May 22, 2018 Last Updated 7:58 AM, May 18, 2018

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Beazley introduces specialist business insurance

AusBN – Beazley, the specialist insurer, has introduced its first international business travel insurance product into the Australian market.

Australian brokers and coverholders will be offered the Beazley Corporate Travel Insurance.

Business travellers can use the specialist cover for overseas emergency medical costs, travel disruption or booking cancellations.

Businesses are also protected against a range of losses including personal accident and sickness, theft, damage, rental vehicle excess and personal liability and extra territorial works compensation benefits.

The company will also be insured in times of political unrest or in the case of a natural disaster.

Beazley underwriter Andrew May said: “We have offered non-business travel insurance for seven years, and felt it was timely to expand our offer to the business travel insurance market to take advantage of the maturity and relative stability of the local market.

“As a specialist insurer, we are able to offer a product that is clear, easy to understand and to use – something we believe will really appeal to both brokers and their clients.”


Virgin Australia acquires Torque Solutions

AusBN – Analytics group Torque Solutions has been acquired by Virgin Australia to help bolster the airlines’ frequent flyer business.

Torque Data has offices across Australia and Singapore and it provides predictive analytics, data visualisation and campaign automation to a number of clients.

Virgin Australia will integrate the firm into its Velocity frequent flyer business and it hopes that the acquisition will expand its data analytics and campaign automation capabilities.

Velocity currently has around 5 million members but Virgin announced plans to expand this member base to over 7 million over the next three years.

Virgin Australia CEO John Borghetti said: “The acquisition also provides another revenue diversification opportunity for Velocity and the group, as it will enable the business to offer data analytics, campaign automation and consultancy services to third parties.” 


China invests heavily in Australian real estate

AusBN – More than 25% of Chinese capital investment in commercial property was spent in Australia last quarter.

The spike in investments follows the recent volatility in local markets, which has caused investors to seek refuge offshore.

CBRE Group head of research Stephen McNabb said: "Flows from China to Australia are complemented by growing numbers of Chinese tourists, students, settlers and an increased bilateral trade relationship."

The flow of capital from China has underscored Australia’s Reserve Bank’s concerns about the rising risks in commercial real estate.

The bank warned that the rise in foreign investment has driven local property prices higher and pulled yields down lower.


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