Professional Indemnity Insurance News

Insurers push up premiums - Jan 05, 2009
THE nation's insurers are pushing through increases in car and home premiums as part of efforts to replenish capital reserves, after a series of big pay-outs over the past year linked to severe storms...

Paradise lost and found - Dec 18, 2008
Not all travel insurance is the same, so don't go on price alone.

Travel insurance is often a reluctant last-minute purchase or something thrown in as part of a package deal but events of the past few months show it has never been more important to make sure you have the right cover...

New risk premiums increase by 28 per cent - Dec 17, 2008
New annual premiums for lump-sum life insurance business (term life, total and permanent disability and trauma) increased by 28...

Manchester Unity to merge with HCF - Dec 16, 2008
Manchester Unity members voted on Monday to merge with Australia's third largest private health insurer, HCF...

Travel insurance disputes 'on the rise' - Dec 11, 2008
Travel insurance disputes are expected to skyrocket after the civil unrest in Thailand and Greece and the terrorist attacks in Mumbai that have hit holidaying Australians...

Time to remove hidden costs of insurance - Dec 08, 2008
Zurich Financial Services chief executive David Smith has called on the Government to slash the “punitive” taxes on insurance for small to medium enterprises (SMEs)...

Streaming income from death benefits - Dec 04, 2008
When a member dies, many superannuation funds may pay the death benefit as a lump sum. Once received in cash, the lump sum cannot be rolled over...

Industry must dispel insurance myths - Dec 03, 2008
The insurance industry needs to make a greater effort to overcome consumers’ feelings that the insurance industry are the ‘bad guys’ and do more to dispel myths surrounding the value of insurance, according to research on underinsurance released by ING...

BT overhauls insurance offering - Dec 03, 2008
BT Financial Group (BT) has made changes to existing insurance products in order to provide increased insurance coverage for clients and streamline their methods of applying for life insurance, as well to improve processes for advisers...

IAG exits Malaysian life insurance joint venture - Dec 02, 2008
Insurance Australia Group (IAG) is exiting the life insurance part of its Malaysian joint venture, AmAssurance, while increasing its interest in the general insurance business by 19 per cent...

QBE goes on $2 billion spending spree - Nov 27, 2008
QBE Insurance will raise up to $2 billion to fund an overseas buying spree, with the underwriting giant snapping up five mid-size insurance specialists, mostly aimed at widening its US presence...

IAG and SBI to launch insurance company - Nov 26, 2008
Insurance Australia Group (IAG) and the State Bank of India (SBI) have signed a joint venture to establish a general insurance company in India, which will commence trading in 2009...

Insurers likely to weather latest storms - Nov 25, 2008
THE cost of the crippling storms that have swept through Brisbane and south-east Queensland has risen to at least $220 million for the country's two largest insurers, with the final bill for the damage still mounting...

On a slow boat to India: IAG starts journey - Nov 25, 2008
FRESH from its ill-fated $2 billion expansion into Britain, Insurance Australia Group is making a more modest push into India where it is hoping a newly launched insurance joint venture will pay significantly extra dividends than its previous moves abroad...

Risk insurance looking good amid market carnage - Nov 24, 2008
Risk insurance is becoming more popular as financial planners look to ensure a steady stream of income to offset market volatility, according to Troy Edmondson, the senior partner at Business and Estate Planning Specialists...

Suncorp 'well capitalised despite storm' - Nov 19, 2008
Claims that Brisbane's worst storm in 25 years may threaten Suncorp Metway Ltd's ability to pay a dividend in 2009 are "premature," the bank and insurance company says...

IAG receives 1,300 claims from Qld storm - Nov 19, 2008
NRMA Insurance Queensland-based customers have lodged around 1,300 claims with the Insurance Australia Group unit following damage caused by Brisbane's worst storm in 25 years...

New South Wales broker banned - Nov 18, 2008
The Australian Securities and Investments Commission (ASIC) has permanently banned a former OAMPS insurance broker from providing financial services...

APRA overhauls life insurance publications - Nov 14, 2008
The Australian Prudential Regulation Authority (APRA) has proposed the launch of two new statistical publications on life insurance...

AIG Life creates new premium choice - Nov 13, 2008
AIG Life has created a new hybrid insurance premium option that sits in the previously uncharted space between stepped and level premiums...

Market ripe for consolidation, IAG says - Nov 12, 2008
Insurance Australia Group Ltd (IAG), which rejected a takeover proposal from rival QBE Insurance Group earlier this year, says the insurance market is poised for consolidation...

IAG sidesteps critics with chairman's early exit plan - Nov 12, 2008
THE last remaining boardroom link at Insurance Australia Group to the early days of its listing as a company distinct from the NRMA motoring organisation will be broken with the impending departure of its chairman of seven years, James Strong...

Clients lose in risk research ‘point scoring’ - Nov 11, 2008
Executives from two of the insurance industry’s leading companies have criticised the risk research process, admitting it is often more about ‘point scoring’ than actually increasing consumer benefits...

AIG may get more time to pay - Nov 11, 2008
AMERICAN International Group, the insurer bailed out by the US, may get an expanded government rescue package valued at more than $US150 billion ($A218...

CommInsure announces product enhancements - Nov 10, 2008
CommInsure has announced a series of product enhancements and premium reductions this month. The changes include a premium reduction of up to 10 per cent on its Life Care product on its lower sums insured, while the Essential Cover product will no longer feature smoker rates...

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