Insurance council of Australia

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Professional Indemnity Insurance

Professional Indemnity Insurance Premiums In Line For Huge Increases

The Australian Institute of Building Surveyors (AIBS) says ministers have failed to address the immediate professional indemnity (PI) insurance crisis, focusing instead on long-term reform. Despite “encouraging signs” on building regulation improvements at last week’s Building Ministers’ Forum in Sydney, AIBS CEO Brett Mace says “nothing arising from the meeting will give comfort to building surveyors and other industry professionals faced with unworkable PI insurance policies right now”. The scale of combustible cladding and other defects on buildings across the country has

QBE Appoints

Mark Milliner reappointed as ICA President

Mark Milliner reappointed as ICA President The Board of the Insurance Council of Australia (ICA) have announced the return of Mark Milliner as President from July 1, 2016. Mark Milliner, who is IAG’s Chief Operating Officer, previously held senior roles at Suncorp, most recently as CEO Personal Insurance. He was a Director of the ICA Board from 2009 to 2015 and was President from 2012 to 2014. The appointment follows the retirement of Andy Cornish from the ICA Board. Mr Cornish, formerly Chief

Business Interruption Insurance Explained

Business Interruption Insurance Helping Small Business?

Business Interruption Insurance There is more than 1,300,000 small to medium businesses (SME) in Australia, in the event of a major loss many of these businesses may be unprepared, that is where Business Interruption Insurance comes in. Business Interruption Insurance covers; Pay Wages Pay Your Rent Pay your Debtors And cover your loss of profits. Generally business interruption is included in Business Insurance packs, however, cover and indemnity periods may vary, if you unsure talk to a broker to discuss your needs 1300 046 787. Why get business interruption insurance? If

Eastern Australian Storms Create 1.55 Billion In Claims

  Insurance losses from claims following a series of severe storms that hit eastern Australia in April and May have passed $1.55 billion. As of June 1, Insurance Council of Australia member companies have received 119,935 claims following storms that struck widespread areas of New South Wales (in particular the Central Coast, Hunter, Greater Sydney Metropolitan and Illawarra regions) over several days in April. Insurance losses to date total $801.7 million in losses ($629.6 million for domestic claims, $172.1 million for commercial). Insurers

Do You Have Appropriate Business Interruption Cover

            Business Interruption Cover According to the Insurance Council of Australia over 50% of Australian businesses that suffer a physical loss and do not have business interruption cover will not resume their normal business operations. And yet only 30% of SME Businesses have Business Interruption cover as part of their insurance portfolio. Business interruption insurance, also known as “loss of profits insurance” or “consequential loss insurance”, complements insurance on material assets such as buildings, plant and stock. It is designed to provide protection against

MP Urges changes to flood insurance premiums

Lismore MP Thomas George has urged insurers to review the way they charge higher premiums in at risk postcodes in a meeting with the Insurance Council of Australia. “The Tweed area had something like 16,000 properties were in areas of one in a hundred flood risk.” “However, the use of the Council’s latest flood frequency map shows that there’s only 7,900 of these properties are in locations with a potentially lower risk of flooding,” Mr George said. One insurer Zurich

QBE Latest Insurer to Offer Mandatory Flood Cover

QBE has announced it will offer mandatory flood cover, they will use the Insurance Council of Australia’s National Flood Information Database (NFID) and there own data to rate the properties risk. New properties with a high flood risk will be rejected and  existing client with high risk polices will be offered renewals but at an increased premium.   Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia doesn’t warrants the

Richard Enthoven

Richard Enthoven joins ICA Board of Directors

Richard Enthoven joins ICA Board of Directors The Insurance Council of Australia (ICA) Board has announced the appointment of Mr Richard Enthoven, Managing Director, Hollard Insurance Company to its Board of Directors effective May 3, 2013. Chairman and ICA President Mark Milliner said “We are very pleased to have Mr Enthoven on the Board. I look forward to the valuable perspective he will provide and benefiting from his insight and experience as the ICA continues to make progress on its advocacy work

Former President of the Insurance Council of Australia Joins Coles

Rob Scott the Managing Director of Wesfarmers Insurance has been named as Coles Finance Director, Mr Scott was a President of the Insurance Council of Australia up until last year Managing Director Richard Goyder said about Mr Scott “Rob has demonstrated exceptional financial skills and business leadership,” Mr Goyder said. “That experience will enable him to make a significant contribution to continued performance improvement within the Coles businesses, and will bring further commercial capability to

Insurers call for more action against professional car thieves

Seven vehicles are stolen every hour in Australia With nearly one-third never recovered, highlighting the need for greater cooperation between state governments and their agencies to tackle car theft rackets. Insurance Council of Australia CEO Rob Whelan said insurers received more than 7000 vehicle theft claims totalling $50.5 million for the last quarter, of these, 4814 were stolen for profit-motivated purposes (for resale or stripped for parts) andnot recovered, up 11 per cent. Total thefts in Queensland soared by 26 per cent, with Western Australia experiencing a17 per

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