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Steadfast Group Investor Day Presentation

Presentation by Steadfast Group

 

 

Who is Steadfast Group?

Statewide Insurance Brokers is a member of the largest insurance broker network in Australasia, the Steadfast Group.

Comprised of 300+ brokerages with over 500 offices, the group generated over $5 billion in insurance sales last financial year.  This scale gives Steadfast enormous buying power, flexibility and influence when negotiating with major insurers on behalf of Steadfast brokers and results in us being able to provide our customers with access to multiple insurance companies, a broad range of products, competitive pricing, valuable advice and quality service.

As a Steadfast network insurance broker, you get the best of both worlds – local and personalised service, with the insurance expertise and support of a large organisation. Strength when you need it. 

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NTI Insurance takes over Lumley Heavy Motor

National Transport Insurance taking over Lumley Heavy Motor

Lumley’s heavy motor and mobile plant and equipment portfolios will transfer to National Transport Insurance (NTI) from July 1, CGU has recently announced.

NTI Insurance is already the country’s leading truck insurer, and incorporating the portfolio of a former major competitor can only increase its market dominance.

CGU and Vero have jointly owned and operated NTI since 2001, and the Lumley move has been pending since IAG’s purchase of Wesfarmers’ underwriting business last year.

The joint venture agreement stipulates that policy types such as heavy motor and mobile plant and equipment are underwritten and managed by NTI Insurance.

“The integration of Lumley brings its heavy motor and mobile plant and equipment portfolios over to commercial insurance.  To adhere to our joint venture terms and conditions, an agreement has been reached for these policies to be transferred to NTI.

“The transfer will provide brokers and customers with access to NTI’s expertise and specialisation in the heavy vehicle insurance market.”

Lumley will continue to write renewals and new policies up to and including June 30.

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Home Insurance Unoccupancy Clause

Home Insurance and Unoccupancy Clauses

home insurance

Prominent within all home (and landlords & business package) insurances is a general condition or general exclusion known as the ‘Unoccupancy Clause’.

In simple terms, the policy will not respond, or cover would be reduced or restricted, if the premises is unoccupied for more than a set amount of days – commonly 60days.

Various insurer definitions read as:

  • Cover is suspended if your home is unoccupied for more than 60 consecutive days, unless you notify us in writing prior to, and we agree to it.
  • Unless We otherwise agree in writing, We will not pay for any loss or damage to Your Business Property if the occurrence happens after Your Business Premises has been unoccupied for more than 60 consecutive days.
  • If you leave your home for a period of more than 60 days, you must tell us and have our written agreement.  If you do not do so, cover will be limited, restricted or not applicable.

The important takeaway from the Home Insurance Unoccupancy clause relates to the time period, and the requirement to advise.

If you advise ourselves as the broker, and we therefore advise the insurer – it is more often than not agreed to and cover remains in full.  If the period is not much greater than 60 days, it would be agreed.  If you were having family/friends check on your house, it would be agreed to.  If you expected to be away for 6 months, this would present a problem.

The good news of late is the ever increasing time period.  Many years ago, the time period was as little as 30 days.  More recently, this has extended to a common 60 days.

Now, with the ever improving wordings, our Steadfast Group additional wordings, and through the use of a broker, 90 days is common on many broker policies.

Our main Home/Contents Insurers v Direct Insurers :

Broker Policy’s

  • Steadfast Policy’s – now 100days
  • Vero Brokered – 90days
  • Allianz Brokered – 90days
  • QBE Brokered – 90days

Direct Insurers

  • RAC direct – 60days
  • HBF – 60days
  • Coles – 60days

So….If you are going on an extended holiday or have plans to vary your stay at your premises, please give thought to your home insurance unoccupancy clause before doing so.  Please consult ourselves, let us know, and we will have it approved!  Don’t get home from that perfect holiday and find your house damaged, and not have any cover applicable.

Unoccupancy Clause

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Berkshire Hathaway Insurance Entering Australian Market

IAG and Berkshire Combine Forces

*Press release from IAG

Today IAG has announced a long-term strategic partnership with Berkshire Hathaway Insurance that will enable both our companies to draw on each other’s strengths to better service customers and deliver superior business outcomes.

This is an exciting move for IAG that gives us the long-term backing of one of the world’s most respected investment companies.

As part of this partnership, IAG is entering a 10-year operational agreement spanning our respective interests in Australia and New Zealand. Berkshire Hathaway will transfer its personal and SME portfolio to IAG, and we will transfer our large corporate property and liability portfolio for ASX 250 companies to Berkshire Hathaway.

This arrangement leverages our different strengths and will enhance the offering we can each provide customers.

We are working closely with Berkshire Hathaway Insurance to ensure a smooth transition plan for these portfolios. In the large corporate segment we will work very closely together to make sure we provide a seamless claims, underwriting and risk management experience for our partners and customers.

It’s important to note that CGU will continue to provide a full-service offering, and we’ll continue to underwrite SME, mid-market and corporate lines in all classes except property and liability for ASX 250 companies.

The partnership also involves IAG and Berkshire Hathaway entering into a 10-year 20% quota share arrangement across IAG’s consolidated business. Additionally, Berkshire Hathaway will take a 3.7% shareholding in IAG which it can increase to a maximum of 14.9% over the period of the partnership.

This long-term partnership with Berkshire Hathaway is an exciting move that affirms IAG’s position as the market leader in our region and sets CGU up to be even stronger partners for you and your customers.

Needing IAG or Berkshire Insurance Products?  Please contact us at Statewide and we would be happy to assist.

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Insurance Council of Australia

All About the ICA

The Insurance Council of Australia is the representative body of the general insurance industry in Australia. Its members represent more than 90 per cent of total premium income written by private sector general insurers. Insurance Council members, both insurers and reinsurers, are a significant part of the Australian financial services system.

The private sector insurance industry generates gross premium revenue of $41.6 billion a year and has assets of $114.4 billion. The general insurance industry on average pays out $111 million in claims to policyholders each working day.

Insurance Council members provide insurance products ranging from those usually purchased by individuals (such as home and contents insurance, travel insurance and motor vehicle insurance) to those purchased by small businesses and larger organisations (such as product and public liability insurance, commercial property, and directors and officers insurance).

Mission

The Insurance Council of Australia’s mission is to influence, ethically and expertly, the political, social, business and economic environment in order to promote members’ roles in providing insurance protection and security to the community.

Role

The Insurance Council of Australia represents the interests of the Australian general insurance industry.

Established on July 1, 1975, the Insurance Council succeeded the Fire Accident and Marine Underwriters Association, which traced its origins back to 1867.

The Insurance Council was established to act as the peak body for general insurance companies in Australia licensed under the Insurance Act 1973.

Its member groups include insurance and reinsurance companies, Lloyds underwriters, intermediaries and agencies from both the private and public sectors. They account for more than 90 per cent of all insurance business transacted in Australia by authorised insurers. The Insurance Council funds its activities through a membership levy.

 The main objectives of the Insurance Council are to:

  • Represent members’ interests in both domestic and international issues
  • Represent the general insurance sector to government and the community
  • Anticipate and assist the industry to meet the needs of consumers and the community in general
  • Improve the industry’s image
  • Promote community awareness of the role and benefits of insurance
  • Encourage improved service standards across the insurance sector and promote appropriate self-regulation
  • Promote private-sector provision of insurance services
  • Effectively and efficiently manage Insurance Council of Australia resources

The Insurance Council is headed by a Chief Executive Officer, who is responsible to a Board of Directors elected by member companies. They are supported by an executive team who manage a series of divisions as well as by a comprehensive committee structure drawing on industry experts from member companies.

The Insurance Council represents its members, handles issues and develops industry positions through government lobby, public affairs, industry forums, issues management and consumer services, all of which are backed up by technical research and resources.

Members

Ace Insurance Limited

Aioi Nissay Dowa Insurance Company Australia Pty Ltd (Adica)

Allianz Australia Insurance Limited

Ansvar Insurance Limited

AonBenfield Limited

Assetinsure Pty Limited

Auto & General Insurance Company Limited

AVEA Insurance Limited

Avant Insurance Limited

Catholic Church Insurance Limited

AIG Australia Limited

Commonwealth Insurance Limited

Employers’ Mutual Limited

Factory Mutual Insurance Co.

General Reinsurance Australia Limited

Genworth Financial Mortgage Insurance Pty Limited

Guild Insurance Limited

Guy Carpenter & Company Pty Limited

Hallmark General Insurance Company Limited

Hollard Insurance Company Pty Limited, (The)

Insurance Australia Group Limited

Insurance Manufacturers of Australia Pty Limited

JLT Towers Re Pty Ltd

Lawcover Insurance Pty Limited

Lloyd’s Australia Limited

MDA National Insurance Pty Limited

Medical Insurance Australia Pty Limited

MIPS Insurance Pty Limited

Mitsui Sumitomo Insurance Limited

Munich Holdings of Australasia Pty Limited

NTI Limited

OnePath General Insurance Pty Ltd

Progressive Direct Insurance Company

QBE Insurance (Australia) Limited

RAA Insurance Limited

RAC Insurance Pty Limited

RACQ Insurance Limited

RACT Insurance Pty Limited

Sompo Japan Insurance Inc

Southern Cross Travel

Suncorp Group Limited

Swiss Reinsurance Company Limited

Tokio Marine & Nichido Fire Insurance Co Limited

Virginia Surety Company Inc

Westpac General Insurance Limited

Willis Reinsurance Australia Limited

XL Insurance Company SE

Youi Pty Limited

Zurich Financial Services Australia Limited

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Perth Insurance Brokers – Video

Statewide is Perth Insurance Brokers

 

A recurring question we receive here at Statewide is whether we are Perth Insurance Brokers.  Yes we are.

Perth Insurance Brokers is a registered company owned by Statewide, but as we prefer our traditional name and all encompassing WA name, we continue to trade under the name Statewide Insurance Brokers.

We have been operating under the name Statewide Insurance Brokers since 1976, but in answer to the common question…..Yes, we are Perth Insurance Brokers, and yes we are West Australian Insurance Brokers.  We also service clients on a National level, and right down to the local community.

So What Can an Insurance Broker Help With ?
  • assess and manage your risks, provide advice on insurance solutions;
  • arrange, acquire and maintain insurance;
  • act as your advocate in settlement of any claims.
What Services Does an Insurance Brokers Provide ?
  • select and arrange tailored insurance policies and packages;
  • technical expertise including knowledge of insurance markets, prices, terms and conditions, benefits and pitfalls of the never-ending range of insurance policies;
  • interpret, arrange and complete insurance documentation;
  • predict, manage and reducing risks;
  • claims and settlements advice; and
  • premium funding and risk management reviews.

 

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Dawes Motor Underwriter Change

Dawes Motor Insurance Change of Underwriter

 

With effect from 1 July 2015 Dawes Underwriting Australia Pty Ltd trading as Dawes Motor Insurance will distribute its policies as an Authorised Representative of Hostsure Underwriting Agency Pty Ltd (‘Hostsure’) on behalf of new insurer, Great Lakes Reinsurance (UK) PLC trading as Great Lakes Australia (‘Great Lakes Australia’).

Great Lakes Australia is an authorised Australian insurer, regulated by the Australian Prudential Regulation Authority (‘APRA’) and is a branch office of Great Lakes Reinsurance (UK) PLC, a limited liability company incorporated in England and Wales and a wholly owned subsidiary of the Munich Reinsurance Company, part of the Munich Re Group.

Hostsure is a service focused underwriting agency of specialist insurance products designed for the broker community.

  • Calliden Insurance Limited will cease to act as the underwriter for Dawes policies incepting or renewing on or after 1 July 2015.  Instead, Great Lakes Australia will act as the underwriter and Dawes will continue to distribute these policies under the Dawes brand.
  • There  will be some changes to coverage to all Dawes policies listed below related to exclusions and additional changes in coverage to the Dawes Motor Vehicle Insurance Policy.
  • All contacts for claims, underwriting and accounts remain the same, as well as the quality of service that both you and your clients receive.

 

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Perth Insurance Report – May 2015

Statewide Insurance Brokers

 

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Macquarie Bank Interest Rate Commentary

The Reserve Bank Board met this week and kept official interest rates on hold at 2.0%.

Having cut official rates in May, we expect the RBA will now pause for several months to assess the impact of these historically low interest rate settings.

Stronger consumer confidence Today’s decision would have been influenced by the strong bounce in consumer confidence, which rose 6.8% after the interest rate cut last month and the well-received Federal Budget. This is the strongest response by consumers since the 2006/7 pre-election Budget.

 Weak business investment Business investment is one of the key missing ingredients needed for the Australian economy’s transition from its reliance on the mining investment boom. The recently released survey of non-mining capital expenditure for the March quarter was down 4.4%; that’s two years of declines.

Lower Australian dollar needed The RBA may have been somewhat frustrated that, immediately following May’s rate cut, the Australian dollar initially rallied to over 81 US cents and has been stubbornly above 79 US cents until recently.

Potential for future cut The RBA’s own forecasts, released in the Statement of Monetary Policy, suggest an Australian economic landscape impacted by a lower value of exports, below-trend growth, lower inflation, excess capacity and a possible further rise in unemployment. These factors combined suggest an additional rate cut may be required.

Macquarie’s economists maintain their forecasts that there will be one more rate cut this year, probably in November, taking the official cash rate to 1.75%.

The next RBA board meeting will be held on Tuesday 7 July.

 

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