Jeffrey McNally, Insurance, Australia | Blogger
Jeffrey McNally, Insurance, Australia
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21.01.2022 E Reputation Insurance - Is it a Necessity ? Further to my earlier posts with regards to E Reputation Insurance, I strongly believe that this insurance is a necessity more than a luxury. While the Internet is a boon for today's business operators, it is also a risky business. One negative comment can lead to a long-lasting and damaging effect on your reputation or your business, I would certainly say this , that E Reputation damage is a massively growing issue and is not goin...g away soon. Management of your damaged reputation cannot be done cheaply , no matter what some overseas providers advertise. You need reputation management often when you can least afford it, the majority of people who need the services of a E Reputation Management firm cannot afford the cost. A professional and reliable E Reputation Management firm can charge from $2,000.00 to upwards of $45,000.00 per month, some with twelve month lock in contracts. Potential users of E Reputation firms are Professionals such as Doctors, Dentists, Hypnotherapists, Counsellors , Life Coaches , Financial Services and Wealth Creation advisors, in fact anybody or firm that takes out Professional Indemnity Insurance would be a potential customer as well as CEO's and Senior Executives and their Family members, SME businesses in the Hospitality and Travel fields, Students who wish to clear up any negative social media commentary. Even if you are well prepared and manage your on line presence as professionally as possible, disgruntled customers can cause havoc to your reputation and you may not be able to bear the cost of reputation disaster. If you business depends on your reputation E Reputation insurance is a necessity . As they say " A good reputation is more valuable than money" . E Reputation Insurance is a must for any Professional , Executive , Small Business Owner and Student in this era of fading privacy ! I am keen to explore this potential business growth area further as I believe it will have a massive uptake.
17.01.2022 New Insurance Arrangement to boost Australia Agriculture : I am really excited by this product and it will be a huge boost to the stability of the Australian Agriculture Industry in this predicted El Nino year. Latevo is the leading Multi Peril Crop Insurance MGA in Australia. Latevo International, has announced a new underwriting partner.... Assentinsure will be the Insurer for the MPCI product and the partnership has been strongly supported, by Swiss Re and others, according to a statement. Latevo CEO, Andrew Trotter, noted that the business has been looking for an Insurer for their business as they look to grow following the successful implementation of MPCI last year, Crop insurer Latevo International says support from its new reinsurer Swiss Re will give confidence to brokers selling multi-peril cover this year.
16.01.2022 Ocean Temperature adds to Bushfire Threat Further to my earlier bogs with regards to the El Nino and this week's extreme heat across the country, Farmers will be more than a little worried that their crops will burn off and yields will drop significantly. Temperatures that we are currently experiencing will certainly effect Wheat and Lentils and some varieties of Barley. I have recently seen photos from farmers Victoria's Wimmera area were the crops have barely risen and at ...this rate will be un harvestable. A fall in production will increase the grain price and this will add significantly to the cost of dairy and beef producers feeding their stock. The Indian Ocean Dipole (IOD) has moved into a positive phase, increasing fears of a severe bushfire season. The Bureau of Meteorology says El Nino remains strong, and its drying effects could now be enhanced by the positive IOD. The IOD an ocean and atmosphere phenomenon has exceeded a +0.4-degree warming threshold for the past eight weeks and is at levels not seen since 2006. The two weather conditions combined make the south and east of Australia vulnerable to bush fires. Positive IOD events such as in the springs of 2006-08 preceded the Black Saturday bush fires of 2009, and the Ash Wednesday fires were also preceded by a positive IOD in the spring of 1982. The Indian Ocean is usually a major moisture source for south and east Australia in winter and spring, but a positive IOD results in rainfall going to the western Indian Ocean instead. This will most likely result in a long hot , dry , bush fire prone summer. In September rainfall in South and East Australia was half of the norm . If it’s dry, it’s easier to heat up, because you don’t get evaporated cooling. However, the bureau says sea surface temperatures across the whole Indian Ocean basin have been at record warm levels, and this can result in increased rainfall. This appears to be offsetting the influence of the IOD and El Nino in some areas, it said. Lets hope so. Victoria and South Australia farmers will be collectively praying for any rainfall , that is if they have any crop left ! The Victorian Government will be praying that they do not have another Black Saturday on it's hands !
16.01.2022 E-Reputation Insurance , Is it worth it ? Some Overseas Insurers are starting to offer e-reputation insurance products for individuals. Swiss Re Life and AXA in France have recently offered this product. Swiss Re Life offered it targeting students about to start a professional career. It also offers cover for generally anyone that is worried about data and information regarding themselves on the Web. The policies cover the insured against identity theft, credit-card fraud, ha...rm to your on line reputation and e-commerce disputes. Swiss Re Life and AXA both utilise a dedicated online reputation management firm called Reputation Squad . The insured is able to access this firm through the policy coverage , who will try and and remove troublesome content by putting pressure on website or social network owners and ask them to erase the data using the threat of juridical means. Of course it is almost impossible to erase all types of data related to a person from sites and social networks. Hence if the threat of legal action does not do the trick the best alternative is to flood the web sites and networks with positive content about the insured. This is the solution that many On Line Reputation Management firms propose. Easier to add more positive content than try and have the negative ones deleted from the sites. Does this demonstrate how harmful open data on the web can be ? Can we trust the information that we see on the web ? Probably not in all cases. Before you go out and try and buy such as cover you should consider first the value of your on line reputation and damage to it, and how this compares to the value and the cost of the insurance itself. Things that attribute to the value of online reputation damage include the potential to lose your job, the possibility of being unemployed in the future , the difficulty in obtaining new employment or looking for new business opportunities , a bad online reputation can make things very difficult for you indeed. Reputational damage could also very easily effect your family and your friends. So if you are worried about these things maybe E-Reputation Insurance is worth the cost of it ! Unfortunately E-reputation Insurance is not currently available for the Personal or SME business market in Australia at this time.
04.01.2022 El Nino Builds towards Peak- Wimmera Farmers see worst of it. Jeffrey McNally, Insurance, Australia Following a recent news article on the ABC , Wimmera (Victoria) based farmers are seeing the worst of the El Nino with large areas of paddocks showing signs of distress. Either no growth or stunted growth of Winter crops putting Farmers / Growers under more financial pressure following on from last year’s bad season. Multi Peril Crop Insurers will start to see Peril Notificati...ons coming in from growers indicating that potential losses and claims maybe made against their policies. The current El Nino is likely to reach its peak at the end of this year, according to the Bureau of Meteorology. The bureau’s latest update says the weather event continues to strengthen, with recent oceanic and atmospheric readings at levels not seen since the 1997/98 record.Climate models indicate the event will peak around the end of [the year], followed by rapid weakening heading into autumn, Senior Climatologist Catherine Ganter told insuranceNEWS.com.au. This is what we would expect of a typical El Nino life cycle. She says the current El Nino is the strongest since 1997/98. El Nino is caused by rising sea surface temperatures in the central and eastern tropical Pacific Ocean, and its impacts on Australia can be severe, including increased bushfire risk in the southeast and reduced rainfall. El Nino has a bit of a complicated effect on summer heat there tends to be fewer frequent prolonged warm spells, but more intense daily heat extremes over the southern states, Ms Ganter said. Over the northern states, there tends to be an increase in both daily heat extremes and multi-day warm periods. We will wait and see if any rain falls in these effected areas in the next few weeks as without any rain the crop failure in the region will be wide spread. See more
