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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Australian grocery chain,Woolworths, adds life and pet insurance to their offerings
The Woolworths supermarket giant has just announced its intention to offer a number of new insurance products, which will include life insurance and coverage for pets. George Hughes, the head of insurance at Woolworths, said that the company has had intentions to extend its financial services branch, and that it is now doing so with its new addition of the various insurance products. Hughes released a statement to complement the Woolworths announcement, that said that “We intend to have a long-term presence in the insurance sector, with the ability to…
Read MoreAustralia Flood Insurance News: Local councils fear cost shifting for flood insurance
Australian local government has brought cost shifting to the surface once more as it looks like the federal government’s flood insurance costs will be sent to local councils. Though cities such as Canberra have supported local government decisions to remove state government cost shifting, the Australian Local Government Association (ALGA) has voiced its concerns regarding indications that the federal government is now considering putting the weight of flood risk insurance and carbon tax on local government shoulders. The ALGA has already been speaking out about its worries regarding the likely…
Read MoreSuncorp 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 –…
Read MoreAustralia: Property insurance risk are being recalculated
The flooding that struck Australia’s Queensland some months back was expected to have severe ramifications on the insurance industry. Now, officials are reporting that rates for homeowners are going to be raised by as much as 30%. Queensland residents have been receiving renewal notices for their policies’ premiums will be increasing. Many of these policyholders own property that survived the flooding without any damage, leading them to question the rate increase. Insurers claim a myriad of reasons behind the rate increase. While the flooding is a prominent factor, they assert…
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