List News Articles

Insurers have for years been pleading with governments to protect the nation before a natural catastrophe event by mitigating the risks. Like mothers wanting to put a helmet on their daredevil toddlers, the insurance industry has been pleading for years for governments to plan. Dealing with disaster after it happens is a lot more expensive than mitigation. For example, Cyclone Yasi in 2011 cost the Queensland Government about $7 billion.

A survey has revealed a major gap in the travel insurance market, showing 8% of Australian adult travellers – 850,000 people – took their last overseas trip without cover. The study, commissioned by the Federal Government and the Insurance Council of Australia, identifies a large proportion of this group as aged 18-29 – many of them visiting Asia on “schoolies” trips. In this age group more than half mistakenly believe the Federal Government will pay for medical expenses and repatriation in an emergency.

The Australian Bankers Association’s (ABA) bid to reform staff sales commissions may miss next year’s implementation date. The latest independent governance review, by former auditor-general Ian McPhee, says data on product sales commissions has proved more extensive than expected. “Additional resources were put in place once the full data collection requirements became apparent, and this is why the delivery date for this milestone has not been revised at this stage,” the review says. “Program co-ordinators are closely monitoring developments on this front.”

The Australian Cyber Security Centre (ACSC) has urged private businesses to report threats, despite reluctance among some companies to involve the Government. “Reports help the ACSC develop a better understanding of the threat environment and will assist other organisations that are also at risk,” it says in its annual threat report. “Cyber-security incident reports are also used in aggregate for developing new defensive policies, procedures, techniques and training measures to help prevent future incidents.”

Two climate drivers monitored by the Bureau of Meteorology suggest little change to the rainy weather pattern that delivered Australia’s wettest May-September on record. It says warmer than average Pacific Ocean sea surface temperatures to Australia’s north and east point to La Nina-like impacts such as higher rainfall, even if an event does not fully develop. Two of eight international climate models suggest brief, weak La Nina levels are possible towards the end of the year, while the remainder flag neutral levels to the end of summer.

We all know that we can buy insurance directly – so why use a broker to buy your business insurance? The short answer is: expert advice that can help you make better insurance decisions for you and your business. An insurance broker has the experience and specialist knowledge to help you find cover that’s the right fit for your needs. Importantly, a broker works for you: not the insurance companies, so you can feel confident they have your interests at heart.   How it works

There are four main structures to choose from: sole trader status, a partnership, a proprietary limited company, and a proprietary limited company as trustee for a trust (whether a discretionary trust or a unit trust).

Each year storms, hail and heavy rain cause tens of millions of dollars’ worth of property damage and injuries to people; not to mention the emotional anxiety experienced from witnessing your livelihood and belongings in ruin.

Australian SMEs are leaving themselves unnecessarily exposed to the risk of “fatal business disruption”, according to a survey from accounting and advisory group Bentleys. The biannual Voice of Australia Business Survey shows only 17% of SMEs have a formal written business continuity plan, while 34% have a risk management process. The larger the business, the more likely it is to have either measure in place. “A main blind spot we constantly come across with many of our clients is insurance,” Bentleys SA Director Assurance and Advisory David Papa said.

From Thursday, Australians will no longer need operators’ certificates and remote pilot licences to commercially fly drones weighing less than 2kg. Instead, they will need to register online with the Civil Aviation Safety Authority (CASA) five days before their first flight. Under new regulations coming into effect on Thursday, operators will save about $1500 in licence fees and up to $5000 in pilot training fees, and be spared up to a six-month wait for a licence.