One of the issues facing governments, business and home owners is the affordability of insurance. There are four main reasons for this. Investment yields at all-time lows, and so the returns that insurers are making from their investments is much lower than it was before the Global Financial Crisis. Catastrophe losses have gone up world-wide. If you went back 10 or more years, catastrophe losses accounted […]
Simply cannot believe this
A week ago I commented that I love my job because you never stop learning, [http://www.allanmanning.com/?p=3006]. At the other end of the scale you also never stop being amazed. Adam Matteson of Arch Underwriting at Lloyd’s shared this article with me that states that the Fertiliser/Chemical Company that had the catastrophic explosion in Texas only had only $1 million liability insurance. From what I have seen, the primary carriers [insurers] do […]
Video Podcasts coming soon
At the request of a great many readers, I will be starting to include at least 1 video podcast with each week’s blog offerings. I did the filming this morning with a guest, Max Salveson and I will have the first of the Podcasts up on this site next week. I do hope you find them a good training tool, something that may be of benefit […]
Brokers ought to be the trusted adviser but are rated so low?
It was with a heavy and disbelieving heart that I read the latest survey results on the way that the public regard insurance brokers as professionals. See http://m.smh.com.au/business/the-most-trusted–and-the-least-20130502-2iusc.html There is clearly a disconnect with the public’s perception of insurance brokers and the vast majority of brokers that I deal with who deserve the title of trusted adviser. Why? There are two key reasons. Having the right insurance protection […]
New Library Service of General Insurance
Insurance is an extremely complex area which has been the subject of literally thousands of books. LMI Group has accumulated one of the largest libraries in Australasia on insurance related topics with well over 1,500 titles. Sharing the Knowledge As has always been our approach, we are happy to share our knowledge with the industry and anyone working in general insurance is welcome to use […]
Why I love my job – you never stop learning
Yesterday, one of my senior accounting colleagues Angus Stewart and I left the office at 7am and drove up to central Victoria to a mine that extracts gold and antimony. I had never heard of this mineral which does appear on the Periodic table with an atomic number of 51. It symbol is Sb. I should have payed more attention during my high school chemistry class. […]
Blog Question # 1 on Business Interruption – Difference v Additions Method
I received a couple of questions relating to Business Interruption including this email from an underwriter: I have an account due 1/6 that we follow on. Client is a manufacturer & distributor of industrial chemicals for swimming pools, waste water treatment, cosmetics. Large client pays in excess of $250,000 before charges on his Property program. Policy renewed last year with conventional Sect 2 cover effected i.e. Gross […]
Blog Question # 2 on Business Interruption – Insuring Net Profit
This is the second question on Business Interruption this week – this time from a broker. Hi Allan Query. I have a client who has insured under a CGU business pack policy For NET Profit. Have fully explained and as the Insured is an accountant he should know. As I am about to endorse the policy and put a, general page note, that this is a, net […]
More on that famous case of Donoghue v Stevenson
Back on the 26th May last year, I wrote an article on the landmark case of Donoghue v Stevenson. See http://www.allanmanning.com/?p=1139 The article was very well received and so to those interested, I thought I would share a paper I have just read by the Right Honourable Lord Hamilton who delivered it as the 2013 MacFadyen Lecture. I hope you find it an interesting and informative read: http://www.scottishlawreports.org.uk/publications/macfadyen-2013.html
A great thing for Victorian home and business owners
Today being May 1, 2013 is a great day as most insurers have now reduced the Fire Service Levy (“FSL”) on insurance products to zero. Some have done this earlier while others will still do so till 30 June, but for most Insured’s this unjust tax which ended up being triple taxed is gone. I repeat my strong recommendation that this significant saving is not just pocketed, which in view of the Federal […]