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2016 shaping up to be a year of greater maturity in how insurance companies underwrite their cyber insurance policies. Cybersecurity experts expect 2016 to be the year that insurance companies gain a greater level of maturity with how they underwrite cyber-insurance customers and assess them … [Read more...] about Insurers Getting Smarter About Assessing Cyber Insurance Policy Risks

The decision of the NSW Government to abolish its emergency services levy (ESL) on insurance policies is a major win for brokers following years of industry lobbying, says NIBA’s CEO. The NSW ESL will be scrapped in favour of a property-based charge, paid alongside council rates, from July … [Read more...] about NSW Insurance Tax Scrapped

Insurance product disclosure statements are too complex and failing consumers, sparking the necessity for companies to overhaul the way they communicate with customers, the Insurance Council of Australia said.An ICA taskforce, chaired by insurance lawyer Michael Gill and targeted at how to improve … [Read more...] about Overhaul on the cards for insurance disclosure statements

Insurance against Mother Nature: the idea has been dangled in front of Australian farmers for years, without much response. But, after a second horror season in the Wimmera Mallee grain belt, the subject is the talk of the farming community.Warracknabeal producer Phil Koschitze became the poster … [Read more...] about Crop insurance the talk of Victoria, but is it the best way to manage risk?

CIOs are scrambling to purchase cyber-insurance, but the need may be outpacing a market that continues to evolve in the face of significant cyberattacks. Spurred by the rash of high-profile hacks, companies are purchasing cyber-insurance to protect themselves from the financial liability associated … [Read more...] about Need for cyber-insurance heats up, but the market remains immature

The national economy would be boosted by more than half a billion dollars annually - over five years - if state and territory governments replaced stamp duties on insurance policies, new research by Deloitte Access Economics shows.The research, which was done for the Insurance Council of … [Read more...] about Get rid of stamp duty on car, home insurance, increase land tax, save $575m

Tropical cyclones are the largest damage producing weather system across tropical Australia. Hence it is very important that all businesses and private property and activities are correctly insured from the damage and disruption these intense storms periodically produce.The release of the … [Read more...] about Tropical Cyclones – What the 2015-2016 Tropical Cyclone Outlook Means

THE devastating April storms saw more than 50,000 claims lodged with NRMA Insurance — more than would typically be seen in a whole year — new data reveals.More than three quarters or 76 per cent of all home insurance claims last financial year were for storm damage, largely attributed to the … [Read more...] about SES warns residents to prepare homes ahead of storm season after insurance claims rose 30 per cent