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HONEIN Quarterly Market Update

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November 25, 2022
Corporate Risk
Sport

3 Essentials to limit betting scandals in sport: Why risk management is always a safe bet

Recent allegations against an AFL Field Umpire relating to betting outcomes have sent shockwaves throughout the football community. While the AFL already has protocols in place for educating umpires and procedures for submitting votes, the rise of betting and digital betting platforms means there is a greater risk of misconduct. Drawing on his experience as a former AFL Field Umpire, Matthew Head, National Facilities Placement Manager, shares some additional actions that sporting bodies can take to ensure a fair game.
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November 21, 2022
Corporate Risk

How insurance can help or hinder cleantech innovation

As we continue to see the impact of climate change, there has been substantial investment within Australia in climate-related initiatives and clean technologies. Although insurers are adapting and progressing, the industry’s appetite to accept complex cleantech risks has the potential to limit innovation and our ability to meet net-zero targets. Dominic Brettell, Head of Client Service (Newcastle/Hunter) explores how the insurance sector can better enable cleantech innovation.
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November 14, 2022
Corporate Risk
Sport

Why taking the reins on risk management is always a smart idea

Sport is dangerous, and participants enter at their own risk, but sporting associations cannot unilaterally rely on this defence if things go wrong, as demonstrated by a recent decision by the High Court. Risk management for sporting associations can be a complex but crucial matter as explained by Jesse Krause who takes a closer look at practical ways your organisation can limit risks through documented preventative measures.
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November 10, 2022
Corporate Risk
Technology

Major changes to data breach penalties proposed: Why it could be time to revisit your cyber insurance limits

In light of a series of highly publicised data breaches, a new bill has been introduced to amend Australian privacy rules. Aiming to ensure companies uphold strong data security measures, the proposal includes increased penalties for serious or repeat data breaches. Nathan Mauriello, Senior Client Executive – Professional and Executive Risks, outlines what these proposed regulatory changes could mean for your cyber insurance policy.
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October 18, 2022
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FY23 Q1: What's happening in the market?

Insurers continue to face the same host of macroeconomic and geopolitical challenges that are inhibiting growth and profitability more broadly. These include the looming threat of a global recession, ongoing fallout from Russia’s invasion of Ukraine, rising interest rates and inflation, and lingering COVID-19 concerns. Mirroring trends in the broader economy, employment continues to challenge the industry to find solutions to enhance efficiency and customer solutions.
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October 18, 2022
Private Clients

FY23 Q1: Private Wealth Market Update

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October 18, 2022
Life Insurance

FY23 Q1: Life Insurance Market Update

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October 18, 2022
Corporate Risk
Medical & Health
Biotech & Life Science

FY23 Q1: Corporate Insurance Market Update

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October 18, 2022
Insurance Updates
Financial Institutions
Professional Services
Technology

FY23 Q1: Financial Lines Market Update

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October 17, 2022
Insurance Updates
Corporate Risk

The final word on COVID-19 business interruption

Insureds and insurers now have closure on the issue of whether the diseases extension clause under a Business Interruption insurance policy covers financial losses from the various COVID-19 shutdowns and restrictions, after an application for special leave to appeal to the High Court was rejected. This settled various issues around whether insurance policies can respond to loss arising from COVID-19-mandated shutdowns and restrictions. Faramarz Ostowari, Head of CIRS Claims, shares the key takeaways for assessing losses, and next steps if your business interruption policy does appear to respond.
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October 14, 2022
Financial Institutions

ESG reporting is here to stay: How you can stay ahead of the curve

Business culture is shifting and corporations have been challenged more than ever to balance profitability and accountability while contributing to society more broadly (McKinsey, 2020). Against this backdrop, regulators around the world are reviewing Environmental, Social, and Governance (ESG) reporting requirements, with many shifting to mandatory disclosure.
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October 4, 2022
Corporate Risk
Financial Institutions

Reversing litigation funding reforms | Implications for Directors’ & Officers’ insurance

Moves to undo the Coalition’s changes to the class action framework have commenced, with the Labor government intending to remove regulatory oversight for litigation funders. Draft regulations have been released, and if approved, funders will not be required to hold an Australian Financial Services Licence (AFSL) nor comply with the rules for Managed Investment Schemes (MIS), the argument being that these regimes were not intended to regulate the litigation funding industry. Dennis Moens, Client Manager – Professional and Executive Risks, explains how these changes could impact future class action activity and Directors & Officers’ insurance.
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September 28, 2022
Technology
Corporate Risk

Combating Cybercrime: 3 Ways to Protect Your Systems

As organisations continue work from home or adopt hybrid work models, hackers are able advantage of employees’ vulnerable home networks to infiltrate company systems. Staff are a key line of defence against hackers, so it’s critically important to equip them with training and tools to defend against attacks. Stuart Madden shares key actions we regularly share in training sessions to help staff identify and report technology security risks.
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September 19, 2022
Technology
Corporate Risk

Step into the Breach | Managed Service Providers: Who is responsible in the event of a data breach?

Managed Service Provider services (MSPs) are a popular solution among SMEs and not-for-profits for the remote management of their IT infrastructure and end-user systems, but they do present some risks, especially when it comes to cybersecurity and data protection. When working with an MSP, there is a transfer of duties from your business to the MSP, but not necessarily a transfer in liability. Nathan Mauriello explains your responsibilities as a business and what this means in the event of a cyber breach.
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August 30, 2022
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Proposed Reforms to Make Financial Advice Accessible & Affordable

Acknowledging that consumers want good advice, not documents and processes, major changes to the regulatory framework applying to financial product advice have been proposed in Treasury’s Quality of Advice Review Proposals for Reform consultation paper. Find out how the proposed reforms which were released 29 August 2022 could enhance consumers’ access to affordable financial product advice in this essential briefing by Belinda Muir and Katherine Beards.
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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...

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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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