Thousands of tourists and residents evacuated parts of Australia on Friday as hot temperatures and strong winds were expected to worsen wildfire conditions over the weekend. “This is a ferocious fire that is still out there, and the climatic conditions are going to be very difficult to contain in the next 24 to 48 hours,” Prime Minister Scott Morrison said at a press conference Friday. At least 19 people have died, dozens are missing and more than 1,400 homes have been lost in the country’s wildfires, which have been burning since October. Authorities have said this season’s fires are the worst in Australia’s history and that the crisis is likely to last for months. Hundreds of fires are active across the nation with more than 12 million acres of land scorched.
Source: The Claims Page – USA Australia’s Extreme Wildfires Predicted To Worsen
Social inflation is one of the latest buzzwords in insurance. It is used by insurers to describe the rising costs of insurance claims resulting from things like increasing litigation, broader definitions of liability, more plaintiff-friendly legal decisions, and larger compensatory jury awards. While the core components driving social inflation have been evident for some time, their impacts on the insurance industry have only really started to come to a head in the past couple of years. “Probably one of the biggest drivers of social inflation is the general anti-corporate sentiment that exists, reaching back to the financial crisis,” said Mike Hudzik, managing director, head of casualty underwriting, US & Canada, Swiss Re. “It seems like it’s a long time ago in our rear-view mirror, but it really created an environment that continues to gain momentum today. Since that time, there’s been a greater division or separation of wealth, and there’s just generally a feeling that someone needs to pay when there’s some kind of damage or injury sustained, regardless of negligence.”
Source: The Claims Page – USA What Is Social Inflation, And Why Is It Hurting Insurance?
“Well? We’re waiting!” goes the infamous line groaned by Judge Smails to Ty Webb in “Caddyshack” while he waits to find out how much money his golf bet is going to cost him. Many insurance clients utter this same frustrated groan to claims professionals handling their stalled loss payouts. For the claims professionals, we’re waiting, too—for medical records, for a demand, for the claimant to finish treating, for the attorney to return phone calls, for a full moon—we’re always waiting for something in this industry, aren’t we? The good news is that we don’t have to wait anymore, and neither do our clients. There are strategies to get past the blockades that seem to be anchored to circumstances over which we have no control.
Source: The Claims Page – USA Beat The Waiting Game: Tips For Getting Stalled Claims Moving Again
Insurer head says consolidation is leaving brokers and customers frustrated
Source: Insurance Business Online Australian market facing “unrest and uncertainty”
Many homeowners are underinsured or have no insurance at all, says peak industry body
Source: Insurance Business Online Australia fires damage bill could top 0 million
The insurer also provides perils update
Source: Insurance Business Online IAG ups catastrophe reinsurance cover to billion
Kickstart the year with a new career in Commonwealth Bank, EY, and Westpac Group
Source: Insurance Business Online This week’s top insurance jobs – January 06, 2020
An online support information hub has been established
Source: Insurance Business Online AFCA offers dedicated support for bushfire victims