Tag: Australia insurance

Cyclone program making insurance news in Australia

Julie Campbell
Austrailia's Cyclone Yasi insurance news

A taskforce is looking into various options such as a reinsurance pool backed by the government. The Abbott government is making insurance news as it considers making financial support available to reduce the premiums that are being paid in certain regions of Australia that are particularly prone to cyclone damage. There have been a number of different potential options presented by the government for this purpose. Among those making the top insurance news include a government-backed reinsurance pool, or a form of coverage specific to cyclones that is provided by…

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Homeowners insurance rates spike following last year’s bushfires

G. Turner
Tasmania Brushfires homeowners insurance

The cost of coverage has soared in Tasmania after the massive disaster of last summer. The massive bushfires in Tasmania that made headlines throughout the summer season, last year, are now having an impact – quite a dramatic one, in fact – on the prices that are being paid for homeowners insurance coverage. Property owners in the Tasmanian region are now seeing considerable increases at the start of this summer. In fact, the homeowners insurance premiums in Tasmania are now rising far higher than people in Western Australia and Victoria,…

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Homeowners insurance claims in Australia rising quickly from bushfires

Julie Campbell
widlfire homeowners fire Insurance

These wildfires have already brought about claims that have broken the $96 million mark, so far. According to the Insurance Council of Australia (ICA), there have already been more than 900 business, auto, property, and homeowners insurance claims with insurers in Australia, and that this has brought about a loss of over $96 million ($100 million Australian), so far. It is believed that there are more claims that will be filed with each passing day for the next while. A spokesperson for the ICA, Campbell Fuller, explained that assessors for…

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Business insurance costs are on the rise from class action suits

Business insurance australia

These Australian lawsuits are starting to increase the expenses associated with this form of coverage. The business insurance industry is facing considerably higher costs due to the rising number of payouts being made in shareholder class action lawsuits, and this trend is causing the premiums for directors’ and officers’ coverage to rise. In 2012, there was an estimated total of $506 million in class action settlements made. This was an increase of approximately $200 million over the total payouts that were made in 2007. This, according to a report by…

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Homeowners insurance in Australia may see considerable increases

Australia Flood insurance homeowners

Some areas are being seen as higher risks for flooding, fires, and drought, among other perils. Australia is now experiencing some of the most fierce and extreme weather and natural events that have ever been recorded, causing many homeowners insurance customers to ask themselves whether they should expect to pay higher premiums in order to compensate from the increasing risks. The current summer in the country has been one of the most damaging single seasons on record. Many of the areas in the country faced scorching temperatures throughout the summer…

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