Live Insurance News

Homeowners insurance claims in Australia rising quickly from bushfires

October 24, 2013October 22, 2013 Julie Campbell

These wildfires have already brought about claims that have broken the $96 million mark, so far. According to the Insurance Council of Australia (ICA), there have already been more than 900 business, auto, property, and homeowners insurance claims with insurers in Australia, and that this has brought about a loss of over $96 million ($100 million Australian), so far. It is believed that there are more claims that will be filed with each passing day for the next while. A spokesperson for the ICA, Campbell Fuller, explained that assessors for…

Business insurance costs are on the rise from class action suits

February 26, 2013April 30, 2013

These Australian lawsuits are starting to increase the expenses associated with this form of coverage. The business insurance industry is facing considerably higher costs due to the rising number of payouts being made in shareholder class action lawsuits, and this trend is causing the premiums for directors’ and officers’ coverage to rise. In 2012, there was an estimated total of $506 million in class action settlements made. This was an increase of approximately $200 million over the total payouts that were made in 2007. This, according to a report by…

Homeowners insurance in Australia may see considerable increases

February 14, 2013April 30, 2013

Some areas are being seen as higher risks for flooding, fires, and drought, among other perils. Australia is now experiencing some of the most fierce and extreme weather and natural events that have ever been recorded, causing many homeowners insurance customers to ask themselves whether they should expect to pay higher premiums in order to compensate from the increasing risks. The current summer in the country has been one of the most damaging single seasons on record. Many of the areas in the country faced scorching temperatures throughout the summer…

Insurance news from Australia shows surprising spending of disaster payouts

January 15, 2013April 30, 2013

Many victims are using their funds to help to pay their vet bills for pet care. A recent insurance news report has shown that the disaster emergency fund payments are being spent in ways that were not expected, as data indicates that thousands of policyholders are spending half of the money they collect on veterinary bills. The statistics were collected through cumulative figures generated by emergency fund debit card use. In order to help disaster victims as quickly as possible, the insurance news reported, insurers have been issuing debit cards…

Insurance news from Australia shows growing fire damage

January 9, 2013January 9, 2013 Julie Campbell

Warnings have been issued as the flames from the wildfires continue to spread in Tasmania. The latest insurance news from Australia is that the insurers in the country are now issuing warnings to businesses and homeowners in order to be vigilant with their coverage as the wildfires continue to rage their way throughout the island state. The heat wave conditions continue to sizzle throughout the region, giving no respite from the fires. Rob Whelan, the chief executive of the Insurance Council of Australia, has stated that the continuing stream of…

NRMA Insurance uses QR code for music-based promotion in bus shelters

February 11, 2012January 10, 2024 H. Cutner

Innovative QR Code Campaign by NRMA Insurance Engages Consumers and Highlights Unique Coverage Benefits NRMA Insurance has launched its latest campaign, which uses QR code technology to help engage mobile device using consumers and encourage them to learn more about the car coverage products available from the insurer. The campaign is running in Australia, with a barcode posted on bus shelter ads, such as the one located in Sydney just outside the Wynyard Station. The shelter itself has been fitted with stereo speakers, which are connected to the use…

Chartis to cancel 3,000 insurance policies for Australian soldiers in Afghanistan

January 30, 2012January 30, 2012 S.Vagus

Chartis Insurance, an international insurance group based in the U.S., has announced that it will be canceling the death and disability insurance policies of some 3,000 Australian soldiers serving in Afghanistan. The move is spurred by a shrinking insurance pool and a high rate of cancellations and payouts on claims. The company, which is a subsidiary of AIG, claims that the cancellations were necessary in order to continue providing benefits for holders of health policies. The problem, however, is that the Australian government is now left to handle the cost…