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Insurance which provides protection against liability to third parties.

 
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Professional Indemnity Insurance: How Much Coverage Do You Really Need? Professional Indemnity Insurance: How Much Coverage Do You Really Need?
Professional Indemnity Insurance (PII) remains one of the keystones of risk management for professionals across Australia. Yet, misconceptions and lack of awareness can lead to inadequate coverage, leaving individuals and businesses vulnerable in a litigious environment. - read more
Expert Tips for Comparing and Buying the Right Professional Indemnity Insurance Expert Tips for Comparing and Buying the Right Professional Indemnity Insurance
Professional indemnity insurance is an essential safeguard for practitioners and businesses that provide expert advice or services. This type of insurance helps to protect professionals against legal costs and claims for damages from an act, omission, or breach of professional duty in the course of their work. For Australian professionals, where litigation is increasingly common, it's a pivotal component of risk management. - read more
Cyber Liability and Indemnity: Mitigating Risk for IT Professionals Cyber Liability and Indemnity: Mitigating Risk for IT Professionals
In an era dominated by digital innovation, understanding the crossroads of cybersecurity and indemnity insurance is more critical than ever for IT professionals. As cyber threats evolve with increasing sophistication, the concept of cyber liability has come into sharp focus, pinpointing the potential legal and financial risks associated with data breaches and cyber-attacks that professionals in the information technology sector may face. - read more
The Essential Guide to Professional Indemnity Insurance for Australian Consultants The Essential Guide to Professional Indemnity Insurance for Australian Consultants
If you're an Australian consultant, you understand that your advice is a valuable commodity. But with that value comes responsibility, and a level of risk that you could be held liable if your guidance results in financial loss to a client. This is where professional indemnity insurance comes into play, serving as a vital shield, providing protection and peace of mind for both you and your clients. - read more
Protect Your Intellectual Property: The Role of Indemnity Insurance in Safeguarding Assets Protect Your Intellectual Property: The Role of Indemnity Insurance in Safeguarding Assets
Intellectual Property (IP) stands as one of the core components of any modern business, particularly for startups where innovation is often the primary competitive edge. Understanding and protecting IP is not just about safeguarding ideas; it's a critical aspect of maintaining a business's unique market position and its long-term viability. - read more
Professional Indemnity Insurance: How Much Coverage Do You Really Need? Professional Indemnity Insurance: How Much Coverage Do You Really Need?
Professional Indemnity Insurance (PII) remains one of the keystones of risk management for professionals across Australia. Yet, misconceptions and lack of awareness can lead to inadequate coverage, leaving individuals and businesses vulnerable in a litigious environment. - read more
Indemnity vs. Liability Insurance: Understanding the Differences Indemnity vs. Liability Insurance: Understanding the Differences
Insurance serves as a cornerstone in the foundation of a thriving business, mitigating various risks that can surface in the unpredictable world of commerce. At its heart, business insurance is about safeguarding the company's financial stability. It provides a critical safety net, ensuring that a single event doesn't have the power to derail years of hard work. - read more
Top 5 Reasons Why Your Start-up Needs Indemnity Insurance Now Top 5 Reasons Why Your Start-up Needs Indemnity Insurance Now
Starting a business is a thrilling venture, but it comes with its share of risks and uncertainties. One often underestimated aspect by many entrepreneurs is the need for adequate insurance, particularly, professional indemnity insurance. This type of insurance is crucial for protecting your start-up against potential financial liabilities resulting from errors, omissions, or professional negligence. - read more
Expert Tips for Comparing and Buying the Right Professional Indemnity Insurance Expert Tips for Comparing and Buying the Right Professional Indemnity Insurance
Professional indemnity insurance is an essential safeguard for practitioners and businesses that provide expert advice or services. This type of insurance helps to protect professionals against legal costs and claims for damages from an act, omission, or breach of professional duty in the course of their work. For Australian professionals, where litigation is increasingly common, it's a pivotal component of risk management. - read more
Protect Your Intellectual Property: The Role of Indemnity Insurance in Safeguarding Assets Protect Your Intellectual Property: The Role of Indemnity Insurance in Safeguarding Assets
Intellectual Property (IP) stands as one of the core components of any modern business, particularly for startups where innovation is often the primary competitive edge. Understanding and protecting IP is not just about safeguarding ideas; it's a critical aspect of maintaining a business's unique market position and its long-term viability. - read more

 

 
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NSW Budget Prioritizes Resilience, Aimed at Insurance Affordability

NSW Budget Prioritizes Resilience, Aimed at Insurance Affordability

The latest NSW budget signals a significant boost for improving insurance outcomes by heavily investing in resilience building and working towards emergency services levy reforms.

Unveiling the 2024-25 budget, the Minns government has announced a substantial allocation of $5.7 billion over the next four years focused on disaster response and natural calamities, with Australian government contributions included.

Among the key initiatives, $525 million is set aside for the Resilient Homes Program in the Northern Rivers and Central West, promoting voluntary home buybacks and flood-proofing just to name a few enhancements. Meanwhile, the Resilient Lands Program will receive $87.4 million aimed at creating new housing and land opportunities in Northern Rivers.

"The focus on resilience is truly commendable," stated Andrew Hall, CEO of the Insurance Council of Australia. "By proactively addressing the need to safeguard properties and human lives from the increasing menace of severe weather, the government is paving the path for improved insurance scenarios."

An equally notable aspect of the budget is the government's renewed commitment to replacing the current insurance-based emergency services levy (ESL) with a property levy mechanism.

According to the budget documents, growing needs for emergency services spurred by climate change and frequent natural disasters are driving the push for change. The documents mention, "Transitioning from the ESL to a broader-based property levy would alleviate the pressure on insurance premiums and distribute the cost more equitably among all property owners."

Insurers have long been advocating for such reforms. Mr. Hall praised the move, remarking, "Eliminating the ESL will definitely reduce insurance costs for customers in NSW. The existing system has long penalized policyholders especially those living in flood-prone areas, already burdened by hefty insurance premiums."

IAG, another major player in the insurance arena, also lauded the budget. Nick Hawkins, CEO and MD, commented, "Measures like voluntary home buybacks, planned relocations, house raising, and retrofits are critical. These steps will not only enhance safety but also secure long-term protection for residents in high-risk zones."

The budget papers project a significant growth in ESL-related revenue, estimating an uptick of $205.6 million by 2027-28 when compared to the previous half-year review of 2023-24. This increase highlights the provisioning of additional resources to elevate emergency services for the NSW community.

For the fiscal year 2024-25, the government anticipates collecting around $1.32 billion in ESL revenue, with projections for the subsequent years being $1.27 billion in 2025-26, $1.22 billion in 2026-27, and $1.24 billion in 2027-28.

However, insurance duty revenues have observed a slight decline, revised downward by $7 million for 2023-24 and by $34 million over the next four years up to 2027-28, a situation attributed to fluctuations in year-to-date collections.

From Insurance News Magazine: How Government Disaster Payouts Could Drive the Search for a "Better Way" on Climate Adaptation.

Published:Thursday, 20th Jun 2024
Source: Paige Estritori

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Insurance News

Suncorp's Renewed Commitment to Economic Equity Initiatives Suncorp's Renewed Commitment to Economic Equity Initiatives
16 Jul 2024: Paige Estritori

Suncorp has launched its third Reconciliation Action Plan (RAP) designed to bolster the economic standing and opportunities for First Nations people. The new plan emphasizes deepening the insurer's existing commitments and exploring fresh pathways towards equitable growth. - read more
Homeowner Triumphs in Ground Movement Damage Claim Homeowner Triumphs in Ground Movement Damage Claim
15 Jul 2024: Paige Estritori

A homeowner's dispute over damage caused by ground movement due to a leaking pipe has received a favorable verdict from the Australian Financial Complaints Authority (AFCA), promising significant coverage for repairs. - read more
QBE Adopts Innovative Claim Strategies QBE Adopts Innovative Claim Strategies
14 Jul 2024: Paige Estritori

QBE has rolled out a set of enhancements to its claims handling processes, utilizing lessons learned from the catastrophic 2022 floods in Australia. These initiatives aim to mitigate delays, streamline communication, and bolster risk management practices. - read more
Strong Aussie Dollar Encourages Bold Travel Plans Strong Aussie Dollar Encourages Bold Travel Plans
14 Jul 2024: Paige Estritori

In recent weeks, the Australian dollar has shown remarkable strength, bringing about a sense of optimism and renewed travel enthusiasm among Aussies. The currency has significantly appreciated, witnessing impressive highs not seen in nearly half a year. - read more
Call for Insurance Sector to Champion Resilience Funding Call for Insurance Sector to Champion Resilience Funding
13 Jul 2024: Paige Estritori

Insurance companies should explore innovative solutions to tackle the rising challenges of affordability and accessibility in the sector, recommends a major consumer group, Australian Consumers Insurance Advocacy. - read more

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