The world’s largest reinsurer has defended the industry in the wake of the Queensland floods but insists that those without insurance should not be compensated for damage to their homes and businesses.
Heinrich Eder, the managing director of Munich Re Australia, told the ABC that it was “sensational” to suggest that insurance firms were not compassionate to flood victims but those without policies will not be covered.
Prime Minister Julia Gillard has called upon insurers to be generous in their interpretation of cover. So for, more than 12,000 claims have been made as a result of the floods, worth $140 million.
Chinese investment picks up
Chinese investment in other countries rose in 2010, recovering from the previous year’s dip. Outward investment rose 36.3% in 2010 – an improvement that will encourage Australian businesses.
However, China’s outward spending is still dwarfed by its inward investment, which rose 17.4% to $106 billion last year.
Woolworths and Coles make power list
Small retailers have further proof of the power of the supermarkets, with Coles and Woolworths ranked in the world’s top 25 retailers.
Deloitte’s latest Global Powers of Retailing report has Woolworths in 20th position on the list of 250 top retail companies in 2010, up from 26th a year earlier. Wesfarmers, owner of Coles, rose from 28th position to 23rd.
Overnight
The Australian dollar is set for another record surge against its US counterpart after reclaiming parity. It reached 100.19 US cents, with analyst expecting further rises.
