Income Insurance Australia News

Coles car insurance to lock-in loyalty - Jul 28, 2010
SUPERMARKET chain Coles will use the resources of its conglomerate-owner Wesfarmers to offer car insurance to its shoppers, further locking in customer loyalty as Wesfarmers strives to resurrect the retailer and boost foot traffic to its stores...

Ban on insurance commissions presents risk concerns - Jul 28, 2010
A ban on commissions on compulsory insurance in super is perhaps a good thing, but an outright ban on all commissions would be a massive threat to solving the underinsurance problem, according to Clearview Retirement Solutions’ head of life insurance Clive Levinthal...

IAG foreshadows profit slide - Jul 28, 2010
Insurance company IAG says its profit is likely to have halved last financial year after it was hit with claims worth more than $200 million from the massive storms that wreaked havoc in Melbourne and Perth earlier this year...

Zurich offers income protection up to age 70 - Jul 27, 2010
Zurich Financial Services Australia has introduced an income protection product that provides cover for people who plan to work up until the age of 70...

ALI partners with Metlife on mortgage insurance - Jul 27, 2010
ALI Group has formed a long-term strategic alliance with global life insurer Metlife under which Metlife will become the insurance partner for ALI Group’s new mortgage and loan protection products, ALI Group announced...

QBE slashes profit forecast - Jul 27, 2010
Insurance giant QBE has warned markets its profit is likely to be 40 per cent lower than last year, sending its share price tumbling...

No real beneficiaries of insurance ban apart from Government, says FPA - Jul 23, 2010
The Financial Planning Association (FPA) has found no evidence of mis-selling of life insurance that would justify a ban on commissions, stating that the only beneficiary of the ban would be the Government...

Winners and losers in life insurance - Jul 21, 2010
The risk insurance market continues to flourish in the current economic environment, while retirement income has recorded another 20 per cent fall in premium inflows over the past 12 months, according to newly released Plan For Life data...

Industry split over insurance commissions - Jul 15, 2010
The Federal Opposition is reserving judgement on the Cooper Review recommendation to ban insurance commissions while the financial planning sector battles it out with the super funds...

Chinese consortiums eye AIA takeover - Jul 14, 2010
At least four consortiums made up of private Chinese investors have approached US insurance giant AIG to acquire its Asian unit AIA, a Hong Kong newspaper reported on Tuesday...

Capital plan to buffer insurers - Jul 14, 2010
LIFE insurers could be forced to top up capital reserves to reflect higher rates of terrorism and pandemic diseases under proposals flagged by the financial regulator...

The price of protection - Jul 13, 2010
The Cooper review proposes removing the obligation on super funds to offer insurance options.

If you have the slightest interest in your retirement savings, and I hope you do, you will have heard about the big review into the superannuation system released last week...

QBE buys Belgian reinsurer for $397m - Jul 06, 2010
Insurance company QBE has bought the Belgian reinsurer Secura NV for about $397 million.

The latest acquisition forms part of QBE's strategy for global growth...

ING upgrades life insurance - Jul 05, 2010
ING Australia has launched an upgraded life insurance offering, with more than 60 enhancements across its coverage options and underwriting process...

AFA warns against ban on insurance commissions - Jul 05, 2010
The Association of Financial Advisers (AFA) is calling on the Government to think carefully before considering a ban on risk insurance commissions, referring not only to the impact on families but also on the public purse...

Insurance brokerage still hot, says IBISWorld - Jun 23, 2010
Things are looking good for the insurance brokerage business, after it earned its place among Australia’s top five growth industries for the next 12 months...

Aviva tops life insurance benchmarking report - Jun 23, 2010
Aviva has emerged the overall leader in the inaugural Investment Trends Life Insurer Benchmarking Report...

Protect your best asset but check the fine print - Jun 21, 2010
The end of the financial year is a good time to review your income protection insurance to make sure it still matches your financial circumstances and to take advantage of any tax deductions...

Quick, claim - Jun 16, 2010
If you have been putting off that expensive medical or dental procedure, schedule it before June 30 if you want to maximise the amount you can claim back through the tax system...

Knock-on impact of Government changes to super - Jun 09, 2010
The Federal Government’s decision to reduce concessional superannuation contributions has prompted many Australians to cancel their life insurance cover through super, according to Asteron general manager Jordan Hawke...

NAB gains deadline extension on AXA AP - Jun 02, 2010
The National Australia Bank (NAB) has ensured it remains squarely in the hunt to acquire AXA Asia Pacific by securing an extension to the negotiating period with AXA Asia Pacific’s parent...

Macquarie Life launches single policy product - May 19, 2010
Macquarie Life has broken new ground by launching its so-called Macquarie Life Active product, which encapsulates life, trauma and total permanent disability (TPD) cover within a single policy...

Passing the baton: planning for the worst - May 17, 2010
It's one of the worst nightmares a small business can face. What happens to an enterprise if one of the directors or partners suddenly dies, becomes gravely ill or totally and permanently disabled?

Aside from the personal grief partners and staff would feel, this situation could railroad a small business, potentially sending it to the wall, especially if the partner in question is a key revenue generator...

AMP still in the hunt for AXA - May 17, 2010
Australia's second-biggest asset manager, AMP, is talking to French insurer AXA SA about a possible new bid for its Australian arm AXA Asia Pacific, AMP's chief executive said on Thursday...

Commissions for life - May 12, 2010
Life insurance has escaped the axe that fell on commissions in the financial advice industry announced by the federal government...

Cover your tracks - May 05, 2010
With major insurers forecasting double-digit premium increases this year, it's a good time to review your vehicle insurance when it is due, rather than just blindly paying the renewal fee...

Qld Workers Compensation premiums to rise - Apr 28, 2010
The Queensland Government has announced workers compensation premiums have to be increased.

Earlier this year the Government began a review of WorkCover Queensland after it suffered serious losses due to the global financial crisis...

Insurers to recoup Toyota crash claims - Apr 20, 2010
Insurance companies are gearing up to recoup from Toyota money they paid for claims in crashes involving sudden acceleration, the subject of major safety recalls by the Japanese automaker...

Travel claims hazy as insurers declare eruption act of God - Apr 20, 2010
ABOUT 20,000 Australians, whose travel plans have been thrown into chaos by the Iceland volcanic eruption, face confusion over their travel insurance...

QBE acquires US agri insurer - Apr 19, 2010
QBE Insurance has made another acquisition – this time the NAU Country Insurance Company (NAU) in the US...

Slash your life cover premiums - Apr 08, 2010
Once family commitments and financial liabilities diminish, it's worth looking for ways to cut life insurance costs...

Insurance commissions drive overselling - Apr 07, 2010
High upfront insurance commissions result in dramatic overselling of products to people who cannot afford it, according to former Money Management Financial Planner of the Year Neil Kendall...

Insurer drives the online route - Mar 30, 2010
BIG online-focused US insurer Progressive Direct is looking to capitalise on rising motor premiums to make inroads into the local market...

ING wants to be rid of legacy life issues - Mar 22, 2010
ING wants the Federal Government to provide capital gains tax (CGT) rollover loss relief for up to two years to facilitate a rationalisation of structures in the superannuation industry, including a move away from investment via life companies...

Non-life insurers safe from catastrophes - Mar 15, 2010
Australia’s largest catastrophe insurers have purchased additional covers in recent years, protecting them against the increased frequency of large weather-related events, according to Fitch Ratings...

Ten-year ban for insurance representative - Mar 08, 2010
A Victorian insurance representative has been banned from providing financial services as a result of action pursued by the Australian Securities and Investments Commission (ASIC)...

Prudential buys AIA - Mar 03, 2010
American International Group (AIG) has sold its Asia Pacific life insurance business, AIA, to UK-based insurer Prudential for US$35...

Taxpayers to foot $1b bill for under-insured families - Mar 03, 2010
A new report reveals the Federal Government will spend more than $1 billion supporting under-insured working families over the next 10 years...

Suncorp life business takes a hit - Feb 26, 2010
Suncorp’s life insurance business took a hit in the half year to December 31, 2009, with the Queensland-based bank reporting a 23 per cent fall in net profit for that business arm...

IAG posts profit surge - Feb 26, 2010
Australia's top home and car insurer, Insurance Australia Group, has enjoyed a massive surge in its first-half profit to $329 million...

Convenience at a high price - Feb 23, 2010
Direct life insurance can cost up to 8.5 per cent more and offer less.

Insurance companies are taking advantage of the more cautious mood of consumers and their underinsurance to crank up the marketing of direct life insurance ??? but the explosion of choice makes it difficult to work out if that special offer you receive in the mail or see on television provides value for money...

NIB steps up asset hunt - Feb 23, 2010
PRIVATE health insurer NIB is to make an effort over the rest of this calendar year to secure a highly prized acquisition, otherwise it will hand back its ''war chest'' of cash to shareholders in 2011...

Profitable AMP restates interest in AXA - Feb 19, 2010
AMP has declared its continuing interest in acquiring AXA Asia Pacific at the same time as reporting a 27 per cent increase in net profit attributable to shareholders to $739 million...

Genetic test offer raises discrimination fears - Feb 16, 2010
Australian insurance provider NIB plans to write to 5,000 of its customers offering half-price genetic testing...

Zurich cracks down on insurance fraud - Feb 15, 2010
Zurich Financial Services is upping the ante in the fight against insurance fraud with the announcement it is expanding its fraud fighting practices to help protect those making valid claims and to keep insurance premiums to minimum levels...

Big banks dominate life - Feb 10, 2010
Industry consolidation has had a fundamental impact on the Australian life insurance sector, according to new analysis published by Credit Suisse...

NAB sets deadline on AXA deal - Feb 10, 2010
NATIONAL Australia Bank has set a six-week deadline to seal an agreement with AXA SA of France for the takeover of Australian fund manager AXA Asia Pacific...

AMP hopes regulator will frustrate bank in AXA battle - Feb 09, 2010
AMP is pinning its hopes of securing AXA Asia Pacific on the regulatory process governing its battle with National Australia Bank, which it believes will frustrate the bank's proposed partnership with the French group AXA SA...

AMP in no hurry to up bid, says analyst - Feb 08, 2010
AMP is in no rush to up its bid for AXA Asia Pacific, according to a Credit Suisse analyst.

Arjan van Veen said not only has AMP’s internal growth remained strong, but much hinged on the Australian Competition and Consumer Commission’s (ACCC's) decision with regards to NAB’s bid on March 18...

Consolidation earns Suncorp insurance unit a re-rating - Feb 03, 2010
THE changes being wrought at Suncorp-Metway under the recently appointed chief executive, Patrick Snowball, have received a significant boost from one of the main ratings agencies, which is expecting the bancassurance group to report improved profits later this month...

BOOKMARK THIS WEBSITE
To add Income Insurance Australia to your favourites, simply click here.

|  home  |  news  | links  |