The Australian Prudential Regulation Authority released its Quarter 1 statistics in respect to Australia’s general insurance industry performance. The March 2021 statistics affirm that the industry made a modest net profit of $19m which is an improvement on the net loss of $649m from the December 2020 quarter. The result, continues to be largely driven by legacy losses resulting from the catastrophic December 2019 / January 2020 bush fires, large falls in investment due to COVID-19, lower underwriting results and provisions for business interruption claims.
Like personal insurance, reviewing your business insurance is essential. It’s generally effortless to do and provides peace of mind for you and your business. In this article, we look at the claims process and how to make sure that your business assets are fully insured and how best to avoid the consequences of underinsurance.
Having business interruption cover may be critical to avoid large losses when a business is unable to operate or operate at full capacity after a property damage event. In this article, we review the steps on how to best integrate business interruption insurance to your policy.
Depending on business size, the core policy options for a small to medium size business is a ‘Business Pack’ – which primarily addresses necessary cover attributed to peril related impacts, where larger business tend to opt for an Industrial Special Risks (ISR) policy.
Remote working has highlighted the need for businesses to have their cyber security arrangements in order and front-of-mind. Workplaces that choose to ignore the risks associated with technology or the threat of sophisticated cyber breaches increase their risk profile and exposure of an impact from cyber villains.
The Global Insurance Market is currently in the hardening portion of the insurance cycle, characterised by premium and deductibles increases, scrutiny on terms of cover, reductions in capacity and withdrawals of some insurers from the market.
Stress testing your cybersecurity framework is essential to ensure that your response plans will work in a crisis. Act now to review your cybersecurity framework and cyberinsurance policy.
We recommend that consideration is given to urgently reviewing your current insurance arrangements as it is essential that cover is updated in conjunction with changes in risk profile.
Before booking any travel or proceeding with any travel that has previously been booked, read your travel insurance policy wording to determine if Coronavirus/COVID-19 related events are claimable under the policy.
D&O insurers of ASX companies have implemented remedial underwriting strategies and continue to tread cautiously when deploying capacity in an attempt to deliver a substantial uplift of the Australian D&O premium and profit.
In this article, we consider the implications the Australian Government’s Royal Commission into the Misconduct in the Banking, Superannuation and Financial Services Industry Final Report has on the provision of general insurance services.
Directors & Officers Insurance (D&O) is heading for a crisis point in Australia. Insurers participating in D&O have written this class at or close to a loss for the last 6 years – and not just some small anomaly losses against solid actuarial data.
In this downloadable article, we consider the implications of recent regulatory and common law developments for labour hire providers, principals and host employers.
Once thought eradicated from the Australian coal mining industry, coal workers pneumoconiosis (CWP) has been re-identified. According to the Queensland Government, as at 14 June 2017 there have been 22 confirmed cases of CWP reported to the Department of Natural Resources and Mines since May 2015, with a sharp escalation anticipated.