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AUSTRALIAN INSURANCE CO'S SET TO OFFER PUBLIC LIABILITY INSURANCE.
SYDNEY, May 1 Asia Pulse - Non-profit organisations are set to benefit after Australia's competition regulator gave conditional authorisation to the joint offering by three large insurers of public liability insurance.
Australian Competition and Consumer Commission (ACCC) chairman Allan Fels said today an arrangement between Allianz Australia Ltd, QBE Insurance (Australia) Ltd and NRMA Insurance Ltd to offer the joint insurance had been given conditional approval until December 31, 2006.
ACCC authorisation is required because the companies are competitors.
"In recent times some not-for-profit organisations have struggled to obtain public liability insurance and as a result have had to cancel community events," Professor Fels said.
"It is the ACCC's view that the collective arrangements will go some way towards easing the difficulties in obtaining public ...
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(From AAP News) Allianz chief general manger corporate affairs Paul McGahen said the insurers were not yet prepared to release publicly details of what premiums they would charge for the public lability cover. However, details were being provided to the ACCC. "Getting capital into the market is a
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Source: HighBeam Research, AUSTRALIAN INSURANCE CO'S SET TO OFFER PUBLIC LIABILITY INSURANCE.