End of Financial Year – Big issues for 2012-2013

The 2012 financial year was interesting to say the least. It ended with wonderful news for us at LMI in that 2 of our staff had children this week.

First up Prasad a senior researcher in LMI RiskCoach division had a baby girl on Tuesday 26th June. Today, Gloria, our graphic artist who works in both our IT division and LMI Media had a baby boy.

I wish both children live long healthy, happy and prosperous lives. They got the first part right, they chose wonderful parents.

When you think of year end it is time to check the score card and I am pleased to say that LMI Australia continues to grow. This year it was 31% over the previous year while over the past 5 years, LMI Group Australia has more than trebled. This makes the organisation one of the fastest growing private companies in Australia. This is on top of the New Zealand and Singapore operations and our first year’s operation in South Africa and the United Kingdom all of which have been successful. In this coming financial year we will also be taking our eServices to Ireland, Papua New Guinea and the big one, the United States. I travel to Europe and the US for a few weeks at the beginning of August to assist.

This could only happen with the work of a very hard working dedicated team members in Claim Services, Knowledge Management, LMI PolicyComparison, IT, LMI Media, Training and Publications, finance and support  and I thank them one and all.

My last comment on the past financial year is that it was the year that I introduced this blog. I have been overwhelmed by the support and feedback I have received and was blown away that over the last week the readership doubled again from what was already way above what I had hoped for. Thank you readers for your support and for sharing the posts with your friends and colleagues. As an aside, it was a real surprise to see so many people come from Facebook to the site. Nearly 4 times as many as LinkedIn.

The 2012-2013 financial year sees the end of Fire Service Levy in Victoria and hopefully progress on its removal in New South Wales. I will do my best here but have not forgotten Tasmania and New Zealand where all taxes on insurance need to be removed to protect insureds, the communities and the economy. The issue of the transition of the fire service levy in Victoria needs urgent attention as I have repeatedly explained in my postings.

The Carbon Tax comes in from tomorrow and I just want to remind readers that I expect the cost of all building materials to increase. Even humble plaster board causes an enormous amount of carbon dioxide to be produced during its manufacture. To learn more of the expected increase in the cost of reinstatement and replacement please see http://www.allanmanning.com/?p=1350.

At the request of a large number of broker users of LMI PolicyComparison, LMI will be introducing LMI ClaimsComparison within the next few months. The Insurers that we have discussed it with in the main have also been supportive as they seek to genuinely improve their service. I will advise more on this and the criteria that is being included in the comparison shortly. What you can count on is that like LMI PolicyComparison, the price of insurance will not be one of the criteria.

Finally, the new Master of Insurance Law and Practice kicks off this month with a number of keen students already signed up. I wish all of them the very best of luck. If you put in the work you will come out with a thorough technical understanding and a high quality degree.

I have posted a number of articles this week and I hope you find them interesting and informative.


One response to “End of Financial Year – Big issues for 2012-2013”

  1. Graf says:

    Nice blog over here! I””ll just wanna say thanks for that.

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