Do You Have Appropriate Business Interruption Cover

July 8th, 2014

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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 loss consequent upon interruption of the turnover to a business as a result of damage to these assets by fire and other contingencies insured under a material damage policy, such as Fire and Extraneous Perils or Industrial Special Risks.

Get a business insurance quote by click here or call to discuss with Insure 247 on 1300 046 787

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia 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 Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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AIG Travel Guard Travel Insurance App

July 7th, 2014

Travel insurance quote

AIG’s Corporate Passport Travel Insurance now has an added benefit, with the introduction of the
Travel Guard Mobile App. In conjunction with Travel Guard, AIG has developed Australia’s newest and
most exciting emergency travel App. The App provides you with important travel information at your
finger tips and even puts you in touch with our 24 hour Emergency Assistance Centre, at the touch of
a button.

How it Works

Using your phone’s GPS (no internet needed) the App will determine your location and provide you
with all the contact information you need to get to a hospital, dentist, embassy etc. There’s no need
for constant app updates either. Once you have downloaded the App, it will automatically update its
data each time the device connects to the internet, ensuring you have access to the same up to date
data as Travel Guard itself. This means you can avoid huge data usage while overseas.

 

You can download a copy from Google Play for android and at iTunes

 

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia 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 Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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IAG completed its acquisition of the Wesfarmers Insurance Australian Underwriting business

July 2nd, 2014

CGU Business Insurance  http://i2.wp.com/quotesonline.com.au/images/lumleys_insurance.jpg

 

 

On Monday 30 June, IAG completed its acquisition of the Wesfarmers Insurance Australian Underwriting business.

CGU have made it clear they intend to take more time to learn about the businesses to ensure that the best people and business practices can be integrated for the benefit of the future organisation.

Things that will stay the same 

- The management of claims
- The products
- Office locations
- Underwriting authorities and risk appetite
- Renewals
- The current risk appetite and combined ability to write risk in all geographies remains unchanged

 

Things that will change

They will be introducing some changes to the way CGU and Lumley compete for new and existing business.

- CGU and Lumley will not compete against each other for existing customer business

Source CGU

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia 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 Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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TAL Australians Attitude To Life Insurance

June 26th, 2014

life_insurance_TAL
Life  

Life Insurer TAL asked 1,266 Australians about their attitude to life insurance, they used the information to create the TAL Australian Financial Protection Index.

The key results include:

  • A 38% increase in the amount of respondents said that felt they were “Fully insured and  feeling covered”
  • Over the last year the level of cover has increased
  • The 39-49 year old age bracket has the highest level of protection
  • Home owners with a mortgage have the highest level of cover
  • Higher income earners have a higher level of protection

 

 

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia 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 Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

 

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Professional indemnity premiums down 4 per cent

June 25th, 2014

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APRA-regulated general insurers wrote $1,318 million of gross premium during the 2013 underwriting year, down 3.5 per cent from the previous year ($1,366 million). This premium related to about 601,000 PI risks written in the 2013 underwriting year, up 12.0 per cent from the previous year (about 537,000).

APRA has released the National Claims and Policies Database (NCPD) figures for Professional Indemnity and Public and Product Liability Insurance for the period 1 January 2003 to 31 December 2013

The combined results for PI & PL resulted in the APRA-regulated general insurers writing $3,036 million of gross premium for the professional indemnity (PI) and public and product liability (PL) classes of business, down 3.8 per cent from the 2012 underwriting year ($3,157 million)

 

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia 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 Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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Allianz Senior Management Appointments

June 24th, 2014

Allianz

 

Allianz has announced a number of appointments to the Allianz Senior Management Team. Allianz’s management structure will revert to having two dedicated distribution divisions:
one covering the distribution of mainly commercial insurance products through brokers and agents; and
the other covering the distribution of insurance products through retail channels (ie internet, call centres), financial institutions and motor dealers.

David Hosking, currently Chief Financial Officer, will assume the role of Chief General Manager, Broker & Agency.
David has over 20 years of experience in the general insurance industry. He joined Allianz Australia in May 2008 as General Manager Finance and was appointed as Chief Financial Officer in July 2009. Before joining Allianz, David had an extensive career with other major Australian insurers and has previously held senior roles in the UK and Australia.

Michael Winter, currently General Manager Financial Institutions & Affinity, will assume the role of Chief General Manager, Retail Distribution.
Michael joined Allianz in April 1997 and has over 28 years of insurance industry experience, with particular expertise in sales and distribution. Michael has overseen the significant growth of Allianz’s financial institutions and affinity businesses since joining the company.

It is anticipated that David and Michael will take up their new duties from August.

Mark Raumer, currently a partner at Ernst & Young will take on the role of Chief Financial Officer.

Mark joins Allianz following an impressive career as a partner at Ernst & Young, bringing with him nearly 30 years of specialisation in Australia’s general insurance industry. Over his career, Mark has led the audits of many of Australia’s largest Insurers and provided professional advice on a broad range of accounting, risk and prudential matters. Mark is expected to commence with the company in October 2014.

All appointments are subject to normal regulatory and Allianz SE Board of Management approvals.

Commenting on the appointments, Managing Director Niran Peiris said, “the retirement later in the year of Jonathan Poole as Chief General Manager Sales & Distribution provided the opportunity to consider the leadership model best suited to Allianz’s future growth.

“David and Michael’s intimate knowledge of our business will enable Allianz to continue our focus on delivering industry-leading products and service to our diverse range of distribution partners, while at the same time enhancing our One Allianz approach to the market.

“Mark’s wealth of knowledge of the Australian insurance industry will be a great contribution to our business and he will bring much experience and enthusiasm to our senior management team.”.

Source Allianz

 

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia 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 Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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Coles Life Insurance

June 5th, 2014

Life

New competitor in Australian Life Insurance market

Coles has joined their competitor Woolworths (WOW ASX) in the life insurance market. The Coles product rolled out in June is backed by Wesfarmers (WES ASX) Insurance and Metlife (MET NYSE).

They are offering Life Insurance with stepped or level premiums,  discount for flybuy members and the chance to earn extra flybuys at Coles.

To apply for Coles Life Insurance you must be an Australian Citizen, New Zealand Citizen or permanent resident and residing in Australia, and aged between 18 and 55

The supermarket giant has offered to beat any direct insurer, but has not made the same offer to the broker offered products.

Woolworths Life Insurance is issued by the insurer, Swiss Re Life & Health Australia Limited.

Policies from both brands are offered with benefits of up to $1.5 million

 

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia 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 Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

 

 

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Bendigo Bank to offer a bank branded life insurance from AIA

June 4th, 2014

Life Insurance

       

Life insurer AIA has developed a direct life insurance product that will be distributed by Bendigo Bank. The product will be offered over the next 5 years through branches and online on the banks website. It will carry the Bendigo Bank brand.

Bendigo’s previously partnered with The National Mutual Life Association of Australasia Ltd a member of the AMP Group.

 

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

 

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Changes at TAL Australia’s Largest Life Insurer

May 8th, 2014

 

Life Insurance

TAL Life Insurance

Duncan-Boyle-TAL

Duncan Boyle TAL Australia

The Chair of Australia’s largest Life insurer TAL, Rob Thomas has today announced the appointment of two new directors to the TAL Board.

Experienced non-executive director and former insurance executive Duncan Boyle and long-standing Dai-ichi Life group senior executive Norimitsu Kawahara today formally became TAL Board directors.

Dai-ichi Life senior executive Tatsusaburo Yamamoto has stepped down as a director to take up a new role in Tokyo within the Dai-ichi Life group.

Mr Thomas said: “I welcome both Mr Boyle and Mr Kawahara to the board of Australia’s largest life insurance company, and would like to thank Mr Yamamoto for his valuable service since 2012. “As TAL has continued to grow its business in Australia, the new appointments help us renew the skillset on the Board as TAL works hard to provide financial protection to even more Australians as the nation’s largest life insurer.”

TAL Australia’s Largest Life Insurer

 

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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Zurich draws on global network with new Head of Financial Lines in Australia

April 10th, 2014

marc-luginbuehl 

Zurich Financial Services Australia Limited (Zurich) has announced the appointment of Marc Luginbühl to the role of Head of Financial Lines Australia & New Zealand, effective June 1, 2014. Marc has spent the last eight years serving in a variety of Financial Lines roles most recently as Head of Financial Lines for Zurich in Switzerland.  Financial Lines is a key contributor to Zurich’s success and strong reputation in Asia Pacific. He will be based in Zurich’s Sydney office. Marc brings a wealth of knowledge and expertise having worked in a number of critical corporate and underwriting leadership roles, over the past 12 years with Zurich.

Marc who is fluent in German, English and French and lists ski-touring, sailing and rowing as his favorite hobbies, will be relocating to Australia with his family. He is looking forward to leading a highly experienced Financial Lines underwriting team and working closely with Zurich’s key broker networks to provide perfectly tailored solutions for our customers.

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Please note Quotesonline Insurance News is an information service provided by third parties Insure 247 Australia 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 Terms of Service

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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