Australian Insurance Law Association - it is worth joining

Have you ever thought about learning or keeping up to date with laws affecting Insurance?

Join the Australian Insurance Law Association (AILA)

In the Insurance Industry, nearly everything we do has a relationship with Laws relating to Insurance. Whether it is stipulating procedures we have to abide by in Insurance policies, APRA supervision, settling liability type claims or simply interpreting clauses in policies, the Law plays a big part.

You can keep up to date with all these changes simply becoming a member of AILA. Local branches provide monthly seminars or forums, there are regular Bulletins discussing recent changes or topics of interest and there is an annual conference where the best legal minds in Insurance present. It is another way to keep your CPD points up and get to know many people in the Insurance Industry let alone Insurance lawyers. And it is of little cost.

Join today on line. You will be very glad you did. Go to aila.com.au 
 

Latest News

D&O premium pool ‘must treble’ to return to profitability

A new report – called "Show Me The Money!" by insurer XL Catlin and law firm Wotton + Kearney – is the second in a series of three white papers on securities class actions and their impact on the Directors & Officers Liability (D&O) market. The main conclusion is that Directors’ and officers’ (D&O) insurance premiums are under-priced significantly and need to rise strongly to restore profitability. The main risk areas are those exposed to securities class actions, 

It says Directors & Officer's Side A, Side B and Side C cover has been chronically underpriced since at least 2011, while the frequency of class actions is increasing as more plaintiff lawyers and litigation funders enter the space.

The analysis suggests last year’s overall premium pool of about $210 million would need to increase by at least three times to establish a profitable market, if it is assumed all other factors stay unchanged.

“Recent market developments would indicate most D&O insurers are now endeavouring to restore some semblance of profitability to their portfolios after years of market losses,” the report says.

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75% of Cyclone Debbie claims settled

In the 6 months since Cyclone Debbie devastated Queensland and parts of northern New South Wales:

• more than 31,000 homes and business have been repaired or received settlements from their insurance company

• more than 20,000 families have had possessions replaced

• more than 4,500 motor vehicles have been repaired or new vehicles provided

• hundreds of local builders and trades have been working on properties to repair the damage and destruction caused by the cyclone

• over $5 million has been paid EACH DAY to assist local communities, residents and businesses.

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