Page 6

INMAG DEC 14_page layouts 3/12/2014 8:51 am Page 6

newsmakers at is a free weekly online news service for the general insurance industry. The website has more than 21,900 subscribers. In November we published 382 articles online. These were made up as follows: Local Corporate Regulatory & Government

annually over the past 20 years,” institute President Robert Hartwig said. “This year insured losses from severe winter events will be at least double that amount, likely exceeding $US2.5 billion by year’s end.” It would make this year the fourthcostliest for winter storms. Winter storms to cost US insurers $2.9 billion, 1 December

Financial Services The Professional International Analysis Breaking News

Some 17,258 news articles – including 169 breaking news bulletins – have been published since we started in 2001. All articles can be accessed through our archives. Access to articles and other services provided by are free.

Lloyd’s local chief moves to Steadfast Lloyd’s Australia Managing Director Adrian Humphreys has resigned to join Steadfast as General Manager Business Development. Managing Director and Chief Executive Robert Kelly said that Mr Humphreys will join the company on January 19, and will be responsible for working with Steadfast network brokers to improve their operations. Mr Humphreys has run the Lloyd’s Australia operation for four-and-a-half years. The business has grown by 84% from $1.1 billion to more than $2 billion in that time. He has more than 10 years’ experience in the insurance industry working for both Lloyd’s of London and Aon UK. Prior to insurance he worked at KPMG as head of sales operations in marketing and communications. Humphreys moves to Steadfast, 29 October


Insured losses from winter storms in the US this year are tipped to exceed $US2.5 billion as parts of the country again shiver under an Arctic blast. The Insurance Information Institute says Munich Re data indicates $US2.4 billion of insured losses were incurred in storms from January to March. “Losses from snow, ice, freezing and related causes averaged $US1.2 billion

Digging deep: the scene in late November in Buffalo, New York

I am sure that to people down south it will seem strange that Territorians have a deep affection for an insurance company.

– NT senator Nova Peris explains why Territorians feel possessive about TIO, the country’s last government-owned insurer until Allianz Australia bought it in November for $230 million

Shaky results for failed insurer The estimated size of earthquake claims against failed New Zealand insurer Western Pacific has increased as assessments are finalised. A previously predicted $NZ49 million in claims from the September 2010 and February 2011 quakes grew to $NZ58.7 million at September 30. Liquidators David Ruscoe and Richard Simpson of Grant Thornton say this is “highly unusual” but they expect the figure to increase as assessments are completed. Mr Ruscoe told the original sum was derived from initial assessments and company records in 2011, but a claim for substantial damage has risen after a structural engineer inspected the affected property. The liquidators also say they have completed their investigation into the company’s affairs and do not believe it will serve creditors’ interests to pursue legal action against the directors – MelbourneinsuranceNEWS

December 2014/January 2015

based Jeff McNally and his brotherin-law property investor Graham Smolenski. The small insurer collapsed in 2011, and its only significant asset to compensate Canterbury quake claimants is $NZ32.19 million in reinsurance. The liquidators say preferential creditors – the Inland Revenue and employees – are likely to get a distribution in the next year, but that will depend on recovering outstanding debts, including unremitted premiums held by brokers. “Claims have been served on the relevant brokers and we will be continuing with the court process in the coming months,” the eighth creditors’ report says. The liquidation will continue until at least 2016 as the Canterbury claims are processed. Unsecured creditors, including those with non-earthquake insurance claims of $NZ15.41 million, are likely to get nothing. Failed insurer’s claims blow out, 3 November


72 62 52 49 53 75 8 11

US experiences a blizzard of claims

Profile for Insurance News (the magazine)

DEC/JAN 2014/15 - Insurance News (the magazine)  

The December/January edition of the insurance industry’s most-read print publication, Insurance News (the magazine), will be delivered to su...

DEC/JAN 2014/15 - Insurance News (the magazine)  

The December/January edition of the insurance industry’s most-read print publication, Insurance News (the magazine), will be delivered to su...