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Insurance Companies – World Insurance Report 2015

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Statewide Insurance Emerging Risks 2015

 

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Cyclone Marcia Claims Update – News

Businesses counting cyclone costs

Broker Buzz 18 Mar 2015

Claims from Cyclone Marcia’s recent battering of Central Queensland have soared after business owners started counting the cost of the damage, with about 30,000 claims lodged so far.

Insurance Council of Australia (ICA) CEO Rob Whelan says that the continuing rise in commercial claims over the past two and a half weeks was to be expected following such abrupt devastation, with total claims now sitting at around $400 million.

“These business claims are for a wide range of cyclone-related losses, from property and vehicle damage to business interruption. Many of these cases are quite complex,” Whelan says.

A large portion of property damage has been attributed to older buildings with poor resilience. However, Whelan says: “Most insured properties will be rebuilt or repaired to today’s cyclone building standards, which will ensure they have greater resilience to cyclones that may affect the region in the future.”

Whelan encourages policyholders with questions regarding insurance claims and handling, clean-up assistance, rebuilding and settlement options to register and attend insurance forums held this week.

The forums aim to foster resilience and sustainable recovery within communities, covering key aspects of recovery processes and offering policyholders an opportunity to discuss options with insurance professionals.

Regarding the response made by insurance companies in the wake of Tropical Cyclone Marcia, Whelan says: “I think they are doing a wonderful job, I really mean that. They are trying to get money out as quickly as can be. The overriding factor is that there are just so many claims, and we are trying to prioritise them.”

 

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NIBA Insurance Brokers Code of Practice

What is the NIBA Insurance Brokers Code of Practice ?

The Code is an agreement between NIBA (National Insurance Brokers Association) and members (Statewide) which sets out the minimum service standards that clients can expect from Insurance Brokers. It also outlines how complaints and disputes regarding potential breaches of the Code can be resolved. An updated Insurance Brokers Code of Practice came into effect on 1 January 2014.

The Code aims to:

• build professional competence in the broking profession; and

• increase consumer confidence in insurance brokers – and the role they play in the insurance process.

The service standards outlined in the Code are also aimed to safeguard self-regulation of the broking industry. Our Code of Practice sets out the minimum service standards you can expect when you use an insurance broker and outlines what you need to do in the unlikely event you have a complaint to make.

The Code sets out our commitments in a number of areas, including:

• Managing conflicts of interest;

• Explaining what our services will be;

• Acting for you diligently, competently, fairly and with honesty and integrity;

• Informing you how we are paid for the services we provide;

• Ensuring our staff are competent and adequately trained; and

• Providing an opportunity to resolve complaints and disputes.

In short, it’s our profession’s promise to you that we will act in your best interests at all times and be open and honest with you every step of the way. Statewide Insurance Brokers is a willing subscriber to the Code, and we endeavour to uphold ethical and legal practices of the insurance broking industry at all times.

Statewide’s Commitments to the Code of Practice

1. We will comply with all relevant laws

2. We will transparently manage any conflicts of interest that may arise

3. We will clearly tell you if we do not act for you (we do act for you!)

4. We will clearly tell you about the scope of our covered services

5. We will discharge our duties diligently, competently, fairly and with honesty and integrity

6. We will clearly tell you how our services are paid for and answer any questions you have

7. We will handle any money received in accordance with relevant laws and any agreement with you

8. We will ensure that we and our representatives are competent and adequately trained to provide the relevant services and will maintain this competence

9. We will respond to catastrophes and disasters in a timely, professional, practical and compassionate manner in conjunction with any industry-wide response

10. We will ensure that we have an internal complaints and disputes handling processes

11. We will support NIBA in promoting the Code and make information on the Code available

12. We will not engage in activity or inactivity that is reasonably likely to bring the insurance broking profession into disrepute

For more information on the Code, please visit www.niba.com.au, view the below video or contact us with any queries.

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Who are Steadfast Group ?

Steadfast is Australia’s Largest Insurance Broker Cluster Group

Steadfast Group Limited is an ASX 200 listed company comprising of more than 250 Australian-owned, autonomous insurance brokerages – which operate from 300 plus offices around Australia. Established in 1996, Steadfast is Australia’s largest insurance broker cluster group, generating in excess of $5 billion in annual premium turnover.

Statewide is a proud foundation member of Steadfast Group – entitling our clients to broader policy wordings, premium savings, and the many benefits that Steadfast member’s can provide.

The purpose of the Group is to provide insurance brokerages with the benefits of big business buying power but still allowing them to provide personalised service.

Why use a Steadfast Broker?

Because you’ll get the personalised service you look for from an autonomous business, together with the expertise and support you’d expect from a large organisation.

Because with the backing of a national management group, Steadfast Insurance members have the buying power that gives them access to the majority of the Australian insurance market. In addition, the Group has a number of strategic partners including some of Australia’s largest insurers and premium funders.

Because our extensive network allows member brokers to keep up-to-date with current trends and new insurance markets. Our members collective capabilities, experience and team approach, allow them to assess and offer a wide range of products and services.

Because you’ll benefit from policy wordings that are exclusive to the Steadfast Group, developed in conjunction with the largest insurers in Australia. The acceptance of generic wordings by Australia’s leading underwriters is testament to the respect of our Group by the industry.

Because our strategic partnerships cover all major classes of businesses and various niche products. Our brokers can source quality products from a broad, flexible range. This breadth of choice enables members to locate value-for-money insurance to provide protection to suit each client’s needs.

Because even though our members have access to a number of strategic partners, nothing our members do is compulsory. The business is placed with the best interest of the client in mind.  Steadfast has grown to be a respected and recognised leader in broker cluster groups within the industry. It is this recognition that has helped propel Steadfast forward to be the largest broker cluster group in Australia.

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Steadfast February 2015 Latest Video

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Statewide acquires 2 x Business Insurance Brokers

From the Vault – April 2011

Statewide Insurance is pleased to announce the recent acquisition of Churchill Insurance Brokers Pty Ltd (AFS license no. 239544). Churchill was established in March 1999 to provide Western Australian Businesses with an Insurance Brokerage that was independent, experienced and service oriented with access to national and international markets.

The Company’s business activities cover a wide range of insurance services including corporate, commercial and personal insurance risks as well as managing industry and product schemes. Churchill has established working relationships with many W.A. and Australian Insurance companies as well as establishing a strong network of affiliates with Insurance groups in London, Singapore and throughout the Asia-Pacific Rim.

A great fit with Statewide’s beliefs and vision….we all look forward to continuing our services aims to all clients…both old and new.

Not just one, but 2 x Business Insurance Brokers added to the Statewide Group…

From the Vault – April 2011

Statewide Insurance is pleased to announce our recent acquisition of Vintage Insurance Brokers.

Vintage Insurance Brokers have been operating as licensed general insurance brokers, commencing business in January 1991, and operating out of Willetton, Perth. Their company motto has always been one of honesty, integrity and to deliver great service to all customers…..a great fit with Statewide’s existing principles.

We look forward to continuing our service aims to all clients, both new and old!

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