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Mcdonald Insurance Solutions Pty Ltd

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25.01.2022 Insured losses due to natural catastrophes and weather events in Australia have reached $261m so far this year, after losses due to the Hobart storms and floods were raised to $100m by the Insurance Council of Australia. The insurance peak body said that nearly four months after catastrophic storm struck Hobart and Kingston, resulting in 8,800 household and commercial claims, amounting to $99.72m in insured losses, almost 50% of household claims have been closed. As of Monday..., almost 90% of motor vehicle claims have been closed, as well as about 55% of home building claims, and almost 45% of contents claims, said Campbell Fuller, ICA general manager of communications. ICA noted that the Hobart catastrophe was the largest natural disaster to strike Australia to date this year. This was followed by the NSW and Victorian bushfires, with $82.5m in insured losses, tropical cyclone Marcus, with $62m, and the floods in North and Central Queensland, with $17m. Fuller said insurers were closely monitoring hundreds of bushfires in NSW and Queensland, and were concerned about the early start of the bushfire season. Insurers were also waiting for the cyclone season outlook from the weather bureau, given the impact of last year’s cyclone Debbie, Queensland’s most expensive cyclone on record and the nation’s second-most devastating weather event. See more

25.01.2022 Today it was Youi’s turn to face the Hayne royal commission, and the cutting questions of Counsel Assisting, Rowena Orr. It went badly, of course, with two disastrous claims experiences put under the microscope. Whether these are two isolated examples or symptoms of a systemic problem remains to be seen, but Youi did admit its complaints-handling process is well short of where it should be.

25.01.2022 This little article Im reposting is from a dear friend and colleague of mine in the insurance industry,, so fitting..hope you all read and get through it all I recall quite plainly when the then NZI Insurance started advertising insurance on buses, my then state manager, Mr Russel Hay of the General Accident Insurance could not believe that any insurer would discredit the industry by advertising on the side of a bus. As a young man I did not see anything wrong with this but ...Continue reading

24.01.2022 Prince Harry is set to wed American actress Meghan Markle this weekend, and it seems the whole world is talking about the upcoming nuptials insurers included. In fact, one British insurance firm has teamed up with a wedding planning service to try and determine exactly how much the premium would be, should the loved-up couple seek to insure their big day. Taking into consideration everything from church fees and toilets so security and trumpets, industry specialist Brideboo...k estimated that Harry and Meghan’s wedding is likely to set them back around 31,969,873 or AU$57,465,687. Whilst every wedding is expensive, the mix of royalty, Hollywood and global attention, Harry and Meghan’s will no doubt be the global wedding of the decade, said Bridebook founder Hamish Shephard. They’re having everything from bespoke silver-plated fanfare trumpets to a ‘drone destroyer’, so it’s safe to say they will be adding a few extra zeros to their bill. Relying on the financial breakdown from Bridebook, specialist insurer WeddingPlan estimated a six-figure price tag for the duo’s special day around 128,052 or AU$230,159 a huge jump from the 66 (AU$119) WeddingPlan customers typically spend insuring their own special day. See more

23.01.2022 worth saying it again https://vimeo.com/225341542

23.01.2022 Insurance Advisernet has also become the first Broker to be accepted as a member of the Insurance Council of Australia (ICA), we feel being a member of this ind...ustry body gives IA on behalf of our Advisers improved access to policy makers and importantly access to data that the ICA makes available to its members. See more

16.01.2022 Shaken up: Here’s Australia’s most quake-prone places 17 October 2018 The areas of Australia most likely to suffer a serious earthquake were laid bare today in the first update to the National Seismic Hazard Assessment (NSHA) for six years. Geoscience Australia says WA’s Wheatbelt region and Gippsland in Victoria are prone to the heaviest quakes in the country.... Its latest report provides information to government agencies and regulators, so buildings and infrastructure design standards can be updated to mitigate the impact of strong earthquake ground shaking. Although we cannot predict the exact day, time and place of a large, damaging earthquake, we can apply best practice and evidence-based science to make sure communities are as prepared as possible, Senior Seismologist Trevor Allen said. Residents in WA’s Wheatbelt, in the state’s southwest, can expect a magnitude 5 quake every 10-25 years. The area has historically experienced high rates of seismic activity, including the 1968 magnitude 6.5 quake near Meckering, which destroyed the town and damaged buildings in Perth, 130km away. Gippsland’s Latrobe Valley and Strzelecki Ranges contain some of Australia’s most active faults which have the potential to host a very large earthquake. A magnitude 5 quake is expected to hit the region every 25-50 years. The most recent was a magnitude 5.4 quake near the Latrobe Valley town of Moe in June 2012, which was followed by more than 200 aftershocks. Among capital cities, Canberra has the highest seismic hazard because of its proximity to the Lake George and Murrumbidgee faults. On average, 100 earthquakes of magnitude 3 or higher are detected across the country every year. There is always more to learn when it comes to earthquakes in Australia. Dr Allen says. Science and technology is constantly evolving and improving and the NSHA is updated regularly to ensure it incorporates best practice and evidence-based science. In regions like the Wheatbelt and Gippsland, it is an essential tool for developing mitigation strategies that make at-risk communities more resilient. Dr Allen says earthquakes can also occur in unanticipated locations. See more

15.01.2022 Game of Thrones fans, have you ever wondered how much an insurance policy for the Winterfell Castle would cost? Here we bring you the answer from Irish broker GMHD.ie. Part of broking group Hooper Dolan Insurances Ltd, GMHD.ie came up with a mock policy detailing how much The King of The North would have to shell out for home insurance structure & buildings as well as contents to protect one of the largest castles in Westeros. First, GMHD.ie had to determine the cost of...Continue reading

13.01.2022 I Know this is from America, but it just goes to show how jittery everyone is about what global warming is doing, yet givernments are blind, the results often speak for us though... Costliest Year Last year the US was hit by three major hurricanes -- Harvey, Irma and Maria -- that helped drive total losses to more than $215 billion, according to Munich Re. It was the most costly season on record, surpassing 2005 which produced Katrina. Overall 17 named storms formed in 2017, ...which fell in line with NOAA’s prediction of 11 to 17. The forecast is influenced by conditions across the equatorial Pacific. Earlier this year La Nina collapsed and the ocean returned to its neutral state with the possibility of an El Nino forming later this year. El Nino, when the Pacific warms and the atmosphere reacts, increases wind shear across the Atlantic that can tear apart hurricanes and tropical storms, reducing the overall numbers. Conditions in the Atlantic will also play a role. Hurricanes need warm water to fuel growth and the basin is currently running colder than normal. Forecasters are currently watching a system in the Gulf of Mexico that may become a tropical depression by Saturday. An average to above-average season means there is a greater chance the US coastline and Caribbean islands are at risk, said Bell. When you have a more active season you have more storms forming in the tropical Atlantic and those storms track further westward, Bell said. Certain areas have been compromised from last year’s storms that makes hurricane preparedness ever more important this year. See more

02.01.2022 an interesting read for us here in Australia, not one of our insurers locally based ranks The A.M. Best rankings of the world’s largest global insurance companies were released in the December 31, 2018, issue of BestWeek. The rankings were based on BestLink data and additional A.M. Best research. Without further ado, the 25 biggest insurance companies in the world by net premiums written (all in US dollars) are: 1. UnitedHealth Group Incorporated ...Continue reading

01.01.2022 an interesting article from Allan Mannings Blog The extra cost of insurance due to taxation The extra cost of insurance due to taxation Posted: February 26, 2020/Under: Bushfire, Business Continuity, Business Interruption, Catastrophe Response, Cyclone, Domestic Insurance, Flood, Government, Insurance Taxes, Property Insurance, Storm/By: Allan ... Emergency Services Levyneed help with claims general insurance As I have written many times, the impact of being not insured or under insured can be life changing. Today, I had a report from one of our many customers saying that people are abandoning some country towns. Unlike the Coronavirus, where insurance is not able to respond, if people are fully insured, there is a positive effect on the economy as capital enters the Australian economy via reinsurance payments and the like. When people are not insured, or have insufficient funds to reinstate, it means that there is an increased burden on government, particularly through an increase in demand on those that lost their business and where their employer failed for social security benefits. There is also an increase in requests for social housing. Therefore, it makes sense to encourage people to insure and be fully insured. We have incentives to take out life and superannuation insurance and health insurance, but general insurance remains a great source of tax income to government. Rather than just speak to this, I thought today I would set out in a way that even a primary school student can understand the negative impact that high taxation on general insurance has on the take up of insurance. I start with a $1,000 base premium which has within a terrorism levy which I will ignore for the sake of this illustration. The taxation rates differ by state but I take New South Wales as it is the biggest state by population and has the highest rates. Having said this, every state gets their pound of flesh from this hidden tax. There are a great number of taxation rates depending on the class of insurance. I have based this on fire and business interruption insurance for commercial operations, as governments state and local tend to tax them heavier as they argue that businesses do not vote. Ignoring the huge benefit they, and particularly SMEs, have for the economy. Anyone that has done basic economics is taught from day one about the supply and demand curve and how if you increase the price of something, people buy less. It should therefore, be obvious to even the most dim witted that if you increase the cost of insurance by 55% people will purchase less. Despite the tragic bush fires and storm events in New South Wales we have heard from the Premier that she refuses to put the emergency services levy back on the table for discussion. This is despite New South Wales Treasury supporting in their 2012 White Paper.

01.01.2022 Unfortunately, a lot of the general public think that because they can obtain a Buspack policy Direct on-line it must be the ‘same’ as a Broker Buspack. They think that they are comparing ‘apples with apples’ with the up-front sales price the only differentiation point on a Buspack. They do not have FOMO because they don’t know. They think that based on a simple ‘price comparison’ at the time of purchase they are ‘saving’ costs by ‘cutting out the middle man’. Unfortunately, what they need pointed out is: You don’t know what You don’t know. A Broker Buspack has better cover than a Client can obtain Direct. Brokers can provide this better cover, explain it and advocate on it at Claim time. It is not just Advice versus Price Having a Good Broker also means; Delivering a better insurance policy and a better result when You need it.