January 31st, 2012
The AAMI Home Content Insurance does not cover flood according to their pds p6/19/43 (effective 10/10/11) it is covered in their Landlord Policy pds (effective 10/10/11)
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Tags: AAMI, flood, Home Content Insurance, Landlord
Posted in House Insurance | No Comments »
December 30th, 2011
Greatchoice now offers Insurance Quotes for Caravan Insurance, Motorhome Insurance, Onsite Van Insurance, Relocatable Home & Park Home, Camper Trailer Insurance, 5th Wheeler Insurance, Slide On Insurance, Horse Float Insurance, Box Trailer Insurance.
The quotes come from leading insurers and include benefits like New vehicle replacement cover, Storm, Hail and Flood cover, Automatic contents cover of up to $1000, $20 million personal and legal liability and Optional pay by the month service
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Tags: $20 million personal and legal liability, 5th Wheeler Insurance, Automatic contents cover of up to $1, Box Trailer Insurance, Camper Trailer Insurance, Caravan Insurance, Hail and Flood cover, Horse Float Insurance, Motorhome Insurance, New vehicle replacement cover, Onsite Van Insurance, Optional pay by the month service, Relocatable Home & Park Home, Slide On Insurance, Storm
Posted in Caravan Insurance, Greatchoice | No Comments »
December 1st, 2011
Weather specialists in Australia have predicted sever storms and cyclones this coming summer, giving insurance companies like Insurance Australia Group (IAG) a lot to worry about.
CEO of insurance giant Insurance Australia Group, Mike Wilikins is calling on Governments, and other industry bodies to address the current levels of natural disaster and infrastructure protection. In addition to investing in insurance protection, the CEO has stated authorities need to impose clearer and tougher zoning laws.
Mr Wilikins and his team have carried out extensive research and have predicted severe storms and potential damage to double in the next 40 years and has labelled the current level of investment “woefully inadequate” to deal with these conditions.
After an American Chamber of Commerce meeting was held in Sydney yesterday, Mr Wilikins informed attendees of his predictions as well as the need for protection of homes, businesses and the devastating damage caused by natural disasters. He claimed “If we don’t take action, we’re doomed to repeat this cycle of destruction, devastation, slow rebuild and lost productivity over and over again into the future”.
With this past year of cyclones, severe weather and bushfires, IAG have released figures indicating the business have dealt with approximately 150,000 claims above the normal demand. Mike Wilikins of IAG has also confirmed circulating rumours of premiums rising and are likely to continue that way if the issue is not addressed.
IAG own NRMA insurance, CGU, SGIO, and SGIC offering an entire range of insurance products including Home and Contents, Travel Insurance Car Insurance and much more.
Krystal Ayoub
Source Quotesonline
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Tags: CEO, CGU, Home and Contents, IAG, Insurance Australia Group, Mike Wilikins, NRMA insurance, SGIC, SGIO, Travel Insurance Car Insurance
Posted in Insurance, Insurance Information, Insurance News, Insurers | No Comments »
November 15th, 2011
The Federal Government has announced plans for a major shake-up of disaster insurance, including the introduction of a standard definition of flood.
Many Queenslanders found out too late this year that their insurance companies did not cover them for water damage and loss because of different definitions of the word.
Now, hundreds of people are fighting legal battles with insurance companies because they thought they were covered.
The plight of many flood victims prompted the Federal Government to launch a review of the industry.
The Natural Disaster Review Panel made 47 recommendations.
Read More
Source ABC.com.au
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Tags: flood, Insurance, Insurers
Posted in House Insurance, Insurance, Insurance Information, Insurance News, Insurers | No Comments »
November 11th, 2011
Life Insurer Macquarie Life has topped an annual financial planner satisfaction survey by financial services Asteron followed and AIA Australia ranked third, according to 729 financial advisers surveyed for the 2011 Planner Risk Report.research consultancy Investment Trends.
Seventy-seven per cent of planners rated their risk providers good or very good, down slightly from 81 per cent a year earlier, the report said.
Meanwhile, 34 per cent said they had dropped at least one provider over the past year to September.
Investment Trends senior analyst Recep Peker said the figure was relatively stable from the previous year. However, it was stable at a high level.
Read More
Source financialstandard.com.au
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Tags: AIA Australia, Asteron, Life, Life Insurer, Macquarie
Posted in Insurance, Insurance News, Insurers, Life insurance | No Comments »
November 3rd, 2011
AIA Australia has come up trumps at this year’s insurance industry awards, scooping a number of prizes for its Priority Protection product range.
The life insurance specialist picked up Canstar Cannex ‘Outstanding Value’ awards for Life Insurance and Income Protection, as well as best Life Cover Plan with Asset Innovation, and best Business Overheads product with Money Management’s Adviser Choice Risk Awards.
Read More
Source financialstandard.com.au
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Tags: AIA, Canstar Cannex, Income protection, Life insurance, Life Insurer
Posted in Income Protection Insurance, Insurance News, Insurers, Life insurance | No Comments »
August 24th, 2011
QBE have recently announced the company will be restructuring and splitting operations between Australian and Asia.
Previously, the Australia Asia Pacific operations of the insurance company have been managed as one division but with the extensive growth the company has seen over recent years, QBE have decided that the two entities would be better off separately managed.
According to QBE, the decision to split the operations follows rapid growth in market share through a range of acquisitions. The global insurer forecasts the restructure will create further opportunities and enhance decision making said to improve overall efficiency.
With the split of the two operations Chief Executive of Australia Asia Pacific operations will no longer be necessary, which has seen the current CEO Vince McLenaghan decide to leave the company.
Under the new structure QBE will have a separate chief executive for each Australia and Asia Pacific operations, both reporting directly to Group head office.
The QBE group CEO Frank O’Halloran has said the structural changes “reflect the natural progression of these successful businesses to a more independent future”.
QBE are located in almost 50 countries and offer a variety of insurance products including personal insurance, business insurance, workers compensation and more.
By Krystal Ayoub
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Tags: Asia, Australia Asia Pacific, Australian, Frank O'Halloran, insurance company, QBE, Vince McLenaghan
Posted in Insurance, Insurance Information, Insurance News, Insurers | No Comments »
August 20th, 2011
Sunsuper and AIA Australia have officially launched a new insurance product designed to better suit their funds members.
AIA will be replacing Suncorp Life after over a year of negotiations and reviews of their current product offerings and members needs. The level of default insurance cover has significantly been reshaped to provide a higher value for money product.
The insurance offering which commenced last week will improve all members coverage as well a range of improvements aimed at women who account for over half over the companies one million members.
Women are expected to receive up to 50% discounts with new gender based premiums. CEO Tony Lally commented on the product offering saying “We’re the only fund to have gender based rates. Woman have much lower mortality rates than men so in most funds the men pay too little and women pay too much”.
Other tailored product options will be available based on gender, age, and life stage events including buying a house, marriage and children. These options will especially benefit young members who will also have their premiums adjusted accordingly with Mr Lally reasoning being “Our new insurance offering will help members under the age of 30 to build their superannuation account balances while still providing a safety net of insurance cover.”
The insurance offerings were officially launched on July 4th.
By Krystal Ayoub
Please note GreatChoice Insurance News is an information service provided by third parties, Insure247 Pty Ltd doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories
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Tags: AIA Australia, House Insurance, Insurance, Life insurance, Suncorp Life, Sunsuper, Tony Lally
Posted in House Insurance, Insurance, Insurance Information, Insurance News, Insurers, Life insurance | No Comments »
August 20th, 2011
TAL insurance formally known as Tower Australia are continuing to upgrade and restructure the insurance product offerings and other features which will benefit both employees and advisers.
In order to streamline and simplify some of the advisory processes TAL have introduced a range of features in the group life and group salary continuance product lines.
Some of the new features include the ability for individuals to apply for insurance online as well increased flexibility with no location restrictions and worldwide approval free cover. A TAL spokesperson has commented on the changes saying “We.. acknowledge the increase in ‘global’ employees so we increased the flexibility of the product by removing the restrictions on location and time spent overseas to make it easy for our customers to cover all their employees”.
Permanent employees regardless of the hours worked will also access death and Total Permanent Disability (TPD) cover in addition to the waiver of premiums in respect of underwriting loadings.
Included in the upgrade as of August 1, TAL has added two new directors, Roger Garrett and Japanese national Tatsuya Yasukawa bringing the total number of board members to 11.
The changes have not come as a surprise after managing director Jim Minto announcing the name change would not change the brand but further assimilate it towards focusing on being the ‘specialist voice in life insurance’.
By Krystal Ayoub
Please note GreatChoice Insurance News is an information service provided by third parties, Insure247 Pty Ltd doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories
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Tags: Insurance, Roger Garrett, TAL insurance, Tatsuya Yasukawa, Total Permanent Disability (TPD), Tower Australia
Posted in Insurance, Insurance Information, Insurance News, Insurers | No Comments »
June 22nd, 2011
Flights around Australia have resumed to normal after an expensive week for airlines after a week of volcanic ash forced flights to come to a halt.
The ash cloud was caused by Chile’s Puyehue-Cordon Caulle volcano which began to erupt on June 4 and caused the foggy ash cloud to move its way over the oceans, landing in Australian and New Zealand’s airspace.
Aussie airlines including JetStar, Qantas, and Virgin, cancelled countless flights to and from New Zealand, Tasmania, and Melbourne throughout the duration of last week.
An expert on volcanic ash has said the cloud can “pose a risk…particularly for jet engines, due to the fact it can cause the engines to stop”. JetStars CEO David Hall has responded to the risk saying “The safety of our passengers, our people and our operations is Jetstar’s number one priority – we always put safety before schedule”.
Tens of thousands of frustrated passengers were affected, many unaware of the cancellations until they reached the airports.Majority of the domestic travellers failed to take out travel insurance, facing accommodation and other delay incurred costs.
Not only were the passengers affected, airlines such as JetStar have reportedly said these flight disruptions and cancellations are set to cost millions of dollars at the hand of safety policies and procedures.
Qantas estimates the ash cloud saga will cause a loss of approximately $15 million per day to add to the already declining growth forecasts.
The benefit of taking out travel insurance was illustrated with the once again unpredictable and volatile mother nature affecting all types of travellers.
By Krystal Ayoub
Please note GreatChoice Insurance News is an information service provided by third parties, Insure247 Pty Ltd doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories
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Tags: Australia, Chile's Puyehue-Cordon Caulle volcano, David Hall, Insurance, JetStar, Melbourne, New Zealand, Qantas, Tasmania, Travel Insurance, Virgin, volcanic ash
Posted in Insurance, Insurance Information, Insurance News, Insurers, Travel Insurance | No Comments »
