Australian insurance companies may face massive payouts from Cyclone Debbie

australia insurance companies cyclone debbie

The country’s Insurance Council has cautioned that damage could cost billions of dollars. The Insurance Council of Australia (ICA) has cautioned Australian insurance companies, businesses and residents that the damage from Cyclone Debbie is extensive and will be costly. In fact, the ICA declared it a catastrophe. There has yet to be a final estimate of what the damage total will be but previous ones have been in the billions. Over 90 percent of the residents of North Queensland are covered by some form of insurance policy. The majority of…

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Insurance industry study shows coverage knowledge generation gap

Insurance Industry

The research indicated that Australians in Generation Y know more about coverage than their parents. The results of a new study conducted by TAL have just been released, and are indicating that when it comes to knowledge about the insurance industry and how to properly apply it to their best advantage. This is particularly the case in terms of life policies, as those who are younger are most likely to have them. The research showed that Australians within the Generation Y age group are more likely to say that they…

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Insurance Australia to acquire New Zealand’s AMI Ltd. in $286 million deal

The Insurance Australia Group Ltd, the nation’s largest home and auto insurer, has announced that it will be acquiring New Zealand’s AMI Ltd, one of the largest property insurers in New Zealand. The $286 million deal is already underway, but will require the approval of New Zealand’s insurance regulators before Insurance Australia can begin taking over policies. This is good news for those affected by the devastating earthquake that struck New Zealand in February of this year, as they will soon be able to enjoy policies from a larger, more…

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Mortality protection gap for life insurance in Australia nears $1 trillion

According to Swiss Reinsurance Co., the life insurance mortality protection gap in Australia has reached almost $1 trillion. Since 2000, estimates from Swiss Re. about the gap – that is, the size of the needed protection that is not protected by funding from savings or insurance – has risen by $432 billion to reach $972 billion. These figures were the outcomes of a survey conducted with 1000 participants who are working individuals between the ages of 20 and 40 in Melbourne and Sydney. According to the head of the life…

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New disability insurance program to be launched in Australia, will provide high-quality coverage to thousands

A new multi-billion dollar insurance initiative is underway from the Australian government. The Victoria region has been chosen for this insurance plan which is targeting at the nations disabled. Officials hail the plan as the most sweeping social reform since the advent of Medicare. The plan is a $6 billion behemoth which will seek to provide high-quality, long-term care for those that have significant disabilities regardless of the origin of the disability. The plan comes on the recommendation of the Productivity Commission, the government’s independent research and advisory board. The…

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