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HONEIN Quarterly Market Update

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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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April 19, 2023
Corporate Risk
Financial Institutions
Technology

A rare insight into the mind of a hacker

A recent interview with a hacker who claimed responsibility for a highly publicised cyber attack highlights the recklessness mindset of hackers and serves as a reminder to business owners that the potential exposure, reputational damage, business interruption and financial costs following a cyber incident are too great to ignore. Nathan Mauriello unpacks the key takeaways from the interview to help you manage your cyber risks.
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April 18, 2023
Sport

How technology is transforming the (sports personal accident) game!

For many Australians, sport is simply part of our DNA, with more than 80% of Australians participating in weekly sports or physical activity. However, sport is not without risk, demonstrated by the 50,000 people were hospitalised due to sports injuries between 2019 and 2020. Chris Papakostas, Service Executive - Honan Sports, looks at how the use of technology and data analytics is driving a shift in the insurance industry towards a more individualised and data-driven approach to personal injury cover.
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April 17, 2023
Corporate Risk
Financial Institutions
Insurance Updates
Professional Services
Strata News

Australia’s Insurance Industry: Key Trends and Insights from 2018-2022

Over the past few years, the insurance industry has experienced notable growth and improvement through various measures including the adoption of artificial intelligence, machine learning, and data analytics, enabling insurers to better predict, prevent, and manage claims. Laurence Basell, Chief Operating Officer, shares the trends and insights that have been key drivers for the industry’s positive trajectory.
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April 12, 2023
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The Camera Doesn't Lie

Schedule 8 substances have a high potential for dependence and misuse; therefore, it is essential that they are stored, dispensed, and destroyed following the appropriate protocols. To help pharmacies follow these, Giuseppe Carollo, Head of Carollo Horton, outlines why CCTV may aid in creating a secure environment where medications stay out of harm’s way.
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April 11, 2023
Life Insurance

Succession, Life Insurance, and the Importance of Planning for the Unexpected

If you have been anywhere near the ‘water cooler’ today (or on the internet) you will know that the latest episode of Succession has everyone talking. The gripping portrayal of the Roy family's power struggles and their efforts to gain control of their media empire in HBO's hit television series "Succession" has captured the attention of viewers the world over. As we eagerly anticipate the repercussions of the latest drama to unfold, there are valuable ‘life’ lessons to be learned from the tumultuous lives of the Roy family. Peter Blassis, Senior Risk Advisor – Honan Life, outlines key insurance takeaways from the show to help you avoid the same level of drama and assist in ensuring your loved ones are protected from the financial challenges that often accompany life's unforeseen circumstances.
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April 4, 2023
Workplace Risk

Lessons from Hollywood: How to save employees from workplace OH&S risks

After a couple of COVID interrupted years, filmmakers are doing everything they can to get people back to the cinema, but the demands of modern audiences are making the movie industry an increasingly dangerous line of work, with important lessons for all Australian workplaces.
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March 29, 2023
Corporate Risk

Before you say yes to the address…

Many businesses will choose to lease the commercial space they operate in, rather than purchasing outright. However, different types of leases place varying levels of responsibility on the tenant when it comes to expenses and property maintenance. Hugo Dessens, Head of Client Services (NSW), outlines the importance of understanding the potential risks and other requirements you should consider before saying yes to the address.
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March 24, 2023
Medical & Health

Keeping your cool: Why it pays to monitor your medical fridge

Vaccines and some medications are temperature-sensitive so storing them incorrectly can lead to spoilage. Giuseppe Carollo, Head of Carollo Horton Insurance, outlines a simple strategy that can be implemented by pharmacists to reduce the risk of loss of medical supplies and medications.
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March 23, 2023
Corporate Risk
Financial Institutions
Professional Services

Market Update: Management Liability

Employment Practices Liability (EPL) is a common source of claims on Management Liability products. While claims of unlawful discrimination, unfair dismissal, bullying, and harassment have also been consistent issues, a new wave of claims is arising. In the latest Management Liability market update, Nathan Mauriello, Senior Client Executive - Professional and Executive Risk, delves into the impact of this emerging trend and more.
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March 23, 2023
Strata News

Managing the risks associated with electric scooter chargers

With the growing popularity of electric scooters has come a number of concerning reports of battery chargers overheating and causing fires, with more than 450 of these incidents linked to lithium-ion batteries over the past 18 months. Rebecca Crowther, Client Executive – Property, shares steps you can take to help limit the risks associated with charging electric scooters.
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March 14, 2023
Medical & Health

Professional Indemnity (PI) Market Update

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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March 9, 2023
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Opening the door to OpenAI‘s API is inviting business risks

Generative AI has officially moved from the loungeroom to the boardroom with the launch of OpenAI’s API, enabling the integration of ChatGPT directly into business apps, websites, products, and services. However, business leaders need to be aware of the risks that come with utilising these platforms. Laurence Basell, Chief Operating Officer, explores the potential risks and implications that should be considered prior to integrating generative AI into your organisation.
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February 28, 2023
Corporate Risk
Financial Institutions
Professional Services

National Cyber Office to oversee incident response | What Directors & Officers need to know

Following high-profile data breaches involving Optus and Medibank Private, the Australian Government is addressing major concerns about data security and malicious activity by announcing yesterday that it will open a national cyber office, which will be tasked with leading the emergency response to cyber incidents. Ben Robinson, Placement Manager, outlines what this announcement may mean for Directors & Officers as well as cyber insurance.
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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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