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15/05/2014

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14/05/2014

Australia has posted a surprise return to a trade surplus in December, with November's figures also revised into the black.

Bureau of Statistics data show Australia sold $468 million more in goods and services to overseas buyers than the nation bought from them in December.

November's result was also revised up in the latest figures to go from a deficit of $118 million to a surplus of $83 million.

The positive results mark the first trade surpluses for Australia since December 2011, and mean Australia had a surplus of $134 million in the last three months of 2013, up from a large deficit of nearly $3 billion in the third quarter.

AMP Capital Investors chief economist Shane Oliver says most analysts have been caught off guard by the speed of the turnaround.

"At one stage, you've got to bear in mind, a year or so ago, the trade deficit was running at around $3.1 billion a month, so we've seen a massive turnaround in the trade situation in Australia," he said.

December's surplus was driven by a 3.7 per cent rise in exports, while imports were up a more modest 2.3 per cent.

There was good news for some of the nation's farmers, with the value of wheat exports almost doubling in the month, with a $436 million increase.

Iron ore (+2.4 per cent) and coal (+4.4 per cent) both also recorded solid increases.

Economists say the strong rise in export volumes apparent in the data points towards a solid contribution to the next economic growth figures for the December quarter, due for release on March 5.

The Australian dollar was driven solidly higher by the much better-than-expected trade figures, rising from around 89.2 to as high as 89.8 US cents soon after the release.

13/05/2014

Australian and New Zealand clients will be benefit from commercial property insurer FM Global’s “biggest ever membership credit” which will see customers collectively receive an estimated US$465m in premium reduction.

Insureds will receive the premium slash when they renew their policies between 30June, 2014 and 29 June, 2015.
The “membership credit” is the largest the company has ever offered its clients and is a result of the mutual insurer’s continued financial success due, in large part, to policyholders’ diligent property loss prevention efforts. The credit each client will receive will be based on client tenure, with longer-term clients benefiting the most.

Approximately 1,900 clients qualify, some of which have been policyholders with FM Global since the late 1800s. Following this credit, FM Global clients will have benefited from approximately US$2.5 billion in membership credit since the program was introduced in 2001.

Australian operations manager for FM Global, Lyndon Broad, told Insurance Business: “We are delighted Australian and New Zealand clients are able to benefit from FM Global's success through the company’s biggest ever membership credit. It further demonstrates the value of FM Global's strong risk management focus and mutual company structure."

FM Global clients holding policies consecutively for:
fewer than five years will be eligible for a 5 percent credit;
five to 19 consecutive years will be eligible for a 10 percent credit;
20 consecutive years or more will be eligible for a 15 percent credit
“Our favourable loss experience, due to the diligence our clients have shown toward property risk improvement, has made it possible for us to provide another premium credit to eligible policyholders,” said Shivan S. Subramaniam, chairman and CEO. “As a mutual company, our policyholders are our owners, so, naturally they share in the benefits of taking prudent steps to protect their property and business continuity

12/05/2014

11/05/2014

The New Zealand Commerce Commission has approved a proposal by the IAG (NZ) Holdings to acquire Lumley General Insurance (NZ) from Wesfarmers.

Deal
In December 2013, IAG reached an agreement to purchase Wesfarmers' Australian and New Zealand underwriting operations for $1.85bn, which was subject to regulatory approvals in both countries.

The acquisition includes Wesfarmers' underwriting companies that are trading under the WFI and Lumley Insurance brands, along with a ten-year distribution agreement with Coles.

Expected to fortify IAG's position in Australia and New Zealand, the acquisition is still subject to approvals from the Reserve Bank of New Zealand, the Australian Prudential Regulation Authority and the Australian Treasurer.

Earlier, the Australian Competition and Consumer Commission had announced that it will not thwart IAG's takeover of the Australian underwriting operations of Wesfarmers' insurance division.

The New Zealand corporate regulator said that it is satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition, for personal and commercial insurance products.

Commerce Commission chairman Dr Mark Berry says IAG will still need to compete with other insurers on price and quality.

"By their nature all mergers create a larger company with a greater market share. However, that does not mean that a substantial lessening of competition in the market naturally follows. In this case the Commission is satisfied competition remains."

"We have considered submissions from a number of interested parties and we are confident that IAG's purchase of Lumley will not materially change the provision of services or the ability of customers to shop around as other companies will be able to expand to replace Lumley's position," said Berry added.

The Commerce Commission noted that Lumley's larger presence in commercial insurance still faces competition from firms such as Vero, QBE, Zurich, Allianz, AIG and ACE.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Image: NZ Commerce Commission approves IAG's acquisition of Wesfarmers insurance business. Photo: courtesy of adamr/ FreeDigitalPhotos.net.

10/05/2014

“Long term, maybe five to 10 years out … 5-7 per cent market share is what we believe is very ­attainable, but we won’t do anything ill-disciplined to achieve that,” Youi Australia chief Danie Matthee told The Australian.

The growth — up from Youi’s estimated 2.5 per cent of the home and motor insurance market — will keep the pressure on majors such as Insurance Australia Group and Suncorp, which are struggling to grow gross written premiums.

IAG, which owns the NRMA and SGIO brands, in January cut its full-year gross written premium growth guidance to 3-5 per cent, from 5-7 per cent.

While growth is being constrained by smaller rises in premiums, competition from the likes of Youi, Budget, Progressive, the supermarkets and big banks is taking its toll.

IAG’s share of the home and motor market fell by 150 basis points last year to 28.5 per cent, according to Deutsche Bank. Suncorp, IAG, QBE Insurance and Allianz control more than 80 per cent of the personal market. Youi, which is owned by South Africa’s RMI Holdings, grew gross written premium revenue 67 per cent to $270 million for the year to June 30. Its profit before tax fell to $359,000 from $471,000, which the company said was “indicative of the start-up phase of the business”.

“While formidable pricing skills and scale advantages around supply chain and claims management were well showcased, IAG’s credentials here have proven insufficient ­(Suncorp’s also) to stem gradual market share attrition to challenger brands and major banks,” Deutsche analyst Kieren Chidgey said last week.

Mr Matthee, who became CEO of Youi at the start of last year, said the smaller players had been more active in the past 18 months, particularly Coles. In a push for growth, IAG recently stumped up $1.85 billion for Wesfarmers’ underwriting operations, including Coles Insurance.

“It’s a competitive environment,” Mr Matthee said. “Obviously with more competitors there will be pressure to some extent on margins but I think that provides consumers with good value. I suppose the risk is there’s irresponsible or irrational pricing in the market, however I don’t see evidence of that just yet and I certainly can safely say our particular strategy doesn’t consider that even as a viable option.”

The majors have repeatedly played down the impact of the rise in competition, with QBE chief John Neal this month saying pricing in the market was being “sensibly disciplined”.

Mr Matthee said Youi had no “immediate short term” plans to enter the commercial insurance market and there was “still a lot of upside” in personal lines

09/05/2014

Today, I feel good then a lot of things to do. Hope to get better and better

07/05/2014

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