The size of household internal water damage claims has risen 72% in the last five years and the issue is now a more common and costly risk for properties than burglary or fire, Chubb says. The average claim size received by Chubb Australia jumped to $30,361 last year from $17,627 in 2014 as changing home […]
A Driverless world
A new set of wheels hit the streets of Armidale, New South Wales, in February this year, marking a huge leap forward for Australian vehicle technology and a valuable test case for the insurance industry. Developed through the New South Wales Government’s Smart Innovation Centre, the Armidale Regional Driverless Initiative (ARDi) travels a 5 km […]
How digital transformation saw the Melbourne Cricket Ground ...
Based on a study of 230 customer projects over the past five years, digital transformation and automation specialist Schneider Electric has found digital transformation can be instrumental in cutting energy costs for businesses. The company has released its inaugural Global Digitalisation Report 2019, investigating how buildings, data centres, industries and infrastructure can be impacted by […]
Is that actually your boss? Vigilance urged as ‘deep fake’ u
Aussie businesses are being warned to treat audio messages with caution after a series of ‘deep fake’ recordings were used to scam senior financial managers overseas earlier this month. First reported by the BBC, cyber security firm Symantec has tracked at least three successful attacks on private companies where chief executives were impersonated to convince […]
Industry bodies welcome NSW Government funding for farm insu...
Deputy Premier and Minister for Regional NSW John Barilaro and Minister for Agriculture Adam Marshall have announced that the NSW Government will spearhead a campaign to establish a nation-wide income protection scheme to shield farmers from financial impacts of future droughts. Barilaro said the NSW Government was allocating $2 million to kick-start the process and […]
Insurers close 60% of Townsville claims
Six months after devastating floods hit the north Queensland city of Townsville, 60% of insurance claims have been closed – but more than 400 have been denied. The Insurance Council of Australia (ICA) says almost 30,000 claims have been received since an insurance catastrophe was declared on February 2, with estimated losses of $1.24 billion. […]
Why cybersecurity matters more than ever in the mobile era
A 2018 survey by the International Workplace Group showed almost 50 per cent of Australian employees worked remotely at least half the time. More than two-thirds of those surveyed spent a day or more away from the office each week. There are compelling advantages for employees in doing so – think reduced commute times and […]
FM Global reveals major cause of property-related losses in ...
An analysis of large risk losses reported in 2018 to FM Global has revealed equipment breakdown as the major cause of all property-related losses last year, accounting for 28% of the company’s losses across all industries based on gross loss dollar amount. Findings show that 62% of equipment breakdown losses were due to lack of […]
Rise in car defects prompts insurance warning
Brokers need to inform their clients that ignoring a recall notice from their car manufacturer could void their car insurance. This warning comes after a new study by comparison website Finder found an alarming increase in car recalls in Australia over the past five years, with the overall number of recalls skyrocketing by 176% since […]
One of Antarctica’s biggest glaciers will soon reach a point
Antarctica’s glaciers are melting at unprecedented rates. This rapid ice loss contributes to rising sea-levels. In a new study, scientists found that the Thwaites Glacier in western Antarctica will likely hit a point of irreversible melting, after which it will lose all of its ice over a period of 150 years. If the entire Thwaites […]
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