LMI Group's latest news

Suncorp Subscribes to LMI RiskCoach

2012-01-30T00:00:00+11:00

LMI Group and the International Institute of Claims Preparers ("IICP") are proud of the fact that our Managing Director and International President of the IICP, Dr Allan Manning, has been rated amongst the top 20 most influential people in Australia and New Zealand for the second year running. The reason for this award, as reported in Insurance NEWS (the magazine), are:

2011-12-15T00:00:00+11:00

For a full copy of the article, please go to: http://www.lmigroup.com/documents/top20.pdf

Congratutions, Allan, well done and well deserved!

New Recipient of LMI Group’s Phoenix Award

2011-12-08T00:00:00+11:00

2011-12-04T00:00:00+11:00

Just how many comparisons are maintained by LMI PolicyComparison for the insurance industry was demonstrated recently when the stats were run to determine the number of policies that had been reviewed and updated on the LMI PolicyComparison website. Not only were the policies counted, but also a check of the total number of pages to which these policies run.

The staggering truth is that if you wanted to print off just the policies that had changed and were updated on LMI PolicyComparison, you would need a full dozen boxes of copy paper...assuming you printed each page double-sided.

This is only around 25% of all the policies available for comparison to subscribers at any one time. Add to this policies from New Zealand and, more recently, the United Kingdom and South Africa, and the volume of work behind the product is appreciated.

The highly dedicated team of researchers continue to update not only the comparisons, but the templates and fields that are compared, to ensure that the comparisons remain relevant and up-to-date.

Plans are now well underway to take the product into North America in 2012 at the request of existing subscribers. This is perhaps the greatest compliment of all.

To learn more about LMI PolicyComparison or to maximise your subscription, please contact the head of LMI PolicyComparison, Peter Jenkins, via email: peter.jenkins@lmigroup.com.

LMI PolicyComparison Highlights Changing Insurance Market

2011-12-04T00:00:00+11:00

The highly dedicated team of researchers continue to update not only the comparisons, but the templates and fields that are compared, to ensure that the comparisons remain relevant and up-to-date.

Plans are now well underway to take the product into North America in 2012 at the request of existing subscribers. This is perhaps the greatest compliment of all.

To learn more about LMI PolicyComparison or to maximise your subscription, please contact the head of LMI PolicyComparison, Peter Jenkins, via email: peter.jenkins@lmigroup.com.

LMI PolicyComparison Highlights Changing Insurance Market

2011-12-04T00:00:00+11:00

The highly dedicated team of researchers continue to update not only the comparisons, but the templates and fields that are compared, to ensure that the comparisons remain relevant and up-to-date.

Plans are now well underway to take the product into North America in 2012 at the request of existing subscribers. This is perhaps the greatest compliment of all.

To learn more about LMI PolicyComparison or to maximise your subscription, please contact the head of LMI PolicyComparison, Peter Jenkins, via email: peter.jenkins@lmigroup.com.

LMI PolicyComparison Highlights Changing Insurance Market

2011-12-04T00:00:00+11:00

The highly dedicated team of researchers continue to update not only the comparisons, but the templates and fields that are compared, to ensure that the comparisons remain relevant and up-to-date.

Plans are now well underway to take the product into North America in 2012 at the request of existing subscribers. This is perhaps the greatest compliment of all.

To learn more about LMI PolicyComparison or to maximise your subscription, please contact the head of LMI PolicyComparison, Peter Jenkins, via email: peter.jenkins@lmigroup.com.

New Feature - Home and Motor

2011-11-24T00:00:00+11:00

Prestige vs. Standard Domestic Home & Contents/Private Motor Comparisons – You can now directly compare Prestige Home & Contents and Prestige Private Motor beside Standard Home and Contents and Private Motor policies on the one screen.

All the features of Prestige comparisons are now included in our new Domestic Comparison selections:
• Home and Contents (including Prestige)
• Private Motor (including Prestige)

As a separate selection for Prestige products is no longer required, this has been removed from our selection menu.

This improvement is a direct result of listening to your feedback. We trust you will find this new feature makes comparing domestic products easier and quicker.

Please let us know of any further improvements you would like to see to LMI PolicyComparison.

LMI Group MD Speaks at RMIA Conference

2011-11-20T00:00:00+11:00

2011-11-10T00:00:00+11:00

New Allianz Motor Fleet Comparison

2011-10-24T00:00:00+11:00

LMI PolicyComparison is pleased to advise subscribers that our comparison of Allianz Motor Fleet Insurance is now available.

LMI Group Launches New Portal

2011-10-21T00:00:00+11:00

LMI Entrusted with Claim Following Major Fire

2011-10-21T00:00:00+11:00

LMI Group's claims services division, Loss Management International Pty Ltd, have been appointed by the owners of a Tullamarine factory severely damaged by fire.

The fire damaged stock, plant and machinery as well as the building. Damage, including loss of rent and business interruption, is estimated in the millions.

The work of mitigating the loss and quantifying both the material damage and business interruption losses is now underway.

LMI Entrusted with Claim Following Major Fire

2011-10-21T00:00:00+11:00

LMI Group's claims services division, Loss Management International Pty Ltd, have been appointed by the owners of a Tullamarine factory severely damaged by fire.

The fire damaged stock, plant and machinery as well as the building. Damage, including loss of rent and business interruption, is estimated in the millions.

The work of mitigating the loss and quantifying both the material damage and business interruption losses is now underway.

LMI Recognise Broker Professionalism

2011-10-14T00:00:00+11:00

LMI Group's Managing Director, Dr Allan Manning, presents the brokers award to Mr Tom Powell of Westcourt, recognising the fact that Broker Powell's client survived a major loss and that the client remained with the broker 2 years after the loss.

LMI created the Phoenix Award as research shows that 50% of businesses fail within 2 years of a major loss, while 25% of those that survive change their insurance broker citing poor advice before the event or bad claims service afterwards.

The LMI Group is doing all it can to reduce both business failure and businesses view on insurance with its claims services division as well as knowledge based services such as LMI PolicyComparison, LMI BIcalculator, LMI RiskCoach, LMI PolicyCoach and LMI ContinuityCoach.

The Phoenix Award for brokers recognises responsible broking practice when put to the most important test. Test under fire!

Building Cost Calculator Update

2011-10-10T00:00:00+11:00

To be of benefit to subscribers, it is important that the building rates are updated on a regular basis and the latest update was made today.

In addition, the RiskCoach Building Cost Calculator has recently been updated to include information on estimated demolition costs for different types of buildings, which can be accessed from the 'Demolition Costs' area on the calculator page.

Traralgon, Victoria has also been added to the list of locations available and the website calculators' data has now been updated to the most recent figures (October).

Once logged in, you can access the Building Cost Calculator from under the 'Calculators' tab at the top of the screen.

The Building Cost Calculator data is kindly provided by Andrew Nock Valuers.

The most important point to keep in mind is that the calculator is an estimate only and should not be used to set a sum insured or declared value but does assist in determining whether a full risk/site specific valuation is required and it is LMI's strong recommendation to arrange full valuations done as a minimum of every three years.

LMI also provide financial valuations on the business interruption exposure and you are invited to contact your nearest LMI to learn more.

Building Cost Calculator Update

2011-10-10T00:00:00+11:00

To be of benefit to subscribers, it is important that the building rates are updated on a regular basis and the latest update was made today.

Traralgon, Victoria has also been added to the list of locations available and the website calculators' data has now been updated to the most recent figures (October).

Once logged in, you can access the Building Cost Calculator from under the 'Calculators' tab at the top of the screen.

The Building Cost Calculator data is kindly provided by Andrew Nock Valuers.

LMI also provide financial valuations on the business interruption exposure and you are invited to contact your nearest LMI to learn more.

NIBA Tells Treasurers to Add Insurance

2011-10-07T00:00:00+11:00

NIBA has urged NSW Treasurer, Mike Baird, and Queensland Treasurer, Andrew Fraser, to include insurance taxes on their post-tax forum working group agenda.

The two Treasuers were assigned by consensus to examine tax harmonisation among all states and territories.

Dallas Booth, NIBA CEO on behalf of members, urged Mr Baird of NSW to follow Victoria's lead and be the last mainland state to commit to abolishing the fire services levy on property insurance.

"When combined with GST and NSW stamp duty, the cost of the policy is increased by over 50%," he said.

Economic research had shown that by replacing these imposts with new or increased broader based taxes, gross domestic product would grow by almost 2% and leave the nation $500 million a year better off.

New Lumley Liability comparison

2011-09-27T00:00:00+10:00

LMI PolicyComparison is pleased to advise subscribers that our comparison of Lumley Broadform Liability Insurance is now available

New Ansvar Home comparisons

2011-09-27T00:00:00+10:00

LMI PolicyComparison is pleased to advise subscribers that our comparisons of Ansvar Home Cover and Home Cover Maxi Insurance are now available

Guild Insurance Subsribe to LMI RiskCoach

2011-09-26T00:00:00+10:00

The strong relationship between Guild Insurance and LMI Group continues with the recent decision by Guild to subscribe to LMI RiskCoach. “Guild have subscribed RiskCoach for a pilot group” said Neil Myhre, LMI’s Chief Knowledge Officer. “We certainly hope they will find it to be an invaluable research and training service, as with other LMI eServices”.

2011-09-26T00:00:00+10:00

LMI PolicyComparison is pleased to advise subscribers that our comparison of TIO Home Accidental Damage Insurance is now available

New TIO LE Home comparison

2011-09-26T00:00:00+10:00

LMI PolicyComparison is pleased to advise subscribers that our comparison of TIO Listed Events Home Insurance is now available

New TIO Landlord comparison

2011-09-26T00:00:00+10:00

LMI PolicyComparison is pleased to advise subscribers that our comparison of TIO Landlord Insurance is now available

Submission on Victorian Fire Service Property Levy

2011-09-25T00:00:00+10:00

Manning makes submission on Victorian Fire Services Levy

2011-09-25T00:00:00+10:00

Dr Allan Manning submitted his response today to the Victorian Government’s request for feedback to the Department of Treasury and Finance’s Options Paper on the Victorian Fire Services Property Levy.

Allan who has been a long time campaigner againt the tax, applauded the government in moving the tax away from insurance as Queensland, South Australia and Western Australia have already done. He also agreed and recorded his support on a number of the recommendations put forward.

He did urge government not to overcomplicate the new process and recommend that the transition be done it be done on a monthly pro rata basis rather than daily to minimise the transition costs to all concerned.

Dr Manning pointed out that what appears completely unjust at the present time is the significant amount of capital expenditure that has been included in the CFA budget in the 2011-2012 and 2012 -2013 budgets.

In fact from the time the decision was made to remove Fire Service Levy from insurance to when it will be finally removed just under $250 million of Capital Expenditure will be have been included in the CFA budget. (State Capital Program – Country Fire Authority, Page 53.)

While the benefits of this expenditure will be to all those living and working in the CFA region for up to the next 20 years, on the current funding model a massive 77.5% is to be borne by only by those that insure over the next year or two.

While this may allow the government to introduce the new tax at a lower level it puts an enormous burden on the home owners and business owners/operators that insure at a time when insurance premiums have to increase, typically by 25%, due to the $4 billion in catastrophe losses paid out the insurance industry during this calendar year.

The significant increase in premiums and fire service levy are made worse by the triple tax effect caused by GST and State Government Stamp Duty.

With two full fire seasons to go through before the tax on insurance is removed I fear this will cause both home owners and business owners, particularly in the CFA regions.

This whole issue is something that the current government, particularly Mr Peter Ryan and the Nationals campaigned heavily on to win government on and the people of Victoria appear to be have been let down and dare I say betrayed by the inclusion of such a huge amount of capital expenditure being included in the run off period of the existing inequitable Fire Service Levy.

Dr Manning recommended that during the transition that all capital expenditure be removed from the amount used to calculate the Fire Service Levy and only an amortised proportion based on the value to the state during the period be brought to account and taxed.

The 17th Century philosopher, John Lock (1681) argued that "Government has no other end but the preservation of property". Allan took this one step further and suggested that the primary role of government is to encourage and protect homes and businesses, and safeguard the on-going growth of the economy. The current system of funding fire services in Victoria has been working contrary to this primary role and this transition model is even worse as it will force people to not insure all classes or under insure.

As we saw following the ‘Black Saturday” bushfires this leads to people being caught in a cycle of poverty and dependence on welfare which places a greater burden on all within the community.

On the question of the appointment of a Essential Services Commission, Dr Manning gave it his full support however he went on to recommend that the power of the Essential Services Commission be extended to include the monitoring of expenses charged to the budgets of both the MFB and CFA; the fees paid to council etc to ensure that all parties involved act honestly and in the best interests of the people of Victoria.

For a full copy of Dr Manning’s submission please click here.

Manning makes submission on Victorian Fire Services Levy

2011-09-25T00:00:00+10:00

The significant increase in premiums and fire service levy are made worse by the triple tax effect caused by GST and State Government Stamp Duty.

With two full fire seasons to go through before the tax on insurance is removed I fear this will cause both home owners and business owners, particularly in the CFA regions.

As we saw following the ‘Black Saturday” bushfires this leads to people being caught in a cycle of poverty and dependence on welfare which places a greater burden on all within the community.

For a full copy of Dr Manning’s submission please click here.

Manning makes submission on Victorian Fire Services Levy

2011-09-25T00:00:00+10:00

The significant increase in premiums and fire service levy are made worse by the triple tax effect caused by GST and State Government Stamp Duty.

With two full fire seasons to go through before the tax on insurance is removed I fear this will cause both home owners and business owners, particularly in the CFA regions.

As we saw following the ‘Black Saturday” bushfires this leads to people being caught in a cycle of poverty and dependence on welfare which places a greater burden on all within the community.

For a full copy of Dr Manning’s submission please click here.

Manning paints Insurance Industry in positive light

2011-09-25T00:00:00+10:00

Dr Allan Manning of the LMI Group was interviewed by Miller Communications for a segment in their documentary “When The Rains Come Again” which aired on Sunday 25^th September 2011 on the 9 network.

Allan explained that insurance is there to help home and business owners when they need it most. He went on to explain that the covers are clearly spelt out in most insurance policies and that if anyone is not certain of what they want or need then they should engage an insurance broker to assist them as a trusted adviser.

One of our Senior Researchers - Wendy Hayden had a big shock when she was diagnosed with MS earlier this year. Wendy has worked with PCI since its inception, and continues to be a critical team member today. Wendy, only in her late 30's with 2 young boys, continues to have an amazing positive attitude and is determined to make the most out of life. Wendy has good and bad days and thankfully the good outnumber the bad. She has daily injections and now has a big vitamin regime plus having regular physical therapy.

Wendy says .... It's all a bit of a learning curve at the moment figuring out what my physical (and sometimes mental) capabilities are and ways to try manage my limitations The MS Society has been enormously helpful to us as a family providing support and resources as well as the physio, counselling and speech therapy at no cost. They regularly phone me and come out to visit when I am unable to get to them. We have been astounded by their support and know that we wouldn't have made it through this without them. Doing the Moonwalk is our way of saying thank you to the great people at the MS Society and to try and raise some much needed funds so that the next person who is diagnosed with this disease is as supported as we have been"

The team aims to raise $10,000 to help the MS society continue to support families like Wendy's.

LMI Group is sponsoring the team shirts for Lunar Moves Insurance Girls (LMIG) and are making a donation. Your support would be very greatly appreciated.

Please take a moment to view our online fundraising web page and help us reach our team goal. It’s easy and will take no time at all. You can donate quickly and easily online by clicking on the link below:

http://www.msqldevents.org.au/MS-Moonlight-Walk-2011/Lunar+Moves+Insurance+Girls/g

All information is secure and all donations will be sent electronically to MS Australia - QLD. A tax-deductible receipt will be sent straight to you when the transaction has been completed

Your support is greatly appreciated. Thank you!! - From Lunar Moves Insurance Girls

Please support the PolicyComparison Girls walk for MS

2011-09-22T00:00:00+10:00

The LMI PolicyComparison team in Brisbane are participating in MS Moonlight Walk 2011 on Friday 14 October 2011 to raise funds for more than 20,000 people living with multiple sclerosis

The team aims to raise $10,000 to help the MS society continue to support families like Wendy's.

LMI Group is sponsoring the team shirts for Lunar Moves Insurance Girls (LMIG) and are making a donation. Your support would be very greatly appreciated.

http://www.msqldevents.org.au/MS-Moonlight-Walk-2011/Lunar+Moves+Insurance+Girls/g

All information is secure and all donations will be sent electronically to MS Australia - QLD. A tax-deductible receipt will be sent straight to you when the transaction has been completed

Your support is greatly appreciated. Thank you!! - From Lunar Moves Insurance Girls

Please support the PolicyComparison Girls walk for MS

2011-09-22T00:00:00+10:00

The LMI PolicyComparison team in Brisbane are participating in MS Moonlight Walk 2011 on Friday 14 October 2011 to raise funds for more than 20,000 people living with multiple sclerosis

The team aims to raise $10,000 to help the MS society continue to support families like Wendy's.

LMI Group is sponsoring the team shirts for Lunar Moves Insurance Girls (LMIG) and are making a donation. Your support would be very greatly appreciated.

http://www.msqldevents.org.au/MS-Moonlight-Walk-2011/Lunar+Moves+Insurance+Girls/g

All information is secure and all donations will be sent electronically to MS Australia - QLD. A tax-deductible receipt will be sent straight to you when the transaction has been completed

Your support is greatly appreciated. Thank you!! - From Lunar Moves Insurance Girls

Manning speaks at NIBA 2011

2011-09-20T00:00:00+10:00

LMI Group's Managing Director, Dr Allan Manning, in his role as international president of the International Institute of Claims Preparers spoke today at the 29th Annual NIBA Conference as part of the Allianz Thought Leadership Day.

Dr Manning was introduced by Sarah Johns, Segment and Marketing Coordinator, Broker and Agency Allianz. Allan covered four topics, those being: 1) Placing Slips; 2) Policy Comparisons; 3) Verbal and Written Communication; and Fire Service Levies.

Allan used his experience from the recent catastrophes in Australia and New Zealand using case studies of many of the regular issues he had seen. Fire Service Levies are of particular concern to Allan and he outlined why he believes the home and business owners in rural Victoria have been betrayed by the new State Government who have allowed the taxes to increase by 33% for homeowners and 30.7% for business owners at a time when insurance premiums have to increase due to the frequency and size of the catastrophe losses.

Estimated Removal of Debris costs now on LMI RiskCoach

Allan's talk went through the history of fire service levies, the terrible impact the high taxes caused by triple tax has on under and non insurance and how the Liberal National Government in Victoria has betrayed the rural voters in that state by including hundred's of millions of dollars of capital expenditure items into the upcoming year's levy when the benefit will be to all Victorian's over the next 20+ years.

As usual the talk was well received which explains why Allan is asked to speak at industry conferences, seminars and professional development days over 125 times each year.

Manning speaks at NIBA Allianz Thought Leadership Day

2011-09-13T00:00:00+10:00

The theme of the conference is "Stretch Your Thinking". Allan spoke on four subjects: 1) Placing Slips; 2) Policy Comparisons; 3) Communication and 4) Fire Service Levies.

The talk sponsored by Allianz Insurance was introduced by Ms Sarah Johns, Segment and Marketing Coordinator, Broker and Agency Allianz.

During the talk Allan used case examples of errors in placing slips seen during the recent catastrophes throughout Australia and New Zealand.

As usual the talk was well received which explains why Allan is asked to speak at industry conferences, seminars and professional development days over 125 times each year.

Manning speaks at NIBA Allianz Thought Leadership Day

2011-09-13T00:00:00+10:00

The theme of the conference is "Stretch Your Thinking". Allan spoke on four subjects: 1) Placing Slips; 2) Policy Comparisons; 3) Communication and 4) Fire Service Levies.

The talk sponsored by Allianz Insurance was introduced by Ms Sarah Johns, Segment and Marketing Coordinator, Broker and Agency Allianz.

During the talk Allan used case examples of errors in placing slips seen during the recent catastrophes throughout Australia and New Zealand.

As usual the talk was well received which explains why Allan is asked to speak at industry conferences, seminars and professional development days over 125 times each year.

Manning speaks at NIBA Allianz Thought Leadership Day

2011-09-13T00:00:00+10:00

The theme of the conference is "Stretch Your Thinking". Allan spoke on four subjects: 1) Placing Slips; 2) Policy Comparisons; 3) Communication and 4) Fire Service Levies.

The talk sponsored by Allianz Insurance was introduced by Ms Sarah Johns, Segment and Marketing Coordinator, Broker and Agency Allianz.

During the talk Allan used case examples of errors in placing slips seen during the recent catastrophes throughout Australia and New Zealand.

As usual the talk was well received which explains why Allan is asked to speak at industry conferences, seminars and professional development days over 125 times each year.

Fire-zone levy soars

2011-08-30T00:00:00+10:00

Insurance costs are set to soar for regional homeowners and businesses, thanks to a massive hike in the fire-services levy.

The Insurance Council of Australia has recommended to its members that it raise the levy by more than 30 per cent in Country Fire Authority zones, which covers most of the state.

Homes will be slugged an extra 31 per cent and businesses 33 per cent.

Those closed to the city and serviced Metropolitan Fire Brigade will be spared, with costs stagnant.

The hike means home owners in CFA areas will pay an additional 85 per cent of their premium, with a home owner paying $1000 for insurance paying $850 in fire levy.

The State Government told the ICA that it would cost an extra 30 per cent to run the CFA, with most of that cost being passed onto the public.

The Government says the extra revenue will pay for $68 million worth of investment in fire stations and vehicles.

Insurance payments by country Victorians contribute 77.5 per cent of the CFA’s funds, with the rest paid for by the State Government.

ICA general manager of risk Karl Sullivan said the Government gave it a figure it needed to raise to pay for fire services and insurers would adjust accordingly.

Extra taxes would likely end in homeowners paying double their insurance premium.

“By the time you take on board the fire-services levy, stamp duty and GST, you are doubling your (insurance) premium,” he said.

“Our position is that the fire service levy discourages people from taking (home insurance out), it . . . leaves people vulnerable and we are working closely with government to work out the transition away from the levy.

The Government had promised to phase out the fire-service levy by 2013, following recommendations by the Bushfire Royal Commission. The levy will be replaced by a new property based tax, which will force every homeowner to pay for fire services not just those who choose to insurance.

A government spokeswoman blamed the former Labor government for the mess, saying “the insurance based levy should have been scrapped years ago”.

“The coalition Government has begun long overdue reform to replace the insurance-based fire services levy with a property based levy,” she said.