Wednesday 24th of April 2024

fooled by that old aspirational prosperity .....

 

fooled by aspirational prosperity .....

Australians too optimistic according to insurance company

A new survey has found Australians are optimistic about life, to the point that they are underinsured.

Insurer "AXA" has released the findings of an international study, that compared insurance rates and attitudes in 11 countries, including Australia, France, Germany, the US and Japan.

Australians were the least concerned about serious car accidents, unemployment, work accidents and serious financial problems.

AXA General Manager of Financial Protection Michael Rogers says 64-per cent of Australians do not have enough life insurance.

"We see that as being linked to a carefree attitude that leads to that underinsurance issue," he said.

tripping over trips

Industries Paid for Top Regulators' Travel
Two Heads of Product Safety Agency Accepted Trips From Manufacturer Groups

By Elizabeth Williamson
Washington Post Staff Writer
Friday, November 2, 2007; A01

The chief of the Consumer Product Safety Commission and her predecessor have taken dozens of trips at the expense of the toy, appliance and children's furniture industries and others they regulate, according to internal records obtained by The Washington Post. Some of the trips were sponsored by lobbying groups and lawyers representing the makers of products linked to consumer hazards.

The records document nearly 30 trips since 2002 by the agency's acting chairman, Nancy Nord, and the previous chairman, Hal Stratton, that were paid for in full or in part by trade associations or manufacturers of products ranging from space heaters to disinfectants. The airfares, hotels and meals totaled nearly $60,000, and the destinations included China, Spain, San Francisco, New Orleans and a golf resort on Hilton Head Island, S.C.

Notable among the trips -- commonly described by officials as "gift travel" -- was an 11-day visit to China and Hong Kong in 2004 by Stratton, then chairman. The $11,000 trip was paid for by the American Fireworks Standards Laboratory, an industry group based in an office suite in Bethesda whose only laboratories are in Asia.

The CPSC says that at the time, the group had no pending regulatory requests. But since then the fireworks group has urged the commission to adopt its safety standards, an idea that is still pending, according to an organization newsletter.

Consumer groups and lawmakers intensified their criticism of the CPSC this summer after several highly publicized recalls of Chinese-made toys that contained hazardous levels of lead. Critics have long charged that the agency has become too close to regulated industries, opting for "voluntary" standards and repeatedly choosing not to take legal action against businesses that refuse to recall dangerous products.