With the levels of under insurance in most countries around the world of concern to governments and the insurance industry it is clear that an education program is necessary to explain to home and business owners the risk they take by not insuring fully.
As most in general insurance knows, business policies covering property such as buildings and contents and the all important business interruption coverage do not pay out the full amount, even on a partial loss, if the Insured/business owner is not close to being fully insured.
As part of LMI’s efforts to educate the program, one of our team, Steve Manning from our Melbourne Office appeared this week on the popular television program Dollars with Sense hosted by Dallas Brookes.
Here is a link to their discussion on this important issue. http://www.youtube.com/watch?v=JEDNURnPXRA
Here is a link to a short video on the basics of general insurance I did for Dollars with Sense.
D Ram factory of SK Hynix located in Wuxi, China severely damaged by fire.
The following is a list of the massive losses that the insurance industry dealt with over the past year or so.
These are individual losses as opposed to losses to communities due to natural catastrophes, although the loss at YPF involved flooding.
It is pleasing that Australasia do not feature after several years of making the list in the category of major natural catastrophes.
|2013 Major Risk Losses
||Insured loss USD
||Flood and Fire
|April and September
||Jack up Rig loss
||Boeing 777 crash