Insurance Insight | February 2017Having trouble viewing this email? View it online
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Dear Reader
Welcome to the February edition of Insurance Insight.
As summer comes to an end, it’s also time to head back to work and school. As you pick up the reins of your business it might be a good idea to start the year off on the right foot and make sure you have all the right workplace insurances in place. In this edition we give you a rundown of some of the covers available and encourage you to talk to one of our business specialists to discuss your specific needs.
We also take a look at the perils of digital evidence when making insurance claims and give you a few tips to help you tap into the benefits while minimising the risks.
In Financial Planning, we look at the recent changes to the age pension assets test and how this may affect retirees and those looking to retire in the near future.
We welcome your feedback and invite you to contact us to fine-tune your risk management and insurance arrangements.
Ward Dedman, Managing Director (Operations)
Steve Sparkes, Managing Director (Broking) |
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WORKPLACE INSURANCES
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The new working year has well and truly begun. If you’re an employer, the start of the calendar year is a good time to make sure you have all your insurance ducks lined up.
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TECHNICAL GLITCH
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Technology is great – until it’s not. As we become more reliant on the digital world, what happens when it fails us? That’s the $50,000 dilemma one Perth man is facing.
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FINANCIAL PLANNING
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At the start of the New Year, the Australian Government changed the Assets Test for age pensions. Will your retirement income be affected?
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Tech claims on the rise
Claims data from a major general insurer has revealed that millions of dollars were paid out for stolen and damaged consumer electronics in 2016. More than 4,600 electronic items, valued at almost $4.7 million, were subject to damage claims, while more than 4,300 claims were made for stolen gadgets, costing an estimated $3.4 million to replace. Talk to us about contents insurance.
Insurer departs aviation market
At the start of this year insurer Allianz pulled out of the aviation insurance market in Australia. The insurer underwrote 3,000 aviation-related insurance policies (including liability insurance for airport operators, aircraft hull insurance, hangar insurance, drone policies and ground handler cover). The underwriter continues to provide insurance for large commercial airlines and aircraft operators through its London office. EBM is working closely with affected clients during the transition period to transfer cover to alternate insurers.
Policyholders happy with home insurance
Research from Roy Morgan has found more than 80 per cent of home insurance policyholders are happy with their cover – satisfaction was up 2.5 per cent since 2013 and 6.4 per cent since 2006. The survey also revealed 97 per cent were likely to renew with their current insurer, but a quarter would still be shopping around for the best deal.
Stamp duty consistency sought
Farmers are calling for consistency in stamp duty on Multi-Peril Crop Insurance (MPCI) so they can better manage their risks. Stamp duty on MPCI premiums differs in each state and ranges from 2.5 per cent in NSW to 11 per cent in SA. Talk to our industry experts about FarmCover.
Reforms to life insurance
Submissions to a parliamentary inquiry have advocated for changes to life insurance. Mental health groups are calling for the way people with mental illness are discriminated against (through blanket exclusions) by insurers to be addressed. Consumer advocates are also calling for insurers’ use of broad exclusions (‘hidden exemptions’) to deny claims be banned or subject to unfair contract laws.
Health insurance subsidies touted
A proposal put to the Australian Government, is calling for more generous health insurance subsidies to be paid to fund members in regional and remote areas to compensate for lack of services. ABS figures show 52.3 per cent of people in outer regional or remote areas and 49.9 per cent in inner regional areas have no health insurance (compared with 39.3 per cent of those in major cities). |
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All of the advice provided in Insurance Insight is general advice only and has not taken into account your personal circumstances.
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