Risk Management

Managing Risks of Storms

Are you ready to face another season of storms and cyclones?

With reports that Weather related events will be even more intense  in the future, us Risk Takers need to adapt and prepare so that the impact is reduced and our family and community is protected.

Insurance is fine when it comes to compensating you financially, but there are a lot of unpaid hours in preparing, submitting and following up on claims. There are many Flood victims who did not use an Insurance Broker still battling insurers to pay claims here in Queensland. Further, if the cost of a Claim is reduced by better prevention methods, then there is less of a need for Insurers to increase premiums.

Prevention is better than cure. Click here for a web site with useful tips. 

Most of this is common sense. There is also the forgotten issue of legal liability, that is the duty of care you owe to your neighbours. I have seen plastic chairs fly off balconies of multi-storey apartment blocks, branches damaging neighbouring properties and water damage from neighbour's blocked drains or poorly designed run-off areas.

We all have a duty to not just ourselves, but also our neighbours. So be Storm ready this season.

Cyclone Tracking Map

Cyclone Evan hits Fiji

Steamatic article - Storm in a teacup

Drier Conditions expected as La Nina recedes

Fierce Storms in WA June 2012

More fierce storms in WA November 2012

Tornados rip through Poland

After the Storm - Vero

Typhoon Vicente hits Hong Kong

Hurricane Sandy's trail of destruction

Sandy reminds Australians to prepare for Storm Season

Phillippines Typhoon Yolanda (Haiyan) terror

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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