Tag: australian insurance industry

Australian insurance companies may face massive payouts from Cyclone Debbie

G. Turner
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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Chartis to cancel 3,000 insurance policies for Australian soldiers in Afghanistan

S.Vagus

Chartis Insurance, an international insurance group based in the U.S., has announced that it will be canceling the death and disability insurance policies of some 3,000 Australian soldiers serving in Afghanistan. The move is spurred by a shrinking insurance pool and a high rate of cancellations and payouts on claims. The company, which is a subsidiary of AIG, claims that the cancellations were necessary in order to continue providing benefits for holders of health policies. The problem, however, is that the Australian government is now left to handle the cost…

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Melbourne storms declared an official catastrophe, bringing insured losses in Australia to $4.5 billion

S.Vagus

Melbourne, the second largest city in Australia, had turbulent Christmas Day as a series of severe storms impacted the city. The storms have caused a large amount of damage to businesses and the city’s energy infrastructure, according to insurer QBE. On the day of the storm, insurers fielded more than 15,000 claims and more have been trickling in over the past week. The Insurance Council of Australia (ICA) has declared the storms an official catastrophe, making the event the eighth disaster declaration in the country in just under a year.…

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Australian government may need to take aggressive steps to protect the nation from future natural disasters

This year’s natural disasters have reaped a heavy toll on the Australian insurance industry. A number of floods, cyclones, wildfires and other storms have generated a multitude of claims throughout the country, totaling more than $4.39 billion in insured losses. The Insurance Council of Australia (ICA) calls the disasters the worst in recent history. The impact of natural disasters will only get worse if the government does not take measures to protect communities, according to Rob Whelan, chief executive of the ICA. The majority of homes and businesses in regions…

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

Nordstrom

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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