Archive for General News – Page 2

75% of Cyclone Debbie claims closed

In the 6 months since Cyclone Debbie devastated Queensland and parts of northern New South Wales:

  • more than 31,000 homes and business have been repaired or received settlements from their insurance company
  • more than 20,000 families have had possessions replaced
  • more than 4,500 motor vehicles have been repaired or new vehicles provided
  • hundreds of local builders and trades have been working on properties to repair the damage and destruction caused by the cyclone
  • over $5 million has been paid EACH DAY to assist local communities, residents and businesses.

Some more key figures:

  • There were 68,848 Debbie-related claims, with losses estimated at nearly $1.5 billion in Queensland and NSW.
  • More the 75 per cent of insurance claims were closed in just six months.
  • The closure rate is running 12 per cent ahead of similar disasters.

“This is a great result for consumers, especially given the scale of the catastrophe and the challenges of working in regional areas, where building supplies and qualified tradespeople can be hard to source,” says Rob Whelan, ICA CEO.

Most of the remaining claims are large-scale building repairs, with complex scopes of work. But the ICA and insurers have had one-on-one meetings with policyholders to identify and escalate issues to the customers’ satisfaction.

“The insurance industry continues to learn from its disaster recovery response, and seeks to improve its processes to provide the help its customers deserve,” Whelan says.

MGIB rewards loyalty: We’ll pay your excess!

Have you been a client of MGIB’s for five years? Maybe even 10 years or more?

We want to reward your loyalty.

If MGIB looks after your motor vehicle insurance policy, we’ll cover the excess of one at fault claim per year.

That’s if you’ve been with us for five years. For clients who have been with us for 10 years or more, we’ll cover three excesses per year.

The best part of this reward is that you might not have had your motor vehicle insurance with MGIB for all the years that you have been our client – it doesn’t matter! Transfer your motor vehicle insurance cover to us now and begin enjoying the additional peace of mind knowing your excess is covered.

Terms & Conditions

  • Does not include Windscreen Claims
  • Does not include Third Party Only cover
  • Standard excess only, no imposed, age, restricted, not declared or inexperienced drivers excesses.

ACCC reports rise in phishing scams

We’ve talked a lot in our previous news articles about the growing threat of cyber crime to businesses and individuals.

As they often arrive via email, ‘phishing’ scams can fall into this category.

The ACCC recently issued a warning for people to stay alert to phishing scammers – these are the type where scammers pretend to be from well-known businesses or government departments and try to trick unsuspecting victims into revealing personal information like bank details, passwords and credit card numbers.

The ACCC released the warning after Phishing Scams became the most commonly reported scam – 11,000 reported to Scamwatch already this year with nearly $260,000 lost.

Phishing scams generally arrive as an email or phone call and generally involve a request to update your customer information.

Delete any email or hang up on any phone call that you receive out of the blue that is asking for your personal information. Be wary also of clicking on links in emails, always copy and paste into your browser.

If you’re concerned about a particular phishing scam, you can report it the ACCC.

You can also visit the scamwatch website to read about recently reported scams.

And if you are concerned about the impact that scams like this could have on your business operations, phone MGIB to discuss Cyber Insurance cover.

Traditional insurance programs and risk management practices are evolving to keep pace with these emerging risks to your business.

Join us in helping our homeless

Bunbury Soup Van delivers hot soup and bread to those in need around Bunbury and MGIB has thrown its support behind the project as a sponsor.

We couldn’t think of a more worthy initiative to be involved in as a way to give back to the community which has supported our business over so many years.

And with the introduction of Pay It Forward Bunbury cards, our clients can get involved as well with a donation as small as $5.

Purchase a $5 card for a coffee, hot chocolate or tea from participating coffee shops and it will be delivered via the Bunbury Soup Van to someone in need.

You can even add more cash to the card to cover a meal.

Look out for the cards on the counter of your favorite local coffee shop or restaurant or visit the Bunbury Soup Van Facebook page to see how you can make a donation.

Do you buy or supply building materials?

Growing recognition and concern around the increasing use of non-conforming and non-compliant building materials – especially following recent notable disasters – has resulted in some insurers moving to exclude claims involving such products.

Images of the 24-storey Grenfell Tower apartment block in London ablaze made news headlines around the world and claimed almost 100 lives.

It’s been alleged in the aftermath that the building’s cladding didn’t meet subsequent safety tests and in fact fuelled the fire.

Closer to home, the new Perth Children’s Hospital has been stalled for almost two years following the discovery of asbestos in roof sheeting and then lead contamination in the drinking water, possibly from tap fittings used in the hospital.

There are many more examples.

As the flood of non-conforming and non-compliant building materials onto the market in Australia and overseas continues, the onus is on building professionals like architects, project managers and building surveyors entrusted with producing safe and sustainable projects to be well informed about a product’s background and intended applications.

If you work in the building industry, and are concerned about how these changes could impact the resilience of your insurance cover, phone us at MGIB.