Suncorp reveals how much they paid on Australia and New Zealand disasters this year

Earlier this year, Australia and New Zealand faced an onslaught of natural disasters that put strain on the two nation’s top insurer: Suncorp. Several estimates have been made as to how much the disasters cost the company, but Suncorp had not released any official statement regarding the issue. Yesterday, however, their silence was broken as the company hopes to improve its relationship with several reinsurance company in an effort to increase its profits for the 2011-12 fiscal year. According to Suncorp, the two devastating earthquakes that rocked New Zealand –…

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Australia’s disability program gets a shot in the arm

The Australian government’s Productivity Commission launched an inquiry into the nation’s disability insurance schemes and has release their findings in a report published this week. The commission found that the country’s current support system is unsustainable and does not provide enough support to the great amount of people suffering from disabilities. The commission is proposing a $12 billion a year insurance scheme. Currently, the government spends $6.2 billion per year insuring the disabled. An additional $6.3 billion will be needed to help another 360,000 disabled Australians. The insurance coverage would…

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