UBS quits Aust financial advice
Swiss Bank UBS AG will withdraw from its Australian wealth-management business, leaving senior employees to strike out on their own after a management buyout, Dow Jones Institutional News reports . UBS...
View ArticleStudy forecasts 7.6% market growth
The Australian insurance market is forecast to grow by 7.6% a year over the next 15 years to a $41.3bn annual premium income by 2029, according a Rice Warner market report released this week. The...
View ArticlePartnerRe rejects Exor's better offer
Bermuda-based PartnerRe has proceeded to seek shareholder approval for its merger with Axis Capital while Exor remains confident its improved offer from $US130 ($A168) to $US137.50 will ultimately...
View ArticleDiary
July 22, Sydney: AILA twilight seminar: An update on ASIC's regulatory priorities. Go to www.aila.com.au/events August 5, Sydney: AILA twilight seminar: Good faith and claims handling. Go to...
View ArticleEditorial team
Editor: Eva Wiland. Email eva.wiland@thomsonreuters.com. Contributing editor: Kate Tilley. Journalist: John Reynolds. Managing Editor: Helen Jones. Twitter: @Cover_NoteTR.
View ArticleASIC comparison site ‘waste of space'
ASIC's north Qld home and contents policy comparison website was unpopular with senior executives Asia Insurance Review interviewed for its Australian country profile issue ( CN 21/05/15 ) . Steadfast...
View ArticleTalent shortage stalks industry
Steadfast's Kelly (above) wants a unified approach to the industry's talent shortage. He said industry participants wanted talent for themselves but not for the industry in general. “I feel sad when I...
View ArticleAgency growth ‘a threat'
Growth in cluster groups for brokers and underwriting agencies is on big insurers' radars, AIR 's profile (above) found. Retiring Chubb CEO Mark Lingafelter said agencies' growth was “significant”....
View ArticleGreenstone readies for ASX trade
Global insurer Hollard Investments BV is seeking to raise $810-$985m from the float of its Australian arm Greenstone Ltd on the ASX next month. The company filed the Greenstone prospectus this week...
View ArticleFacebook ‘useful litigation tool'
A Qld barrister says lawyers should “dig deep” into parties' Facebook (FB) posts to access information useful in litigation. Sean Farrell told the AILA Qld intensive (above) people were “astoundingly...
View ArticleSelf-interest ‘blinds lawyers'
Lawyers' self-interest in keeping as many clients as possible may blind them into assuming informed consent to act for insurers and insureds in disputes, Bond University Associate Professor Kay...
View ArticleCourt rules life bans in SMSF case
Federal Court Justice Richard White this week ordered life bans against Gold Coast businessman Craig Gore and his associate Jeffrey George from providing financial services, including super fund...
View ArticleLawyer: avoid inter-office rivalry
Law firms' inter-office rivalries should not be evident in their relationships with insurer clients, Suncorp legal services panel leader Sam Graziano told the AILA Qld intensive (above) . A panel...
View ArticleMedcraft: ‘people are getting fleeced'
ASIC will incorporate company culture in its risk-based surveillance reviews, chair Greg Medcraft this week told a Senate Estimates committee in his opening statement. “It is a sad fact that bad...
View ArticleCredit card travel insurance reform
ASIC has welcomed card issuers' and insurers' improvements after a review of credit card-provided travel insurance disclosures. After complaints from the public and published Financial Ombudsman...
View ArticleInsured losses pass $1.5bn
Insured losses after the severe storms that hit eastern Australia in April and May ( CN 05/07/15 ) have passed $1.55bn, ICA says. By June 1, ICA member companies had received 119,935 claims from the...
View ArticleFrydenberg: default super in spotlight
Assistant Treasurer Josh Frydenberg, in a speech launching the Committee for Sustainable Retirement Incomes, this week signalled the Federal Government was likely to move on opening default super to...
View ArticlePeople
Resilium, part of the Suncorp Group, has appointed Adrian Kitchin MD of the insurance network. He was previously Insurance Advisernet Australia & NZ MD. Kitchin replaces Gerard McDermott who in...
View ArticleSMSFs ‘attractive target' for criminals
The Australian Crime Commission (ACC) has found Australia's SMSFs and financial advisers are “attractive” targets for organised crime. ACC's Organised Crime in Australia 2015 report released this week...
View ArticleASIC launches enhanced register
ASIC this week launched the second stage of the financial advisers register ( CN 01/04/15 ) , which now includes information about advisers' qualifications, training and professional memberships. ASIC...
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