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Australian Insurer QBE is the latest Insurer to advise of a profit downgrade after a year of record catastrophe claims, it cut its insurance margin expectation for the year to 7-7.5 percent.
The insurer advised the market after Floods and Storms in Australia & Thailand, Earthquakes in New Zealand and hurricanes and tornadoes in the Unites States.

While catastrophes in the second half of 2011 have attracted fewer headlines than those earlier in the year, the frequency of events continued at an unprecedented level, QBE Group chief executive Frank OHalloran said in a statement.

It forecast a 15 percent insurance profit margin for 2012.

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Tags: Australia, Australia Earthquakes

As we leave behind another memorable year and step ahead to welcome 2012, we look back at all the news and events that made headlines in the world of personal finance. Here is a snapshot of the 10 most important news items of 2011 that is sure to have an impact on most investors in some way or the other.

1. Deregulation of Savings Account

The interest rate on savings account, have always been regulated by the Reserve Bank of India (RBI).

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Tags: Headlines, Made Headlines, Personal Finance

The Insurance Council of Australia (ICA) announced the appointment of Vicki Mullen as General Manager Consumer Relations and Market Development. Ms Mullen will be responsible for the Consumer Relations and Market Development Directorate at the ICA. Her responsibilities include managing the Financial Ombudsman Service relationship, Code of Practice issues, consumer relations and various statutory classes of insurance.

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Tags: Consumer Relations, Manager Consumer Relations, Market, Market Development

Premier Anna Bligh has written to the Insurance Council of Australia urging insurers to adopt the changes ahead of the summer storm season.

Im of the view that if youre standing in your lounge room and the water is up to your thighs, youve been flooded, she said.

And I think thats how most people feel.

This follows the federal government last week releasing its response to the 47 recommendations of the Natural Disaster Insurance Review

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Tags: Adopt, Anna Bligh, Premier Anna, Premier Anna Bligh