Professional indemnity insurance is an essential safeguard for practitioners and businesses that provide expert advice or services. This type of insurance helps to protect professionals against legal costs and claims for damages from an act, omission, or breach of professional duty in the course of their work. For Australian professionals, where litigation is increasingly common, it's a pivotal component of risk management. - read more
In an era dominated by digital innovation, understanding the crossroads of cybersecurity and indemnity insurance is more critical than ever for IT professionals. As cyber threats evolve with increasing sophistication, the concept of cyber liability has come into sharp focus, pinpointing the potential legal and financial risks associated with data breaches and cyber-attacks that professionals in the information technology sector may face. - read more
Indemnity insurance may sound like complex legalese, but at its core, it's a straightforward and crucial protection for businesses of all types and sizes. Simply put, it's a form of insurance that shields a business from bearing the full brunt of financial losses due to lawsuits or claims made against it. - read more
If you're an Australian consultant, you understand that your advice is a valuable commodity. But with that value comes responsibility, and a level of risk that you could be held liable if your guidance results in financial loss to a client. This is where professional indemnity insurance comes into play, serving as a vital shield, providing protection and peace of mind for both you and your clients. - read more
Professional Indemnity Insurance (PII) remains one of the keystones of risk management for professionals across Australia. Yet, misconceptions and lack of awareness can lead to inadequate coverage, leaving individuals and businesses vulnerable in a litigious environment. - read more
Spike in Weather-Related Insurance Claims During Summer Revealed
Spike in Weather-Related Insurance Claims During Summer Revealed
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Over the recent summer period, NRMA Insurance reported an influx of claims linked to severe weather, with a record not seen since the autumnal months of 2022.
An overwhelming number of these, about 85%, have been ascribed to weather disturbances such as storms and hail, per the updated Wild Weather Tracker statistics.
Evidently, the summer became a difficult season for many Australians, with nearly half witnessing extreme climatic conditions. Record-breaking heatwaves, powerful storms, and persistent cyclones made their mark. Homes were significantly affected, with 13,817 insurance claims made, of which the majority were connected to harsh weather phenomena stemming from heated, moist air masses leading to torrential rains and catastrophic hail.
As the seasons transition, NRMA Insurance anticipates the incidence of intense thunderstorms equipped with considerable hail, torrential downpours, and fierce gales targeting the east coast. Metereologist Zac Segger from NRMA Insurance notes the heightened susceptibility of areas in southeast Queensland, eastern New South Wales, and eastern Victoria to these formidable weather patterns.
Segger highlighted the sudden and sometimes catastrophic emergence of wild weather, emphasizing the substantial damage it can impart in a remarkably short span of time. High-impact summer events included the likes of Cyclone Jasper and various subsequent storms and heatwaves, alongside bushfires primarily in Western Australia, marking Perth’s third hottest recorded summer season.
Natalie Major, EM Claims from NRMA Insurance, points to a study encompassing 3500 Australians, revealing that a mere 40% took preemptive actions to secure their homes against extreme weather episodes in the previous year. She stresses the importance of proactive measures such as clearing debris, cleaning gutters, pruning trees, and executing vital repairs to enhance resilience against severe climate events.
The wild summer weather instigated a sharp rise in claims within New South Wales for NRMA Insurance, soaring from spring's 3200 to 11,213, with 59% linked to severe weather impacts. The Hunter Valley, Central West, Baulkham Hills, Sydney, and Hawkesbury were among the predominantly affected zones.
Queensland too bore its share of adverse weather, reflected by a substantial hike in claims to 5110 from the preceding 383 in spring, with the Gold Coast facing the brunt, accompanied by Logan-Beaudesert and Wide Bay regions.
In the Australian Capital Territory, the numbers were equally telling, with claims amounting to 1954 related to home and motor issues caused by harsh weather, a dramatic upturn from the prior spring's 188.
Both individuals and communities are impelled to remain vigilant and prepared as these climate trends and patterns evolve, reinforcing the necessary precautions to mitigate damage and ensure safety.
Published:Wednesday, 27th Mar 2024 Source: Paige Estritori
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Last year, research from a major insurance provider signaled a significant shift in the life insurance landscape within Australia, showing a marked decrease in the percentage of insured non-dependent adults of working age. Only 77% now carry some form of life insurance, a stark contrast to the 94% coverage rate recorded in 2017. Industries evolve, yet the dip in these figures marks a noteworthy trend within the life insurance sector. - read more
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