With the COVID-19 onslaught and severely damaging the global economy –Singapore not being spared–, the Singapore Finance Minister has just reported in this year’s Budget many measures to help their economy. One of them, is to reduce tax payable for Year Ended 2020 (for income earned in 2019). It has announced a 25% discount, and capped at maximum of $15,000. I wonder if other countries […]
Royal Commission into bush fires must look at fire separation
One of the great surprises and disappointments to me about the recently announced Royal Commission, is that insurance has been completely left off the program. The level of under and non-insurance that I have witnessed –and have written about– is heartbreaking to me, and this leaves so many families, business owners and communities in dire straits. So why ignore the instrument that avoids this, takes […]
Good to see that environmental issues received top billing
Environmental concerns get top billing in Infrastructure Australia priority list for first time. This included protecting coastal flooding, boosting recycling and ensuring water security having high priority. Rising sea levels, water security and waste management are among the environmental challenges that Infrastructure Australia has, for the first time, elevated to the top tier of its priorities list. Here is a link to the report that […]
Are there alternatives to allowing students from China to travel to Australia while Coronavirus continues to spread
At present the Australian government has been very proactive in controlling the spread of Coronavirus (COVID-19) in Australia and they are to be congratulated for doing so. We now face the interesting challenge where, on one hand, preparing for a wide spread outbreak of the disease and the government signalling a few days ago that it is going to relax travel bans for circa 760 […]
The extra cost of insurance due to taxation
As I have written many times, the impact of being not insured or under insured can be life changing. Today, I had a report from one of our many customers saying that people are abandoning some country towns. Unlike the Coronavirus, where insurance is not able to respond, if people are fully insured, there is a positive effect on the economy as capital enters the […]
Product Recalls Australia – 25th February 2020
From the ACCC: Jade Kitchen — Jade Kitchen Spring Rolls Target Australia Pty Ltd — Target Safety Bed Rail Anaconda Group Pty Ltd — Berkley 2.9 M Angler Kayak Little Something Sleepwear — Children’s Two Piece Sleepwear TNW Australia Pty Ltd — Pullback Biplane Toy Daimler Truck and Bus Australia Pacific Pty Ltd — Mercedes-Benz Bus O500R and O500RS MY2019 Woolworths Group Limited — Jamie […]
LMI’s come of age
Today LMI turns 21, having started operations on the 25th February 1999. Last year, we were offering twenty services with strong demand in every part of the business including: Claims Preparation Loss Adjusting Internal Dispute Resolution and claim file audits Insurance Legal Services Forensic Accounting Risk and Business Continuity Management Risk Surveying Business Interruption sum insured / coverage reviews Education, training and publications on insurance […]
Are your sums insured adequate?
The large number of claims that the team here at LMI and I personally have looked after –as a result of the bush fires, hail storm and storm events– over the past few months, has put the spot light on the high level of under (and non) insurance in this country. During the fires, brokers have advised me that clients were ringing up trying to […]
Product Recalls Australia – 18th February 2020
Suzuki Australia — Suzuki UK110 Scooter MY2014-2019 Mighty Ape Australia Pty Ltd — RoyalBaby Kids’ Bikes Valiant Enterprises — Angelcare Baby Bath Seat, Bath Support and Bath Support Fit Jaha Holdings Pty Ltd — Apache RTC1 Camper MY2019 Baker & McAuliffe Holdings Pty Ltd t/as JSB Lighting Australia — Flat Moon 950/980 Triangle Suspension Kit Yatsal Distributors — Dart Gun Yatsal Distributors — Bath Duck […]
About flood in motor and face masks
Yesterday, not for the first time, I suggested that the insurance industry should consider imposing an exclusion on motor vehicle policies where the car has been driven into flood water. This was driven (pun intended) by the report that over two hundred drivers and their vehicles had to be rescued, putting enormous strain on emergency services. As well as a survey that showed that three […]