Professional Indemnity Insurance News

Coles car insurance to lock-in loyalty - Jul 28, 2010
SUPERMARKET chain Coles will use the resources of its conglomerate-owner Wesfarmers to offer car insurance to its shoppers, further locking in customer loyalty as Wesfarmers strives to resurrect the retailer and boost foot traffic to its stores...

Ban on insurance commissions presents risk concerns - Jul 28, 2010
A ban on commissions on compulsory insurance in super is perhaps a good thing, but an outright ban on all commissions would be a massive threat to solving the underinsurance problem, according to Clearview Retirement Solutions’ head of life insurance Clive Levinthal...

IAG foreshadows profit slide - Jul 28, 2010
Insurance company IAG says its profit is likely to have halved last financial year after it was hit with claims worth more than $200 million from the massive storms that wreaked havoc in Melbourne and Perth earlier this year...

Zurich offers income protection up to age 70 - Jul 27, 2010
Zurich Financial Services Australia has introduced an income protection product that provides cover for people who plan to work up until the age of 70...

ALI partners with Metlife on mortgage insurance - Jul 27, 2010
ALI Group has formed a long-term strategic alliance with global life insurer Metlife under which Metlife will become the insurance partner for ALI Group’s new mortgage and loan protection products, ALI Group announced...

QBE slashes profit forecast - Jul 27, 2010
Insurance giant QBE has warned markets its profit is likely to be 40 per cent lower than last year, sending its share price tumbling...

No real beneficiaries of insurance ban apart from Government, says FPA - Jul 23, 2010
The Financial Planning Association (FPA) has found no evidence of mis-selling of life insurance that would justify a ban on commissions, stating that the only beneficiary of the ban would be the Government...

Winners and losers in life insurance - Jul 21, 2010
The risk insurance market continues to flourish in the current economic environment, while retirement income has recorded another 20 per cent fall in premium inflows over the past 12 months, according to newly released Plan For Life data...

Industry split over insurance commissions - Jul 15, 2010
The Federal Opposition is reserving judgement on the Cooper Review recommendation to ban insurance commissions while the financial planning sector battles it out with the super funds...

Chinese consortiums eye AIA takeover - Jul 14, 2010
At least four consortiums made up of private Chinese investors have approached US insurance giant AIG to acquire its Asian unit AIA, a Hong Kong newspaper reported on Tuesday...

Capital plan to buffer insurers - Jul 14, 2010
LIFE insurers could be forced to top up capital reserves to reflect higher rates of terrorism and pandemic diseases under proposals flagged by the financial regulator...

The price of protection - Jul 13, 2010
The Cooper review proposes removing the obligation on super funds to offer insurance options.

If you have the slightest interest in your retirement savings, and I hope you do, you will have heard about the big review into the superannuation system released last week...

QBE buys Belgian reinsurer for $397m - Jul 06, 2010
Insurance company QBE has bought the Belgian reinsurer Secura NV for about $397 million.

The latest acquisition forms part of QBE's strategy for global growth...

ING upgrades life insurance - Jul 05, 2010
ING Australia has launched an upgraded life insurance offering, with more than 60 enhancements across its coverage options and underwriting process...

AFA warns against ban on insurance commissions - Jul 05, 2010
The Association of Financial Advisers (AFA) is calling on the Government to think carefully before considering a ban on risk insurance commissions, referring not only to the impact on families but also on the public purse...

Insurance brokerage still hot, says IBISWorld - Jun 23, 2010
Things are looking good for the insurance brokerage business, after it earned its place among Australia’s top five growth industries for the next 12 months...

Aviva tops life insurance benchmarking report - Jun 23, 2010
Aviva has emerged the overall leader in the inaugural Investment Trends Life Insurer Benchmarking Report...

Protect your best asset but check the fine print - Jun 21, 2010
The end of the financial year is a good time to review your income protection insurance to make sure it still matches your financial circumstances and to take advantage of any tax deductions...

Quick, claim - Jun 16, 2010
If you have been putting off that expensive medical or dental procedure, schedule it before June 30 if you want to maximise the amount you can claim back through the tax system...

Knock-on impact of Government changes to super - Jun 09, 2010
The Federal Government’s decision to reduce concessional superannuation contributions has prompted many Australians to cancel their life insurance cover through super, according to Asteron general manager Jordan Hawke...

NAB gains deadline extension on AXA AP - Jun 02, 2010
The National Australia Bank (NAB) has ensured it remains squarely in the hunt to acquire AXA Asia Pacific by securing an extension to the negotiating period with AXA Asia Pacific’s parent...

Macquarie Life launches single policy product - May 19, 2010
Macquarie Life has broken new ground by launching its so-called Macquarie Life Active product, which encapsulates life, trauma and total permanent disability (TPD) cover within a single policy...

Passing the baton: planning for the worst - May 17, 2010
It's one of the worst nightmares a small business can face. What happens to an enterprise if one of the directors or partners suddenly dies, becomes gravely ill or totally and permanently disabled?

Aside from the personal grief partners and staff would feel, this situation could railroad a small business, potentially sending it to the wall, especially if the partner in question is a key revenue generator...

AMP still in the hunt for AXA - May 17, 2010
Australia's second-biggest asset manager, AMP, is talking to French insurer AXA SA about a possible new bid for its Australian arm AXA Asia Pacific, AMP's chief executive said on Thursday...

Commissions for life - May 12, 2010
Life insurance has escaped the axe that fell on commissions in the financial advice industry announced by the federal government...

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