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HONEIN Quarterly Market Update

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November 30, 2023
Pharmacy

Double dispensing rules: what are the grounds for refusal?

Since the introduction of the 60-day prescription of PBS medicines in September, many patients can now receive twice the medication for the cost of a single prescription. From September 2024 this will apply to more than 300 medicines on the Pharmaceutical Benefits Scheme (PBS). While pharmacists’ opinions on the ‘double dispensing’ policy vary greatly, the expectation from both clients and prescribers is that prescriptions will be fulfilled.
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November 29, 2023
Strata News

Managing Risks Associated with Short-Term Rentals in Strata Complexes

Up until the early 2000s, short-term lodging options were predominantly provided by hotel chains and commercial providers. However, the landscape has undergone a significant shift in recent years, with platforms like Airbnb, Stayz, AirKeeper, Made Comfy, and Hometime reshaping the industry. These platforms empower individuals to directly rent out their properties to consumers, offering a lucrative avenue for additional income. Yet, the venture of leasing strata properties for short-term stays brings unique risks for both lot owners and strata managers. This article explores the key exposures and offers practical insights to effectively address and minimize these challenges.
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November 28, 2023
Financial Institutions
Corporate Risk

Managing the risks associated with shareholder class actions: a review of the AMP settlement

Earlier this month, the Supreme Court of New South Wales approved the settlement of the AMP class action and appointed Maurice Blackburn as settlement administrator of the settlement distribution scheme. This was after an agreement between AMP Limited and its shareholder class action had been reached on 20 August 2023, for a sum of $110 million inclusive of costs. This article takes a closer look at how this class action unfolded and the risk solutions that could protect companies from these events.
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August 28, 2023
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Navigating Insurance Claims: A Beginner’s Guide

Making a claim on an insurance policy can be a stressful experience. Loss events can be distressing and it is not always clear what steps need to be taken to help resolve the situation. This can lead to mismatched expectations, delays, and added frustration. However, having a dedicated broker to help handle the claim on your behalf can alleviate the pressure on you and all parties involved.
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July 17, 2023
Corporate Risk

What the PwC saga can teach Professional Services about Professional Indemnity

In the realm of professional services, tax consultants play a vital role in providing advice on a wide range of matters, including potential tax liabilities and strategies for minimising tax. As trusted advisors, they are entrusted with highly sensitive client information sourced from various channels. Safeguarding confidentiality is of utmost importance, as any breach of this trust can lead to severe damage to reputation, legal liabilities, and significant Professional Indemnity (PI) challenges. This precise scenario unfolded recently in the case involving PwC, one of the world's largest professional services firms, underscoring the intricacies involved in managing PI risks within the tax and broader consultancy sector.
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May 16, 2023
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Honan on the Move: Alexandrea Lim

It’s #NationalCareersWeek, an opportunity to celebrate careers, career development, and career development services and practitioners. With over 400 employees, in 10 offices, across 4 countries, as we have grown over the last 59 years, we’ve learnt that achieving growth and stability for any business starts with its people and supporting them to reach their full potential. Highlighting the progress of our team, we sit down with Alexandrea Kay Lim, Client Executive, in this edition of Honan on the Move, to learn more about her move from our Brisbane office to our Singapore office, how her personal interests have helped her professionally and the best piece of career advice she’s received.
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April 27, 2023
Pharmacy

New dispensing rules likely to trigger insurance changes

This week, the Australian Government announced it will implement major changes to the Pharmaceutical Benefits Scheme (PBS) starting in September. The changes will allow millions of Australians with chronic illnesses to purchase 60 days’ worth of selected medicines for the price of a single prescription. Amid the current ‘cost of living crisis’, this change is expected to save Australians more than $1.6 billion over the next four years. In parallel, the move has also been described as controversial, with major concerns raised about the impact it will have on pharmacies.
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April 19, 2023
Pharmacy

Managing cyber security risks in the digital age: a guide for pharmacy owners

In today’s digitally driven world, cyber attacks are becoming more common and sophisticated. In fact, a cybercrime is reported every seven minutes on average in Australia (ACSC, 2022). Australians have lost more than $98 million to malicious cyber activity between 2021-2022, with an incident resulting in an average loss of more than $64,000. Unfortunately, no sector of the Australian economy is immune, and government, education, and healthcare have all been targeted by these malicious activities. This article takes a closer look at pharmacies, which operate in the health technology space can reduce their cyber risk exposures.
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March 15, 2023
Pharmacy

Professional Indemnity (PI) Market Update: pharmacists unlikely to see price hikes in 2023

Recent market pricing reviews and wholesaler reinsurance discussions show that Individual Pharmacist Professional Indemnity Insurance Premiums have been increasing approximately in line with inflation and there are no major price rises projected for 2023.
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December 15, 2022
Pharmacy

Honan acquires Carollo Horton, a leading insurance broker for the pharmacy industry

Marking the fifth acquisition by Honan in the last 6 months, an extraordinary milestone for the company, we are delighted to announce the newest addition to the Honan family - Carollo Horton. Established in 1989, Carollo Horton has become a leading insurance broker for the pharmacy industry specialising in affordable insurance packages tailored to the needs of pharmacists and pharmacy businesses, while also providing insurance solutions for a range of businesses and individuals.
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December 13, 2022
Insurance Updates
Strata News
Private Clients

Your Ultimate Summer Risk-Mitigation Guide

With the holiday season tantalisingly close, it won’t be long before many of us flock to the beach, regional Australia…or even overseas for a well-earned break! While the potential wrath of Mother Nature can leave us feeling powerless at times, whether you are an owner-occupier, an investment property, or holiday home owner, there are simple things you can do now to help minimise risk and key steps to take in the event of damage.
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April 29, 2022
Corporate Risk

Q3 Market Update: WORKPLACE RISK

In Western Australia, discussion...
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April 28, 2022
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Q3 Market Update: EMPLOYEE BENEFITS

We are continuing to see...
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April 27, 2022
Insurance Updates

Q3 Market Update: FINANCIAL LINES

Increases to Directors’ and Officers...
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April 26, 2022
Insurance Updates

Q3 Market Update: CORPORATE INSURANCE

Major flooding events across Australia’s...
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Featured Article

Tue 25 Jan, 2022

3dd COVID Support Ends & Debt Collection Resumes: Is Your Business Sustainable?

Over the course of the Pandemic in Australia, the Government...

Market Updates

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New Zealand Financial Advice Disclosure

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General Code of Practice

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Honan Insurance Group Pty Ltd (Australian Financial Services Licence no. 246749, ABN67 005 372 396) is an insurance broker acting as agent for insureds and intending insureds. Honan is not an insurer.  The information on this website has been prepared without taking into account your objectives, financial situation or needs.  Any advice provided on this website is general advice only.  Before making a decision to purchase an insurance policy, please read the relevant Product Disclosure Statement to make sure the policy is right for you.  Insurance cover is subject to policy terms and conditions including policy limits and exclusions. 

From time to time, Honan may act under a binder arrangement with an insurer.  When this happens, Honan is authorised by the insurer to issue certain insurance policies on the insurer’s behalf.  When Honan does this it acts as the agent for the insurer and not for any insured person.  We will let you know when we are acting under a binder.  You can view the Product Disclosure Statements for the insurance policies we issue under a binder arrangement here.  A copy of the Target Market Determination for each policy is also available on this website.

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