As the Christchurch shootings unfolded on 15 March, the city went on lockdown and businesses had to close their doors. As the lone-wolf style terror attacks become more common, cities respond with closing off entire streets and business districts. Stella Pruscino, Account Director at Edgewise Insurance Brokers has expressed concerns regarding the current exposure for […]
APRA to banks, insurers: Act on climate risk
Insurers, banks, and superannuation funds should do more than disclose climate risks – they must take action to address them. That is according to the Australian Prudential Regulation Authority (APRA), which recently announced that it would “increase its scrutiny” of how financial services companies are transforming their businesses to mitigate climate risk. “The world is […]
PERILS reveals initial property market loss for Queensland f...
An independent Zurich-based organisation has revealed its initial estimate of the insured property market loss for the catastrophic floods that inundated northern Queensland, and in particular the city of Townsville, between January 26 and February 10. PERILS estimated the initial property loss for the Townsville flood event to be at $957 million. The figure, which is […]
Insurance company believes it can predict fire risk well in ...
Researchers and forest managers are turning to artificial intelligence in the hope it can help them predict the risk of catastrophic wildfires as climate change continues to rewrite the rule book. It’s been the subject of more than 150 recent academic studies, said Mike Flannigan, director of the Western Partnership for Wildland Fire Science at […]
Could Your Airbag Take a Life? It Only Takes a Minute to Che...
If you haven’t already heard, vehicles with Takata airbags across the world have been recalled. When a faulty airbag deploys, there’s a risk the inflator could rupture, firing shards of metal into the vehicle. As many as 2 in 7 cars on Australian roads have been affected by this recall, so there’s a chance that […]
What Is An Underwriting Agency?
An underwriting agency is a specialised type of insurance agent or broker that has been granted underwriting authority by an insurer, according to the International Risk Management Institute (IRMA), and can administer programs and negotiate contracts for an insurer. An underwriting agency’s functions can include binding coverage, underwriting and pricing, settling claims, and appointing retail […]
Client Loyalty “EXTREMELY MISUNDERSTOOD”.
Brokers who believe they will retain their clients simply by keeping in touch could be in for an unpleasant surprise when it comes to renewal time, warns one customer experience specialist. “Customer loyalty is an extremely misunderstood principle,” says Darrell Hardidge, who has spent 20 years helping firms of all sizes overhaul customer service. “With […]
Ashton Kutcher Has His Say On Insurance Tussle.
In the wake of a major American insurer’s TV ad that pokes fun at AI-powered insurance, a celebrity has stepped in to share a piece of his mind on the issue. State Farm Insurance had recently rolled out a new commercial, entitled RoboAgent. The 45-second commercial depicts basketball stars James Harden and Chris Paul of […]
Are Some Brokers Too Impersonal?
The team at Austbrokers Terrace takes pride in offering a tailored, personal approach to insurance broking. Contact us now to discuss any insurance needs. An accomplished industry lawyer who recently moved into a senior risk advisory role has shared his concerns about a significant threat facing brokers today. Mark Williams, who joined Acacia Insurance Services […]
Many Australians Take A ‘SHE’LL BE ALRIGHT’ Approach To Home
A new Suncorp study has revealed that only 49% of Australians equipped their homes with security features, such as screens, bars, and double locks, while a third were unconcerned about home security, because they believed they live in a safe neighbourhood. Alexandra Foley, Suncorp spokesperson, said families should check if their home is protected in preparation for […]
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