With the plethora of advertisements on television advertising motor insurance each claiming to be able to save the insured money, the question that I am often asked is ‘Why do insurance premiums vary so widely?’ Factor in issues such as the age of the vehicle, its ease of being stolen, its colour (which affects visibility), attractiveness to thieves can all go towards effecting the premium. […]
Zurich Global Risks Report 2016
Recently, I shared the key concerns of Risk Managers who took part in the Allianz Global Risks Survey. Zurich Insurance have also produced a global risks report which has just been released for 2016. The list here includes geoplegal risk, climate change and cyber risks as the high priorities. A copy of the report can be found here: Click to access The-Global-Risks-Report-2016.pdf
Blog Question – Fixtures and Fittings
The following was a question received 18th January 2016. “A typical business contents policy includes cover for fixtures and fittings, where the insured is a tenant: a) landlords fixtures and fittings when the tenant is liable under a lease agreement; and b)tenant’s fixtures and fittings installed for his use. However most policies do not define what is meant by fixtures and fittings. What do you […]
LMI Group and The Financial Services School partnership
LMI Group and The Financial Services School are pleased to announce a partnership focusing on delivering high quality technical education to the insurance industry. It is a natural transition for LMI to enter the education world and this joint venture will see the merging of the education resources of LMI and The Financial Services School. The merging of these resources will build on the school’s […]
Business Interruption still the number one risk facing risk managers.
Allianz Global Corporate and Specialty (AGCS) published its Allianz Risk Barometer for 2016. Businesses supply chain interruption remains the top risk for businesses globally. This has been the fourth year that business interruption has filled this position. What is of interest is that business interruption is not being considered solely caused by physical loss or damage to property but also driven by cyber attacks, technical […]
Bush fires and Under insurance – not a good mix.
With all the claims I’ve personally been involved in with bush fires, I’ve not seen one that’s been adequately insured. In many cases the people have been less than half insured and the major issue is that the insurances are not been reviewed for a number of years. Of course this has left the business and/or home owners in a terrible situation financially which converts […]
EPS Panelling suspected in Dubai Fire
That spectacular fire that occurred on the high rise building in Dubai just before midnight on New Year’s Eve is yet another reminder of the importance of ensuring that the insured have insulated panelling used, in residential properties in particular, are fire rated. The fire in Dubai is the latest in a number of buildings including one in Melbourne where the fire spread has been […]
Fire Service Levy in NSW finally to be scrapped
It was a great Christmas present to hear that the NSW government have, after many years of talking about it, finally agreed to remove fire service and SES levy’s on insurance. This will greatly improve the affordability of insurance for both home and business owners in property, construction and the all-important business interruption. The only disappointing thing is that we have to wait another 18 […]