance scheme - Dec 06, 2010
Carers of people with disabilities are using the International Day of People with a Disability to create awareness about the need for a national disability insurance scheme...

Exclusivity now binds AMP/AXA merger - Dec 01, 2010
AMP’s acquisition of AXA Asia Pacific has taken another step forward, with the signing of merger transaction documents that including exclusivity arrangements precluding AXA AP from dealing with other parties...

Confusion reigns for policy definitions - Nov 22, 2010
Conflicting opinions have emerged within the financial services industry about the concept of introducing standard definitions of critical illnesses for Australian life insurance products...

Insurers sweating on Treasury feedback - Nov 22, 2010
Insurers have called on Treasury to reveal some of its intentions concerning commissions for life insurance, saying more clarity is needed on the issue...

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