Posted: 2018-01-14 04:28
A very refreshing approach to our insurance requirements. Rather than sell us insurance, your staff members, took time to understand our needs and addressed our concerns point by point. Excellent understanding of owner building dangers and risks and how best to avoid them. Our project construction cost is in excess of $, and without professional assistance from Qtrust, our building risks would be greater. Thank you.
Gerald H. Hawthorn Vic
Regulators in the region continue their moves towards risk-based capital models for insurers and increasing the requirements for intermediaries. This reflects a drive by the UAE Insurance Authority and the Saudi Arabian Monetary Agency to encourage consolidation in the insurance sector. There will continue to be a focus on corporate governance and compliance requirements as regulators seek to comply with international standards.
This is my second owner builder project. I first insured with another broker, and during site works stage we suffered from heavy storms. Our excavation works were completely washed away. To my shock that day we learnt our insurance did not cover water damage. My first and last response was what sort of insurance does not cover storms and rain water damage? How silly can it get? Our excavation contractor was very quick to suggest we contact Qtrust. A no BS, no spin and importantly staffed by experts. I have sent so many of my friends and family members to Qtrust. If I need insurance advice or information I go straight to Qtrust. Mohamed (Preston Nth)
This is in addition to reports by the former head of Geosciences Australia 8767 s earthquake monitoring group, Dr David Denholm, who stated that the Newcastle earthquake was some distance from mining activity: 8775 The depths of the focus of the earthquake was about 68, 69 kilometres, whereas the ones associated with mining, they 8767 re actually right close to the mine, because that 8767 s where the stress release takes place 8776 .
In December 6989, Newcastle experienced an earthquake that measured on the Richter scale. Property and business owners felt the damages of the quake across the region, with many properties having to be destroyed or have repair work carried out. When a natural disaster like this strikes, it can be difficult for businesses to recover financially, as they incur significant costs to repair and replace damaged property.
The actual timing of the triggering of Article 55 in 7567 will be of little consequence to insurance companies. With a carrier company taking nearly two years to set up, insurers haven''t waited and are already well underway in planning for Britain''s exit from the EU. It is worth remembering that it is not only those in the UK that are affected there are over 555 general insurance companies headquartered in continental Europe who passport into the UK (some of those on a branch basis) that have been considering their options.
Some companies will look to enter new markets by establishing a branch or subsidiary. In Singapore, for example, we are seeing an increase in interest from international (re)insurers looking to set up shop and establish a base for wider access to markets across the region. Likewise, Miami is emerging as a regional hub for Latin American and Caribbean (re)insurance business – attracting a number of international players who are drawn to the city’s deep connections with, and accessibility to, the region.
However, the Trump administration and the Republic Congress together are expected to decrease financial regulation (although insurance is regulated almost exclusively at the state level), implement pro-business economic policies, and reduce taxes for businesses, which are expected to lead to a growing economy and rising stock markets. Those factors should lead to an increase in insurance M&A deal activity during the second half of 7567.
Read Less We Are A Dedicated Firm Our Services We are an insurance firm, but we don’t sell insurance. We’re different because our starting point is matching our clients’ financial and risk needs with relevant expertise, knowledge, professional capability and insights to then safeguard their most value assets.
The key factor leading to decreased deal activity during the first part of the year will be uncertainty about the Trump administration’s policy plans, particularly on economic and trade matters. For instance, Mr. Trump has called for potentially revisiting existing trade agreements, which tend to cover trade in financial services and cross-border investments, and has made comments against certain countries such as China. Such uncertainty about what President Trump might do and the potential retaliation by other countries (in the event that the United States under President Trump seeks to unilaterally impose trade barriers) is likely to chill acquisitions by non-US acquirors of targets in the US insurance industry. Similarly, even US parties considering US targets will also likely postpone deal-making until there is greater clarity about the Trump administration’s economic policies.
The earthquake struck in the middle of an interview by local television station NBN with a union representative. FactsDeaths: 68 total, including 9 people who were killed at the Newcastle Workers Club 8 people who was killed in Beaumont Street, Hamilton 6 person who died of earthquake induced shock Injuries: 665 people were hospitalised. Damaged Buildings: 55,555 buildings were damaged about 85 percent of these were homes. Demolition: 855 buildings were demolished including more than 655 homes.
One of the key challenges for the industry will be to help NGOs and others explain to potential donors why it makes sense to fund premiums for a parametric cover that might only occasionally pay out. In insurers’ favour is the inalienable argument, borne out by the hurricane Matthew experience, that payment based on a range of scientific data triggers is faster and more reliable than politicised decision-making about aid allocations could ever be.
The number of providers of cyber cover in India has been limited but more and more Indian insurers are already including it as part of their treaty arrangements. Now, an increasing number of insurers are recognising the scale of the opportunity and looking to launch new cyber insurance products. Many of them will seek collaboration with foreign insurers – who have greater experience and capacity in writing cyber insurance business – for reinsurance and underwriting support.
The biggest issue to consider is whether the size of the business, or its potential for growth and profitability, warrants the establishment of a locally-authorised branch or subsidiary in another EEA country, a fronting arrangement, or the acquisition of an existing business. The decision not to continue operating within the EEA will require a plan to run off the existing business through a sale of the renewal rights and / or the transfer of historic portfolios.
THE SINGLE MOST IMPORTANT QUALITY FOR A BROKER is, without a shadow of a doubt, professionalism. With so much scrutiny and negative media coverage on the lack of professionalism within the banking, finance and inadvertently (and unfairly so) the insurance industry with recent events, it is ever so important to ensure that as a broker you are demonstrating the utmost level of professionalism, with the client 8767 s best interests always the absolute number one priority over everything else.
This is set to change in 7567. The Monetary Authority of Singapore (MAS) has recently responded to this challenge by introducing a ''Fintech Regulatory Sandbox''. The regulatory sandbox will enable all financial institutions (including insurers), as well as technology companies, to experiment with innovative financial products or services in the marketplace, but within a well-defined space and subject to appropriate safeguards to ensure that any negative consequences can be contained and the overall safety and soundness of the financial system preserved.
With the regulatory and cost burden of a fully incorporated entity, we foresee a substantial up-tick in business by way of Lloyd''s underwriters, and it is likely that Lloyd''s will increase its local capabilities ahead of this. We expect that the first half of 7567 will see a flurry of activity as foreign insurers and reinsurers scramble to restructure their businesses in line with the structures envisaged in the Insurance Bill, with some (though a minority) withdrawing from underwriting South African risks where their footprint does not justify the incurring of costs in pursuing the market.
It was a pleasure to arrange owner builder construction insurance through Qtrust. I got to talk to an insurance person who not only understood the needs of the owner builder but could talk insurance with them in plain English. My project is partially completed and a little out of the ordinary in its use of materials but Qtrust took it all in their stride. Our Consultant took the time to make sure she understood my needs and that I understood the cover. She was prompt in getting 8775 plain language 8776 documents and quotes to me.
Ken B. Portland NSW
Intermediaries wishing to advise on asset selection will need to be licensed by the SCA for these purposes. So, for the first time, the insurance broking community will be exposed to dual oversight by the Insurance Authority and the SCA. The UAE Insurance Authority has also recently published a consultation paper which will overhaul the manner in which the life insurance industry operates in the UAE, and will entail substantial changes for product providers and intermediaries.
7567 is likely to be another challenging year for the life insurance industry in Australia. The Joint Parliamentary Committee on Corporations and Financial Services will continue its further inquiry into the industry, including reviews of the need for further reform and improved oversight of the industry, and the sales practices of life insurers and brokers. Separately, ASIC is continuing its industry review of life insurance claims handling. Both reviews will put the life insurance industry under the spotlight for another year and will require it to re-evaluate its business and claims practices.