australia Business insurance Archives

Business insurance costs are on the rise from class action suits

February 26, 2013April 30, 2013

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…

Cyber insurance increasingly important in Australia

February 19, 2013April 30, 2013

Businesses are experiencing a growing number of targeted attacks within that country. A newly released government report in Australia has shown that there is a rapid rise in the number of data breaches among organizations in the country, which suggests that there may be a growing need for cyber insurance. Over one fifth of companies that the government surveyed stated that they had been targeted last year. There were 255 companies that participated in the government survey, and one in every five said that within the last year, they had…

Business insurance premiums will rise following rate cut

December 5, 2012December 4, 2012 H. Cutner

A campaign from the Reserve Bank will cause companies in Australia to pay more for coverage. One of Australia’s leading business insurance companies has revealed that it will be required to increase the premiums it charges in order to compensate for the aggressive cut in rates by the Reserve Bank, which are eating into the insurer’s investment earnings. This latest news was announced ahead of the monthly meeting of the country’s central bank. The commercial arm of the business Insurance Australia Group has stated that it doesn’t see any other…