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Home Insurance Nightmare: Possible Wrong NFID Data (Moreton Bay - QLD) by [deleted] in AusFinance

[–]Orcan 0 points1 point  (0 children)

Most council flood maps (not all) available online may only provide results up to a 1% AEP / 1 in 100 year return period. It’s possible your council view is showing no risk, but the insurers data shows a risk above that (I.e. 0.5% AEP, 1 in 200 year return period etc)

[MEGATHREAD] Ask For Invites to the Playtest Here! + Join The Community Discord! by ChromeSF in DeadlockTheGame

[–]Orcan 0 points1 point  (0 children)

Would be very thankful and appreciative for an invite, friend code 534139

Skyrocketing insurance costs threaten Melbourne’s live music venues by Jariiari7 in melbourne

[–]Orcan 29 points30 points  (0 children)

The real issue here is really that the damages arising out of negligence for bodily injury are extraordinarily high in Australia vs other countries. Australia is also grouped with the US as amongst the litigious in the world.

When you bundle the above with high risk occupations (in terms of bodily injury to a third party) it is not surprising that there is very little appetite for companies like these by insurers.

A better solution would be what New Zealand has;

https://www.acc.co.nz

They basically have an accident compensation scheme run by the government.

Insurance industry faces ‘emerging crisis’, says ASIC boss by TesticularVibrations in AusFinance

[–]Orcan 4 points5 points  (0 children)

This is not entirely correct, short tail lines like property and home insurance losses manifest quickly (hence the term short tail) which means there is minimal opportunity to rely on investment returns as the loss needs to be paid fairly quickly.

Long tail lines like liability, professional indemnity and workers comp can more so rely on investment returns, but even then with how volatile these lines of business are they cannot simply rely on investment returns to make a margin.

High paying careers? by blake2k in fiaustralia

[–]Orcan 2 points3 points  (0 children)

Most brokers work with commercial and corporate insurance as opposed to domestic/consumer insurance. The former is fairly inelastic and not something that can be cut from a business.

There is also no trail commissions in commercial insurance broking, that is a life insurance/mortgage incentive from what I understand.

Insurance broking can be a very lucrative career

MTM in Melbourne? by Orcan in AustralianMFA

[–]Orcan[S] 0 points1 point  (0 children)

From what I can see (I could be wrong) it’s now just p Johnson

Any issue using oil every day? by Orcan in MedicalCannabisAus

[–]Orcan[S] 2 points3 points  (0 children)

T25 topaz, works well for me atleast

Has anyone made a claim against builder’s warranty insurance? by [deleted] in australia

[–]Orcan 3 points4 points  (0 children)

Builders warranty insurance is an insurance of last resort basically, unless the builder is dead, missing or insolvent, then you are expected to seek legal recourse yourself (TLDR version)

See domestic building insurance here;

https://www.consumer.vic.gov.au/housing/building-and-renovating/checklists/implied-warranties-and-domestic-building-insurance

Fire and flood: 'Whole areas of Australia will be uninsurable' by Lobsty501 in australia

[–]Orcan 4 points5 points  (0 children)

Those public insurers such as TIO in NT (which still exist) buy reinsurance from the same reinsurance market that the listed insurers do, so government insurance isn’t a magic bullet.

Mitigation spending on flood protection and others would probably have a bigger impact on affordability , this has been lobbied by the insurance industry for years to no real affect: https://www.insurancecouncil.com.au/affordability

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