Insurance companies in Australia are already maneuvering out of the path of potential Year 2000-related claims, and are carefully examining applications for professional indemnity insurance and directors’ and officers’ policies. Local insurance giants AMP and Suncorp have introduced questionnaires for would-be policy holders, with a view to establishing higher premiums for organizations rated as Y2K risks. And GIO says it is likely to introduce Year 2000 clauses to its business policies in coming months. We’re waiting for some collective insurance industry wisdom, GIO spokesman Rob Griffith told the Australian Financial Review, but already have no intention of picking up the bill if problems arise in 2000.
