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Australian insurers who have dramatically raised their premiums since the Queensland floods are guilty of `gouging’ customers, Premier Anna Bligh says. In one case, the North Burnett Council was asked to pay 65 per cent more to insure its property – a rise of almost A$100,000 (US$102,605) compared to last year. The Premier said some [...]
Archive for the ‘Insurance News’ Category
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INSURANCE AUSTRALIA GROUP RAISES CATASTROPHE REINSURANCE COVER
Posted by gary on January 8th, 2012
Insurance Australia Group (IAG, ASX:IAG) has increased its catastrophe reinsurance cover by 12 per cent for 2012 following a year that included cyclones and flooding in Australia and earthquakes in New Zealand. The general insurer said it finalised its catastrophe re-insurance program starting January 1 with protection of up to A$4.7 billion (US$4.86 billion), compared [...]
China’s Circ To Increase Equity Investment Cap For Insurers
Posted by gary on November 1st, 2011
The China Insurance Regulatory Commission (CIRC) is working on plans to widen insurers’ fund investment channels and moderately lift ceiling for insurance companies investing in stocks and funds, said Chen Wenhui, vice president of CIRC on Monday. Chen made the remarks during 2011 Golden Kirin Forum organized by SINA (SINA.NY). According to current regulations, the [...]
Foreign Insurers To Operate Compulsory Motor Insurance In China
Posted by gary on November 1st, 2011
Foreign funded insurance companies in China are expected to operate business on compulsory traffic accident liability insurance for motor vehicles, according to an article published by Shanghai Securities News. The China Insurance Regulatory Commission has submitted plans to a higher regulator and is waiting for its decision. Foreign insurance companies are likely to expand their [...]
Flood Insurance Among Australia’s Worst Products: Consumer Grp
Posted by gary on November 1st, 2011
Flood insurance is so confusing it’s been named as among Australia’s worst products, alongside a weight-loss nasal spray and quail eggs to cure erectile dysfunction. Consumer group Choice has awarded eight lemon trophies this year for dodgy, dubious and deceitful goods and services as part of its sixth annual Shonky Awards. In the wake of [...]
Tags: India’s Karnataka State Govt Loans To Lic For Issue Of Bonds
Posted by gary on November 1st, 2011
BANGALORE – India’s Karnataka state government has released Rs 436 crore (US$87.71 million) to LIC for issuing bonds to beneficiaries selected under ‘Bhagaylakshmi’, the girl child insurance scheme. The amount was released a fortnight ago, state’s Minister for Women and Child Development C.C Patil told reporters here.
Heffernan Insurance Brokers VP Speaks at California Women’s Network Meeting
Posted by gary on October 5th, 2011
Julie Davis, VP of Heffernan Insurance Brokers, provided a keynote speech at Stanford University during the quarterly California Women’s Network meeting in July 2011, according to a release. She spoke about the growing area of Collaborative Consumption. Latitude and Shareable Magazine released findings of “The New Sharing Economy Study,” which uncovered new opportunities for entrepreneurs, [...]
Malaysian General Insurance Agents Forecast To Grow 26% This Yr
Posted by gary on October 5th, 2011
The number of general insurance agents in Malaysia is expected to grow by 26 per cent this year, from more than 35,000 in the industry in 2010. The Chief Executive Officer of the Malaysian Insurance Institute (MII), Khadijah Abdullah said this is based on the average trend of about 800 candidates per month, who sat [...]
