In a fast-paced world, it’s vital to pause and celebrate the milestones that define us. Today, LMI Group marks its 27th anniversary, tracing our journey back to February 25, 1999. My deepest thanks go to the entire LMI team. Your dedication to supporting our clients and your tireless work in building the trusted brand we are today have made this achievement possible. I also thank […]
Does my Landlords Insurance Policy cover terrorism
This is the fourth post in a series that looks at the coverage afforded by various types of insurance products. The series was prompted by a large number of requests for clarification following the senseless attacks that are going on predominately in Melbourne and Sydney. These attacks would appear to fall within the definition of terrorism as set out in legislation. Today we look at […]
Time to review Gross Rentals Values
One of the ever increasing costs of being a landlord, particularly in Victoria is land tax and property rates. The values of properties are being reviewed by state governements and/or local councils and it is going up year on year. Another trick that some States Governments have introduced, and I again use Victoria as an example is that the property owner only has 60 days […]
Reflecting on the first 25 Years of LMI Group
Today marks LMI Group’s quarter century of service to the insurance industry and wider communities. What better way to reflect on all that our dedicated team have accomplished but list 50 highlights from our first 25 years that you may not know (or have forgotten) the Group. As an aside, I tried to narrow this down to 25 for 25 but I was over this […]
Have your say on Emergency Services Levy
The ever increasing Emergency Services Levy is of concern to so many of us in the insurance industry. A panel reporting to New South Wales Treasury is preparing a report, which like every enquiry I know of recommends the removal of the unfair and unjust tax. Before the Panel delivers its Final Report to government, views on the draft recommendations are welcome. Please take the […]
Claims Survey Counts to Mansfield Awards
As with so many events, the Mansfield Awards for Claims Excellence cannot go ahead in its normal format this year. However, recognition of the industry’s claims teams is as important as ever, following the Hayne Royal Commission, a 230% increase in reported breaches, and a summer of record-breaking natural catastrophes. Claims teams are also confronted with claims arising from the pandemic, in levels not experienced […]
Two comments on NSW Tax Reform
It is widely reported today that the New South Wales Treasurer, Dominic Perrottet, is looking to scrap Payroll Tax and Land Tax. This is great news, which I fully support, but I have two comments. Do not believe it until the legislation is passed. We thought the Emergency Services Levy was going to be taken off insurance, as promised by the New South Wales Government, […]
New South Wales fails New South Wales business and home owners
Two pieces of news staggered me yesterday. The first was reported to me by one of our readers, thanks Margo, stating that the New South Wales government are requiring employers to include the Job Keeper payments in the Workers Compensation wages calculation. This means those employers that have embraced the scheme to help their employees and get them some wages even though they are not […]
Current inquiry into insurance needs to include taxes on insurance
What everyone, including government, needs to fully appreciate is that the economy requires people to insure. Looking at refunds that should or should not be made to insureds with existing policies in place is one thing, but what is vitally important is that people retain their insurances moving forward. Every day, I am fielding questions from brokers and insureds of all sizes, looking on how […]
Question on Average
Dear Prof. Allan, Thanks for all your recent information provided about Covid-19, and the effect it has on insurances. I do have a question which is not related to Covid-19, and never understand the reason behind it. Why is there an average clause on business insurances? I look forward to your response. Thanks, Amber [surname and email provided] The simple reason comes down to pricing. […]