Here is an interesting article by Ross Campbell on Gen Re's website. It discusses the increasing incidence rates against survival rates and outlines some of the biggest risk factors and how this may effect critical illness insurance in the future.
Risk management means taking a broader view of business risks and the approaches to resolving them than a basic mix of 'she'll be right' and a bit of insurance. Making a business more resilient does cost money, but can have other benefits too: and help manage threats from competitors as well as earthquakes, fires, and floods. This is worth a read - link.
Rothbury Managing Director Roger Abel announced the following:
I am excited to announce that Rothbury is growing again. We have purchased the General Insurance Broking and Premium Funding operations of Lifetime Group who are based in Christchurch along with an adviser in Timaru and Blenheim.
The second part of the deal is that Rothbury has purchased a cornerstone stake in Lifetime Group’s additional operations. This is a full service financial advisory network delivered by a team of 90 staff who advise on loans, insurance, investment and planning.
Thirdly, the move will also mean that Rothbury Life will join Lifetime Group, which currently has advisers in 13 New Zealand locations. Rothbury Life will continue to operate under the Rothbury Life brand.
In addition, with Owen Shaw as our alternate I will be joining the Lifetime Board as a Director.
The new partnership creating a broader service offering for our combined clients will be effective from 22 December 2016.
This kind of strategic alliance is fascinating - recognising the superior ability of each party to manage their respective specialisation, while at the same time taking advantage of economies of scale. Congratulations to all concerned on the deal.
According to the Insurance Council some buildings damaged in Wellington by the recent Kaikoura earthquake may not have complied with guidelines for non-structural, seismic restraints. Click here to read more.
Berkshire Hathaway Specialty Insurance Company have announced that it has launched Professional First Financial Institutions Civil Liability Insurance in Australia and New Zealand.
'“Many forces have shifted the risk landscape for financial institutions, from the lessons learned from the complex litigation of the global financial crisis, to the rise of new disruptive technologies and novel ways of conducting business,” said Vincent Barker, Manager, Financial Institutions, BHSI, Australia. “We’re pleased to offer a market-leading civil liability policy wording that keeps pace with these changes and provides clarity of coverage and flexibility for financial institutions.”
BHSI’s new policy expressly addresses the broad range of claims financial institutions can face as they provide diverse services to many different parties. It uses an expansive ‘professional services’ trigger not linked to a client, fee or specified service. The policy also covers bail bond costs, deprivation of assets expenses, court attendance and prosecution costs, providing peace of mind to insured professionals.
BHSI’s new Civil Liability policy also includes pre-investigation loss coverage. Contractual liability and mandatory contractual terms coverage is provided as well.
BHSI has a broad appetite for mid-size and large financial institutions of all types—from insurance companies and banks, to financial administrators, financial technology providers, and M&A/corporate advisory firms.
“Our new Civil Liability policy wording for financial institutions provides certainty for the often complex risks of the financial institutions space,” said Karen Poching, Senior Underwriter, Executive and Professional Lines, BHSI, New Zealand. “We are pleased to add this essential coverage to our growing suite of policies for financial institutions.”'
Lemonade is the new name in P2P insurance. It has launched offering homeowners and renters cover for New Yorkers. The way in which it is P2P doesn't seem quite the same as the way, say, Harmoney, is P2P. We shall follow their development with interest, however, as we share their interest in the future. Link.
This is the story of a Northland man who's house burnt down while he was over 400km away. The insurer is refusing to pay out claiming he started the fire himself remotely.
'He said he was in fact under-insured when his house burnt down, which would make him a pretty lame arsonist. He pointed out that after years of legal battles he was in fact acquitted of the arson charges that were laid against him, and that the Crown had never been able to show that the complicated printer-ignition method actually happened. Contrary to the insurer's allegations, he said, he wasn't in serious financial difficulty before the fire.'