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Copyright©2009 R Deren All Rights Reserved
IAG (NRMA)
General Insurance and cash settlements
WHAT DOES THIS MEAN
FINALLY EXPOSED FOR WHO THEY ARE!
General Insurance and cash settlements
WHAT DOES THIS MEAN
FINALLY EXPOSED FOR WHO THEY ARE!
| • | Are you insured with NRMA or any of their brands Under (IAG) Insurance Australia Group |
| • | Do you know general insurance is a private contract |
| • | Do you know the true meaning of CASH SETTLEMENTS |
| • | Do you know how (IAG) NRMA are befitting from cash settlements |
| • | Do you know how much (IAG) NRMA stand to make from cash settlements |
| • | Do you really want to risk the lives of your children in a car repaired by the (IAG) NRMA "I DON'T" |
| • | Do you know how the Ombudsman is financed |
| • | What is the role of the insurance council |
Lets start by addressing who is (IAG) Insurance Australia Group.
(IAG) Insurance Australia Group is: NRMA, CGU, SGIO, SGIC and Swan Insurance. IAG have even launched their latest Insurance called thebuzz, just to name the ones in NSW. This is how IAG respond failing Insurance brands due to the way they rip off the consumer, they launch a new brand hoping to get another cut in the ever growing market place. One thing they all have in common is the policy disclosure statement.
QBE Insurance saw this as a concern in their takeover bid for IAG. ABC NEWS ARTICLE
QBE and IAG came to a stalemate on the takeover bid for IAG. QBE chief executive Frank O'Halloran said the new offer is very fair and reasonable given IAG's declining profitability in the past three years.
IAG answer to this declining profitability was to launch thebuzz. Its not bad enough they have a range of failing brands under IAG. It goes to show you can't change a leopards strips. Rather than correct the corruption within IAG in their claims handling process, they launch a new brand and continue in the same manner, ripping off the public.
WHY IS General Insurance is a private contract, its still the sale of a product.
Today Tonight approached a number of organisations for comment. The Insurance Ombudsman, ASIC and the ACCC. They all claimed it was out of their jurisdiction or said they were unable to comment. WHY?
These are the organisations put into play to protect the consumer from these very wrong doings.
ASIC and ACCC are taxpayer funded organisations, their job is to monitor these companies and ensure adequate protection for the consumer. Unfortunately this is not the case, the very laws that are put in place to protect the consumer offer very little protection if any. IAG can breach these laws many times and ASIC and the ACCC sit back and do nothing. Recent stories confirm this is very wide spread.
WHO IS THE OMBUDSMAN
The Ombudsman is not taxpayer funded, in fact they are funded by our insurance companies, IAG and the many brands beneath it appear to be one of the Ombudsman largest contributors. The Ombudsman has also reoffered to IAG (NRMA) as their client. It appears that both these organisations can and will continue to prostitute the market place with corruption at the cost of the consumer. The ACCC and ASIC need to do their job and step in to clean up this corruption by IAG and the Ombudsman.
With the hours of research and those that have contacted me, it appears that IAG (NRMA) target those on low incomes. They will take you to breaking point until you buckle and except their terms. Corporate bullies.
How does IAG (NRMA) benefit from cash settlements.
As recently seen on Today Tonight, Adam Thomas put his job and career on the line to blow the whistle on (IAG) NRMA. Adam goes to explain how the consumers have been ripped off and even how unsafe repairs are carried out by the NRMA (IAG).
Adam goes further to say how the NRMA (IAG) are pocketing millions of dollars every year with forced cash settlements.
Click here to see his story
Today Tonight were overwhelmed by the response from the public, only to learn that this was just the tip of the ice berg. Today Tonight learnt that these practices of cash settlements were not just with car insurance but a raft of insurances including home insurance.
With Adams calculation, an average of 55 claims per day with around $250 shaved off per quote adds up to $13,750 per day or $3.24 million per year. You can see from the video below that some were short changed by thousands. So $3.24 million is very conservative.
Do the same exercise with home insurance. Say an average of 20,000 claims are made as was the case in 2007 in the Hunter region. Lets say that only 10% are forced cash settlements, Courtney how appeared on Today Tonight, lost $63,000 on their cash settlement. 10% is 2000 claims at $63,000, this equates to $126,000,000 million in only one natural disaster. Every year we see 3 or more natural disasters.
(IAG) NRMA and their many brands in NSW and all over Australia as well as Asia Pacific stand to save hundreds of millions at the expense of the policy holder.
True meanings of cash settlements
(IAG) NRMA and their many brands have a raft of builders on their books that never do physical repairs. Their job is to slice as much of the genuine repair cost as possible. Following this (IAG) NRMA make you a offer know as a cash settlement, knowing this offer is far from genuine.
To except this offer as many do believing it is genuine, you are required to sign a deed of release, this deed of release forfeits your rights for any additional claim for loss. Its not until you engage a builder to do the repairs that you realise that you don't have enough money to do the repairs. You could be $10k, $20k or even up to a $100k short and nothing you can do.
Risks with cash settlements
The risks involved with excepting a cash settlement are as follows. If you have a mortgage your mortgagee needs to give you permission to accept these funds. The mortgagee may foreclose on your home if you are unable to repair the home due to lack of funds. In my case my mortgagee knew that there was insufficient funds to repair my home. (IAG) NRAM structured the cash settlement in such a way that neither the mortgagee or myself could claim the funds as in meant the mortgagee would foreclose on the mortgage.
(IAG) NRMA and the falsification of documents.
In my case (IAG) NRMA and their builder Ralph Peters altered there quotes for the Ombudsman after large errors were reveled by me. The validity of this quote was questioned well before it took place. After receiving the quote I questioned the integrity of the builder and the quote as an $18,000 error existed. (IAG) NRMA responded by saying irrespective of this this is their offer as a cash settlement.
However come time to submit to the Ombudsman I submitted my documents and (IAG) NRMA submitted the exact same number of documents. Only In the case of (IAG) NRMA a large number of those documents were just internal rubbish, but now a new document existed. This document contained the same original cover page same date as the original given to me. The difference now was the values were altered, to correct the $18,000 error raise months before hand, only thing was they deducted instead of adding the $18,000 error.
(IAG) NRMA also withheld several key documents and quotes for faulty workmanship carried out by their own builder. They went further to deny ever doing any repairs to the pool. Of which I now have a copy of the invoice.
I ask (IAG) MRMA if this is not a clear case of corruption and fraud to deceive the consumer then what is.
On the 9th of February 2009 I received a letter from (IAG) NRMA legal tem requesting I remove this web site or they will. This webs site still stands because it is back up by proof and documents.
(IAG) Insurance Australia Group is: NRMA, CGU, SGIO, SGIC and Swan Insurance. IAG have even launched their latest Insurance called thebuzz, just to name the ones in NSW. This is how IAG respond failing Insurance brands due to the way they rip off the consumer, they launch a new brand hoping to get another cut in the ever growing market place. One thing they all have in common is the policy disclosure statement.
QBE Insurance saw this as a concern in their takeover bid for IAG. ABC NEWS ARTICLE
QBE and IAG came to a stalemate on the takeover bid for IAG. QBE chief executive Frank O'Halloran said the new offer is very fair and reasonable given IAG's declining profitability in the past three years.
IAG answer to this declining profitability was to launch thebuzz. Its not bad enough they have a range of failing brands under IAG. It goes to show you can't change a leopards strips. Rather than correct the corruption within IAG in their claims handling process, they launch a new brand and continue in the same manner, ripping off the public.
WHY IS General Insurance is a private contract, its still the sale of a product.
Today Tonight approached a number of organisations for comment. The Insurance Ombudsman, ASIC and the ACCC. They all claimed it was out of their jurisdiction or said they were unable to comment. WHY?
These are the organisations put into play to protect the consumer from these very wrong doings.
ASIC and ACCC are taxpayer funded organisations, their job is to monitor these companies and ensure adequate protection for the consumer. Unfortunately this is not the case, the very laws that are put in place to protect the consumer offer very little protection if any. IAG can breach these laws many times and ASIC and the ACCC sit back and do nothing. Recent stories confirm this is very wide spread.
WHO IS THE OMBUDSMAN
The Ombudsman is not taxpayer funded, in fact they are funded by our insurance companies, IAG and the many brands beneath it appear to be one of the Ombudsman largest contributors. The Ombudsman has also reoffered to IAG (NRMA) as their client. It appears that both these organisations can and will continue to prostitute the market place with corruption at the cost of the consumer. The ACCC and ASIC need to do their job and step in to clean up this corruption by IAG and the Ombudsman.
With the hours of research and those that have contacted me, it appears that IAG (NRMA) target those on low incomes. They will take you to breaking point until you buckle and except their terms. Corporate bullies.
How does IAG (NRMA) benefit from cash settlements.
As recently seen on Today Tonight, Adam Thomas put his job and career on the line to blow the whistle on (IAG) NRMA. Adam goes to explain how the consumers have been ripped off and even how unsafe repairs are carried out by the NRMA (IAG).
Adam goes further to say how the NRMA (IAG) are pocketing millions of dollars every year with forced cash settlements.
Click here to see his story
Today Tonight were overwhelmed by the response from the public, only to learn that this was just the tip of the ice berg. Today Tonight learnt that these practices of cash settlements were not just with car insurance but a raft of insurances including home insurance.
With Adams calculation, an average of 55 claims per day with around $250 shaved off per quote adds up to $13,750 per day or $3.24 million per year. You can see from the video below that some were short changed by thousands. So $3.24 million is very conservative.
Do the same exercise with home insurance. Say an average of 20,000 claims are made as was the case in 2007 in the Hunter region. Lets say that only 10% are forced cash settlements, Courtney how appeared on Today Tonight, lost $63,000 on their cash settlement. 10% is 2000 claims at $63,000, this equates to $126,000,000 million in only one natural disaster. Every year we see 3 or more natural disasters.
(IAG) NRMA and their many brands in NSW and all over Australia as well as Asia Pacific stand to save hundreds of millions at the expense of the policy holder.
True meanings of cash settlements
(IAG) NRMA and their many brands have a raft of builders on their books that never do physical repairs. Their job is to slice as much of the genuine repair cost as possible. Following this (IAG) NRMA make you a offer know as a cash settlement, knowing this offer is far from genuine.
To except this offer as many do believing it is genuine, you are required to sign a deed of release, this deed of release forfeits your rights for any additional claim for loss. Its not until you engage a builder to do the repairs that you realise that you don't have enough money to do the repairs. You could be $10k, $20k or even up to a $100k short and nothing you can do.
Risks with cash settlements
The risks involved with excepting a cash settlement are as follows. If you have a mortgage your mortgagee needs to give you permission to accept these funds. The mortgagee may foreclose on your home if you are unable to repair the home due to lack of funds. In my case my mortgagee knew that there was insufficient funds to repair my home. (IAG) NRAM structured the cash settlement in such a way that neither the mortgagee or myself could claim the funds as in meant the mortgagee would foreclose on the mortgage.
(IAG) NRMA and the falsification of documents.
In my case (IAG) NRMA and their builder Ralph Peters altered there quotes for the Ombudsman after large errors were reveled by me. The validity of this quote was questioned well before it took place. After receiving the quote I questioned the integrity of the builder and the quote as an $18,000 error existed. (IAG) NRMA responded by saying irrespective of this this is their offer as a cash settlement.
However come time to submit to the Ombudsman I submitted my documents and (IAG) NRMA submitted the exact same number of documents. Only In the case of (IAG) NRMA a large number of those documents were just internal rubbish, but now a new document existed. This document contained the same original cover page same date as the original given to me. The difference now was the values were altered, to correct the $18,000 error raise months before hand, only thing was they deducted instead of adding the $18,000 error.
(IAG) NRMA also withheld several key documents and quotes for faulty workmanship carried out by their own builder. They went further to deny ever doing any repairs to the pool. Of which I now have a copy of the invoice.
I ask (IAG) MRMA if this is not a clear case of corruption and fraud to deceive the consumer then what is.
On the 9th of February 2009 I received a letter from (IAG) NRMA legal tem requesting I remove this web site or they will. This webs site still stands because it is back up by proof and documents.
As seen on Today Tonight
Finally the truth comes out how (IAG) NRMA and their many brands have been ripping of the consumer.
IAG (NRMA) have said live on air they will attempt to resolve all issues with the consumer.
Today Tonight spoke with (IAG) NRMA in regards to my claim. (IAG) NRMA refused to address the documents falsified by them, this time they have stated that I am trying to place myself in a better position.
Truth is I have been trying to save the family home as well as my financial stability. I made several offers to (IAG) NRMA through their solicitor, just to repair the home and place me back were I was prior to the 2007 storm. They continued with the cash settlement knowing I can not claim it and the mortgagee can not claim it.
IAG (NRMA) have said live on air they will attempt to resolve all issues with the consumer.
Today Tonight spoke with (IAG) NRMA in regards to my claim. (IAG) NRMA refused to address the documents falsified by them, this time they have stated that I am trying to place myself in a better position.
Truth is I have been trying to save the family home as well as my financial stability. I made several offers to (IAG) NRMA through their solicitor, just to repair the home and place me back were I was prior to the 2007 storm. They continued with the cash settlement knowing I can not claim it and the mortgagee can not claim it.
I say to those of you who have any insurance with any of the brands under (IAG) NRMA. Do your research and change insurers before its to late.
During my bus trip with Adam Thomas to IAG (NRMA) I had a good talk. I was to learn that IAG (NRMA) will stop at nothing to twist and manipulate their interpretation of their Insurance policy disclosure booklet, to the point they threaten their employees with their jobs if they don't find a way out of the claim. I can not say all that was said. But one only needs to look at the results, Adam Thomas lost his job for telling the truth, it meant instant dismissal for his honesty. I say Adam you can stand proud.
IAG (NRMA) are risking the lives of our families and families that are not insured by IAG (NRMA) by placing unsafe cars and repairs on our roads.
I was also to learn on this trip the best performing Insurers are as follows
ALLIANZ INSURANCE
I have not read their policy yet.
GIO INSURANCE
Offer new for old contents cover plus an additional 25% extra cover on the home insurance
Needless to say (IAG) NRMA are at the bottom of the list.
They offer to repair or replace with an equivalent product for contents, their equivalent is like comparing a cheap toy to the real thing.
With home Insurance they will on match as close as possible to the existing building, only part that has been damage. You are left to pay to make all match again. eg. Only half the kitchen is damaged that is all they repair despite you can never match the tiles or door coverings.
During my bus trip with Adam Thomas to IAG (NRMA) I had a good talk. I was to learn that IAG (NRMA) will stop at nothing to twist and manipulate their interpretation of their Insurance policy disclosure booklet, to the point they threaten their employees with their jobs if they don't find a way out of the claim. I can not say all that was said. But one only needs to look at the results, Adam Thomas lost his job for telling the truth, it meant instant dismissal for his honesty. I say Adam you can stand proud.
IAG (NRMA) are risking the lives of our families and families that are not insured by IAG (NRMA) by placing unsafe cars and repairs on our roads.
I was also to learn on this trip the best performing Insurers are as follows
ALLIANZ INSURANCE
I have not read their policy yet.
GIO INSURANCE
Offer new for old contents cover plus an additional 25% extra cover on the home insurance
Needless to say (IAG) NRMA are at the bottom of the list.
They offer to repair or replace with an equivalent product for contents, their equivalent is like comparing a cheap toy to the real thing.
With home Insurance they will on match as close as possible to the existing building, only part that has been damage. You are left to pay to make all match again. eg. Only half the kitchen is damaged that is all they repair despite you can never match the tiles or door coverings.
Insurance council who are they
As for the insurance council one only needs to read the comments made after ash Wednesday
(fanning the flames)
It is clear from this story that even the Insurance council have got it wrong and condone the actions of (IAG) NRMA with cash settlements, blaming the insured for under valuing their homes. This was not the case for Les and Linda Thorbon. Its bad enough to loose their home, for (IAG) NRMA to rip them off with a cash settlement in times like these. It is the lowest form of corruption by the insurance giant (IAG) NRMA.
Visit my other site for more information www.insurancevictims.com.au Tell all your friends and send in any comments or stories you have.
As for the insurance council one only needs to read the comments made after ash Wednesday
(fanning the flames)
It is clear from this story that even the Insurance council have got it wrong and condone the actions of (IAG) NRMA with cash settlements, blaming the insured for under valuing their homes. This was not the case for Les and Linda Thorbon. Its bad enough to loose their home, for (IAG) NRMA to rip them off with a cash settlement in times like these. It is the lowest form of corruption by the insurance giant (IAG) NRMA.
Visit my other site for more information www.insurancevictims.com.au Tell all your friends and send in any comments or stories you have.