New offering from AIA Australia and Australian Group Insurances for SMSF

March 6th, 2012

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Life insurance specialist, AIA Australia has partnered with Australian Group Insurances (AGI) to launch a new insurance solution specifically tailored to address the insurance gap in the Self Managed Super Fund (SMSF) sector.
The SMSF sector is the largest and fastest growing superannuation sector in Australia.* This tailored solution has been developed to specifically meet the needs of this growing sector.

The plan also provides; immediate decisions – for cover up to $500,000 death and TPD; the ability to transfer existing cover; an online application that can be completed in under five minutes, and can also cater for SMSFs that utilise platforms as an administrative tool.
The new product marks AIA Australia’s first targeted offering to the SMSF sector which now represents one third of Australia’s $1.3 trillion superannuation pool.* Damien Mu, Chief Distribution and Marketing Officer at AIA Australia said the SMSF Master Insurance Plan was specifically designed to provide SMSF members access to comprehensive insurance at competitive rates

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QBE Annouces 45 percent drop in Profit

March 2nd, 2012

Australian Insurer QBE has announced a 45% drop in full-year profits after unprecedented weather events in 2011. QBE’s profit was $704 million.

Related story Changes at he top at QBE

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Life Insurers enjoy growth

March 2nd, 2012

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The latest figures for the Australian Life Insurance market have been released by Plan For Life, and AMP Group has increased their new annual premiums by 391m, TAL (formerly Tower Insurance) 310M and MLC Group up by 306M.

Source http://greatchoice.com.au

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Changes at the top at QBE

February 29th, 2012

QBE chief executive Frank O’’Halloran has annoced he will be stepping down from his role at the leading insurer, he will be replaced in August by John Neal currently the insurers global head of underwriting

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Retailers To Ensure They Were Adequately Insured Against The Possibility Of Natural Disasters

February 27th, 2012

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Peak retail industry body the Australian Retailers Association (ARA) recently urged retailers to ensure they were adequately insured against the possibility of natural disasters as the Australian fire and flood season opens.

ARA Executive Director Russell Zimmerman said as Australia heads into the peak time for the possibility of natural disasters, retailers needed to review their insurance policies to make sure they don’t find themselves underinsured in the devastating event of a natural disaster.

“This is a timely reminder to Australian retailers that they’re operating in a land of fire and floods, and the consequences of cutting down on insurance costs means they could find themselves underinsured.

“One in every 500 businesses will suffer from a natural disaster in Australia and 43 percent of businesses that experience a natural disaster never reopen.

“Many retailers find out too late they don’t have the insurance cover they need to rebuild their businesses after a fire or flood, which is a sad realisation given they could have recouped their business by insuring to the full value of the business.

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Insurance Australia Group Claim Cost Rise

February 24th, 2012

Insurance Australia Group (IAG) announced first half profits fell by 10.6 per cent to $144 million, with claims from natural disasters reaching $396 million.

Chief executive Mike Wilkins said in a statement today “The first six months of the 2012 financial year have again been challenging for the insurance industry, with high net natural peril claim costs, including floods in Thailand and the severe Christmas Day storm in Melbourne, significantly increased reinsurance costs and volatile investment markets,”.

IAG’s insurance brands include NRMA, SGIC, SGIO, Swann and CGU in Australia

 

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Suncorp Group Enjoys 74 percent jump in first-half profit

February 23rd, 2012

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Suncorp Group’s general insurance, banking, life insurance, superannuation and investment brands in Australia, has seen a 74% jump in first-half profit up to $389 million.
Net profit at Suncorp’s general insurance business sank to A$162 million from A$292 million after a string of natural disasters, including the Melbourne’s severe Christmas Day hailstorm

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How To Save Money On Car Insurance in Australia

February 22nd, 2012

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1) Compare Car Insurers

Most car insurers know that once they have a client its rare for that client to compare their policy for up to seven years, so the best way to save money is to compare every year.

2) Don’t  be young

Drivers under 25 are a huge risk for insurers, regardless of the clean driver record of the primary driver. Insurers will charge up to 3 times the normal premium for under 25′s and the excess in the event of claim is likely to be a few thousand for each claim.

3) Don’t Crash

Any claim may result in a change to your no claim bonus, and this will change the premium offered when you get car insurance quotes

4) Don’t drive a Ferrari

Sports cars, modified cars or imports a notoriously hard to insure with only a few insurers offering cover

5) Pay the annual premium

Not all insurers offer pay by the month, and some that do will charge you 10% more for the privilege

 

Australian Car Insurers include AI, Allianz, Budget Direct, CGU, Comminsure, GIO, QBE, Real Insurance, Suncorp, Vero, Zurich

 

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Travel Insurance May Not Cover Clients of Collapsed Air Australia

February 17th, 2012

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Travel insurers are advising clients they may not be covered with the collapse Air Australia.

Travel Insurer Cover More are advising clients that purchased their policy after the 21st of December that they wont be covered. 1Cover have provided their clients with Travel insurance information about the financial collapse of Air Australia

If you are currently travelling:

  • If you have started your journey and your flight is cancelled due to the financial collapse, you may claim for reasonable additional food, accommodation and travel expenses.
  • Limits apply under your policy, and for full details you should refer to the Product Disclosure Statement you received when you purchased your travel insurance.
  • There is no provision to claim under your policy for cancellation or rearrangement expenses for the utilised portions of your travel arrangements.

If you have not yet departed:

  • If you have not yet departed, we recommend you contact your travel agent or travel provider regarding the best and most cost effective option in altering or cancelling your trip. There may be options available to you in this instance with other airline providers.
  • For any other outstanding expenses you will need to submit a claim for assessment.
  • All travel insurance policies provide cover for unforeseen and unexpected circumstances. Due to the extensive media coverage, there is no provision to claim for any expenses relating to the cancellation of flights for policies issued on or after 17 February 2012

The Insurance Council Council advise clients to contact their insurers as they all have different terms and conditions. They advise policy holders to check their policy, and if they don’t have their policy document most insurer will have the electronic information.

The ICA also state that 10% of Australian’s that travel overseas don’t take out travel insurance

 

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Australia Passes Bill to Means Test Health Insurance Rebate

February 16th, 2012

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Australia’s lower house passed legislation to introduce means-testing of rebates for private- health insurance as Prime Minister Julia Gillard’s government strives to return the budget to surplus.

Under the legislation, individuals earning more than A$83,000 ($89,000) a year would face a means test for the 30 percent rebate. The bill, which needs the support of the upper house Senate to become law, would also increase the surcharge paid by higher-income earners without private cover using the publicly-funded Medicare service.

The government is committed to returning its budget to surplus in 2012-13, which will require fiscal discipline, Treasurer Wayne Swan said Feb. 6. The measures are expected to save the government A$2.4 billion over three years, according to the Australian Broadcasting Corp.

Private Healthcare Australia, an industry body, said means- testing the rebate could force people out of the private system and into the public sector.

“It would increase pressure on the public hospital system and force premiums to increase,” the body, which represents 95 percent of the private health insurance industry, said in a statement.

It cited an independent report conducted by Deloitte in early 2011 that found means-testing the rebate would result in 1.6 million Australians dropping private health insurance cover over five years.

–Editors: Edward Johnson, John McCluskey http://www.businessweek.com

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