News

IMPORTANT NOTICE – UPDATE

CHANGES TO THE NEW SOUTH WALES EMERGENCY SERVICES LEVY

We have determined that the ESL charges should be revised and the following new rates will be effective from the dates shown:-

Product Current New
Residential Strata
New covers & renewals – 01 June 2017
0.0% 0.0%
Fire / ISR / Consequential Loss / Commercial Strata 15.0% 0.0%
Bed & Breakfast
New covers & renewals – 01 June 2017
15.0% 0.0%

IMPORTANT NOTICE – UPDATE

CHANGES TO THE NEW SOUTH WALES EMERGENCY SERVICES LEVY

We have determined that the ESL charges should be revised and the following new rates will be effective from the dates shown:-

PRODUCT CURRENT NEW
Residential Strata
New Covers & Renewals – 20 February 2017
20.0% 16.0%
Fire/ ISR/ Consequential Loss/ Commercial Strata
Bed & Breakfast
New Covers – 01 March 2017 | Renewals 20 March 2017
30.0%
20.0%

15.0%
15.0%

Changes to the New South Wales Emergency Services Levy

Important Notice

The New South Wales Government has passed legislation to abolish the Emergency Services Levy (ESL) – known also as Fire Services Levy (FSL) – from insurance premiums with effect from 1 July 2017 and replace it with a property-based levy as part of council rates creating a fairer system for all.

On 22 July 2016, under Section 30 of NSW Emergency Services Levy Insurance Monitor Act 2016, the NSW Emergency Services Levy Monitor published the following notice in the NSW Government Gazette.

It is a requirement for all insurers (and those acting on an insurers behalf) that this notice be issued with all quotes and renewals where a NSW ESL charge applies.

The Fire Services Levy (ESL) component of insurance premiums relates to the financial year the policy was taken out and not to the policy period, however, insurers are still required to meet their full ESL obligations for the 1 July 2016 to 30 June 2017 financial year.

To ensure we can meet our collection obligations, we have determined that the ESL charges should be revised and the following new rates will be effective for new covers from 15 January 2017 and renewals from 15 February 2017.

 

PRODUCT CURRENT NEW
Fire/ ISR/ Consequential Loss/ Commercial Strata 40.0% 30.0%
Bed & Breakfast/ Residential Strata 20.0% 20.0%

 

We will review these rates on a regular basis through the financial year to determine necessary adjustments with the intention of reducing the rates over the year to zero % prior to July 2017.

Please get in touch if you would like further information.

If you have any questions about how this change will impact the cost of insurance, please contact Axis Underwriting Services Pty Ltd.

If you would like further information on the insurance side of Emergency Services Levy Reform and the removal of the ESL you can contact the Monitor on  Ph: 1300 607 723   or  enquiries@eslinsurancemonitor.nsw.gov.au   or   www.eslinsurancemonitor.nsw.gov.au

If you require further information about the property levy side of Emergency Services Levy Reform and the new ESPL, please email your enquiries to ESPL.info@treasury.nsw.gov.au.

Axis awarded gold medal in broker survey

Axis is excited and honoured to announce that we have been awarded a gold medal in the Property Category of the Insurance Business Brokers on Underwriting Agencies 2016 survey!gold-medal_v2

We would like to thank each and every one of our broker clients for your continued support. You have been instrumental in the success Axis has experienced as an underwriting agency for the 16 years we have been in operation.

Axis truly prides itself in providing stable, consistent and reliable underwriting solutions for Australian insurance brokers. Stability, consistency and reliability are integral to the Axis brand, and we look forward to upholding these principles well into the future.

For more information on our Property Insurance products please click here.

To view our full risk appetite please click here.

By |Axis, Feature, Industry News, Property|November 18, 2016

Changes to the New South Wales Emergency Services Levy

Important Notice

The New South Wales Government has passed legislation to abolish the Emergency Services Levy (ESL) – known also as Fire Services Levy (FSL) – from insurance premiums with effect from 1 July 2017 and replace it with a property-based levy as part of council rates creating a fairer system for all.

On 22 July 2016, under Section 30 of NSW Emergency Services Levy Insurance Monitor Act 2016, the NSW Emergency Services Levy Monitor published the following notice in the NSW Government Gazette.

It is a requirement for all insurers (and those acting on an insurers behalf) that this notice be issued with all quotes and renewals where a NSW ESL charge applies.

The Fire Services Levy (ESL) component of insurance premiums relates to the financial year the policy was taken out and not to the policy period, however, insurers are still required to meet their full FSL obligations for the 1 July 2016 to 30 June 2017 financial year.

To ensure we can meet our collection obligations, we have determined that the FSL charges should be revised and the following new rates will be effective from 16 July 2016.

Product Current New
Fire / ISR/ Consequential Loss / Commercial Strata 31.5% 40.0%
Residential Strata / Bed & Breakfast 17.5% 20.0%

We will review these rates on a regular basis through the financial year to determine necessary adjustments with the intention of reducing the rates over the year to zero % prior to July 2017.

______________________________________________________________________________________________________________________________


MESSAGE FROM THE NSW EMERGENCY SERVICES LEVY INSURANCE MONITOR

Reductions in insurance premiums caused by changes to the funding of emergency services

The way the NSW Government funds the Emergency Services agencies is changing – there will no longer be a levy on your insurance policy.

Currently, individuals and businesses insuring property in NSW contribute to the Emergency Services Levy as part of their insurance premiums.  This levy supports the work of Fire and Rescue NSW, the NSW Rural Fire Service and the NSW State Emergency Service.  These vital community services help NSW residents and businesses protect their property from fire, flood, storms and other natural disasters.

Your current Emergency Services Levy is detailed on your insurance policy statement.

For policies commencing from 1 July 2017, the NSW Government intends that the Emergency Services Levy will no longer be included as part of the cost of your property insurance.  This means that insurance premiums will be lower than would otherwise be the case.

The NSW Government appointed Professor Allan Fels AO and Professor David Cousins AM as the Emergency Services Levy Insurance Monitor and Deputy Monitor, respectively, to head an independent agency overseeing the removal of the Emergency Services Levy.  The Monitor aims to ensure that any cost savings arising from the removal of the Emergency Services Levy are passed on in full.

From 2017-18, funding for the emergency services agencies will be collected alongside local council rates.  Councils will clearly show the new levy as a separate item on your council rates notice.  This change in the method of collecting funding for those agencies is intended to ensure all property owners contribute their fair share to the cost of emergency services, rather than only those choosing to insure their property.  The Government has indicated this change will not reduce the funds available to the emergency services agencies.

Please get in touch if you would like further information.

If you have any questions about how this change will impact the cost of your insurance, please contact Axis Underwriting Services Pty Ltd.

If you would like further information on the insurance side of Emergency Services Levy Reform and the removal of the ESL you can contact the Monitor on  Ph: 1300 607 723   or  enquiries@eslinsurancemonitor.nsw.gov.au   or   www.eslinsurancemonitor.nsw.gov.au

If you require further information about the property levy side of Emergency Services Levy Reform and the new ESPL, please email your enquiries to ESPL.info@treasury.nsw.gov.au.

Axis Underwriting Services is here to stay

Brokers will have seen media reports announcing the withdrawal of International Insurer – Axis Specialty Australia.

We would like to confirm and reassure you that:

Axis Underwriting has no relationship with Axis Specialty or Axis Capital, and is not closing or withdrawing from any product lines.

Axis Underwriting is a leading Underwriting Agency backed by Lloyd’s, and have been dedicated to serving Australian brokers for over 15 years.

Axis Underwriting continues to provide solutions to our broker partners through our specialist product lines:

 

Should you have any questions or concerns, please contact us:

Gary Dawson
Managing Director
         03 8660 7001
E          gary@axisunderwriting.com.au

Jeff Campbell
Underwriting Manager
T          03 8660 7002
E          jeff@axisunderwriting.com.au

Emily Walker
Manager NSW
T          02 9216 7201
E          e.walker@axisunderwriting.com.au

Willem de Graaf
Manager QLD
         07 3117 3707
E          w.degraaf@axisunderwriting.com.au

Strata Insurance NSW

In recent times we have received a number of enquiries regarding Lloyd’s Underwriters’ authority to write strata business in NSW. We address these queries below.

The NSW Strata Schemes Management Act 1996 states that insurance must be taken out with an approved insurer. The NSW Fair Trading website stipulates that approved insurers are those authorised by APRA for general insurance.

Lloyd’s Underwriters are authorised to write insurance business in Australia pursuant to Section 93 of the Insurance Act 1973, and are regulated by APRA. Sections 65 to 73 of the Act provide for special Australian policyholder protection provisions associated with Lloyd’s. A$2.3B security is held in Australian Trust Funds (figure as at 31 December 2014).

Should you wish to find out more about the Lloyd’s market, we have included some links below.

Related Links

    APRA website

For more information on Lloyd’s Underwriters authorised status visit; http://www.apra.gov.au/GI/Pages/Lloyds-in-Australia.aspx

    Lloyds Security

To view further information on the financial security of the Lloyd’s Market visit; http://www.lloyds.com/lloyds/investor-relations/lloyds-capital-structure

    Lloyd’s in Australia

Click this link to read more;
http://www.lloyds.com/lloyds/offices/australasia/australia

New Claims Team Appointment

We are pleased to advise the appointment of Penny Paton to our claims team.

Penny brings many years of claims handling experience to the team including both Residential and Commercial claims experience.

The addition of Penny to the team will assist us in maintaining our prompt claims response times, and high standard of claims service to our brokers.

New claims and claims correspondence can be emailed to: claims@axisunderwriting.com.au

You can also call Joanne Elvey or Penny Paton on 03 8660 7000.

By |Axis|June 12, 2015

Commission Increase for Commercial Strata

Great news!

Axis is increasing commissions for Commercial Strata Insurance.

Axis has a leading position in the Commercial Strata market particularly in mixed tenancy industrial risks. We are very pleased to announce a 5.0% increase in commission to our supporting brokers for this product.

We will now pay brokers 20.0% commission on all Commercial Strata policies.

20.0% commission will apply to all new and renewed Commercial Strata policies incepting on or after 01.07.2015.

This means Axis will now pay 20.0% on both Commercial and Residential Strata.

Call the team at Axis to place or renew your Commercial Strata policies.

Melbourne:  03 8660 7000
Sydney:         02 9216 7200
Brisbane:      07 3117 3707

Click below to download our Commercial Strata Proposal Form:
Commercial Strata Proposal

Click below to download a copy of the Policy Wording:
Axis Commercial Strata Policy – from 01.07.2012 – v4/2012

Volunteering for Anglicare Victoria

Anglicare Victoria do an amazing job with their breakfast program for the homeless, a program we are so happy to be a part of. It’s wonderful to see our new starter Alix, volunteering this week to help Anglicare cook up a hot BBQ breakfast. For more information about Anglicare and to contribute in your own way, visit their website: www.anglicarevic.org.au

 

By |Axis|June 5, 2015