In the insurance industry we have to be across so much, as our industry touches virtually every part of the economy. This week has been quite hectic and I had printed off the Quarantine Act to read in full during the weekend, as it features in several insurance policies invoking an exclusion when a disease is notifiable under this Act. However, this afternoon a broker […]
Why can’t the Australian states learn from each other?
Last year I posted a number of articles despairing at the lack of consistency between the Australian states on so many issues such as bush fire overlays, swimming pool fencing etc. The latest one that astounds me is that while all fire trucks in the Country Fire Authority are fitted with roll over cages, many in New South Wales are not. 3 fire fighters have […]
The number of homes destroyed in NSW by bush fires is terrible
More than 680 homes have been destroyed by bushfires in NSW this season, the Rural Fire Service (RFS) has confirmed. When you consider that NSW has the lowest take up of home insurance and the highest level of under insurance it paints a heartbreaking Christmas for many. Another 250 houses have been damaged, while more than 2,000 outbuildings have been destroyed or damaged. The updated […]
Australian Communications and Media Authority has my full support on stamping out scams
I visited my Aunt last week while visiting Queensland and could not believe the number of scam phone calls she copped during my short visit. I then reflected the number of scam calls I get on my mobile and at my own home. It was therefore pleasing to see that the Australian Communications and Media Authority (ACMA) has today released its Combating Scams report which […]
Our politicians are so out of touch!
It was reported last week that Assistant Treasurer Mr Sukkar (Liberal) called on the State Government in Queensland (Labor) for the removal of stamp duty on insurance in North Queensland. When asked the appropriate question as to whether he would ask the New South Wales government (Liberal) to do the same he said that it was not such an issue in that state. First up, […]
A suggested way to drive better corporate behavior
With all that has gone on with the Commonwealth Bank in both the insurance space and the banking area, particularly the reported practice with children’s Dollarmite bank accounts, all of which is so far from my and our organisation’s values that I spoke to our board and suggested that we move banks. It was a unanimous agreement that we make the move. As an aside, […]
It seems to be all about taxes in NSW.
I start with the good news. I applaud the NSW Government for removing the dumping fees on asbestos waste (of up to a quarter of a tonne) in an effort to reduce the level of illegal dumping. LMI have become involved in a number of claims where innocent people have been left with massive clean up costs when they have been the victim of fly […]
One area we do not want to follow the United States
With so much of what happens in the United States finding its way to Australia, one statistic worries me and should be of concern to government in that country. That is the life expectancy in the US has fallen every year for the last 3 years. Only Mexico has this decline with the rest of the world enjoying increasing life expectancy. I was not aware […]
The unintended consequences of removing the 457 visas
One of my concerns that I have written about previously is about loss adjusting being caught up in the whole debate of 457 visas and being removed from the job list. This is despite some very energetic efforts by a number of organisations and individuals. It remains impossible for the industry to offer an opportunity for a highly qualified loss adjuster to emigrate permanently to […]
Victoria follows Queensland and NSW on PI insurance for Building Consultants
The Victorian Government has lowered the insurance requirements for building professionals operating in this State. In effect, it means that the requirement on Building Practitioner’s to have NO exclusion in respect of non-conforming building materials has been done away with. What disappoints me is that some insurers were taking, what to me was, a very fair approach and only excluding known non-conforming building materials. With […]