Income Protection NZ News

Regulatory compulsion propels commercial insurance

Source: Money Management: 26 Oct 2012

Australia is the second largest advanced market in Asia for commercial insurance, not least because of regulatory requirements around issues of professional indemnity, according to new research released by SwissRe.



The research also revealed that Australia ranked just inside the top 10 commercial insurance markets in the world.



The SwissRe Sigma report, released today, said Japan was the largest advanced market in Asia for commercial insurance with premium volumes of US$35.4 billion, followed by Australia with US$11.7 billion.



The report described commercial insurance penetration in Australia as high, mainly driven by the commercial liability market, including workers' compensation insurance.



The SwissRe report noted the number of areas in which Australia had mandatory requirements for commercial insurance cover and specified aviation, maritime oil pollution and residential construction.



The status of the financial planning industry with respect to professional indemnity received an oblique reference, with the SwissRe report noting that "in certain states, medical practitioners, property brokers and stock brokers are also required to have insurance cover".

Money Management

Insurance Articles

Business: Avoiding Loss with Proper Risk Management Strategies A Financial loss is something that no business wants to suffer - and small business owners will do their best to avoid downtime, expenses and accidents. But will insurance... read more 5 Tips to Insure Your Trip Before you go on a holiday it is necessary that you buy a travel insurance to make your great holiday experience safe. You need to be sure you have the right travel insurance... read more Loss of income insurance: Case Study Rebecca is a single, self-employed graphic designer who works from home. Aged in her mid-30s, she has monthly commitments of a mortgage and car payments and the usual living... read more Car Insurance - Why Is Young Driver Car Insurance So Expensive? The cost of insurance for young drivers is often prohibitive. 17 year old drivers will pay the highest premiums... WHY? read more Disability Insurance - How it Works If you work in a sedentary occupation and are young and healthy, insurance and especially disability insurance is probably not at the top of your list of things to investigate.... read more Insurance fundamentals Understandably, plenty of people find the complexities of insurance contracts a bit confusing if not a little daunting,  So here's a quick overview on the inner workings... read more

Start Here !

Apply now for your free Income Protection Insurance assessment and price comparisons!

Monthly Income Benefit:

Postcode:

All quotes are provided free and without obligation. We respect your privacy.

Knowledgebase

Trauma Insurance: An insurance that pays a lump-sum amount on the diagnosis of one of several critical illnesses or events