Federal Government

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How to minimise being underinsured

Many Australians, especially those who own businesses, discover they don’t have the cover they need in the worst possible circumstances. Insurance is one of those subjects that many people glaze over. So, just to test how knowledgeable you are about this important but unsexy topic, see how many of the following you can answer. Questions What type of insurance can provide cover if a natural disaster results in my business having to shut down for a period of time? What type of insurance can

Insurers asked to consider standard flood definition

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

Should life insurance advice be paid for via a fee?

It is well known that Australians are hesitant to take out life insurance, resulting in a huge underinsurance problem when something tragic happens in a family. Jenni Mack, Chairman for Choice says she wants the advice component of life insurance to be paid for through a fee. Thus the advice and product sale could be separated and charged accordingly. Mack says when a consumer buys life insurance in Australia, there

ICA supports National Disaster Insurance Review

The National Disaster Insurance Review, announced by the Federal Government on 4 March 2011, has been welcomed by the Insurance Council Australia (ICA). ICA CEO Rob Whelan said the review also had the full support of the general insurance industry. He commented, “We believe this review provides a great opportunity for the general insurance industry to contribute to current debate on how Australian communities can be more resilient to extreme weather events.” “Disaster insurance is critical when it comes to protecting

Matcham appointed CEO of ARPC

David Matcham has been appointed CEO of The Australian Reinsurance Pool Corporation (ARPC). The ARPC was established by the Federal Government in 2003 in response to the withdrawal of terrorism cover by insurers. Matcham left Lumley in June 2009, after spending more than 32 years with the company, 10 years of which were as Lumley CEO. Matcham is currently the Chairman of the Create Foundation, the peak body for children in care, and a Director of Hollard Insurance. David Matcham takes

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