Australia

$3.37b losses in Eastern Australia floods to challenge insurers

The initial assessment of losses was $2.75b in April.

$3.37b losses in Eastern Australia floods to challenge insurers

The initial assessment of losses was $2.75b in April.

ICA Board names new non-executive director

She currently heads Swiss Re’s Australia and New Zealand division.

nib postpones increasing health insurance premiums for Australians

The insurer will postpone the increase until 1 November.

Australia life insurance industry suffers 88.6% loss in investment revenues

The loss was offset by the 25% decrease in operating expenses.

Australia general insurance industry Q1 profits soars to $920m

This reflects the impact of premium increases across business classes.

Australia private health insurance net profit surges by 107.8% in Q1

In the year to 31 March 2022, net profit after tax reached $1.42b.

Nat Cat makes home insurance unaffordable in Australia

This could ultimately lead to underinsurance or no insurance at all.

520,944 properties in Australia to be uninsurable by 2030

Riverine flooding poses the biggest risk to properties.

Australia Eastern flood losses reaches record breaking AU$3.99b

The loss numbers cover property and motor hull lines of business. 

Premiums up, investments down in Australia’s general insurance industry

KPMG outlined influential factors for the industry’s performance in 2021.

Tokio Marine’s GCube expands footprint in Australia

The firm is also expanding its presence in Spain.

ICA commends the federal budget on resiliency and cybersecurity

The federal government has set aside a total of $201.26m in related measures

ICA calls for major overhaul of Australia's cyber insurance market

The group highlights challenges to maintaining and developing a cyber insurance market.

Australia general insurance investment income drops by 76.3% in 2021

However, industry profit still increased to $1.24b compared to $43.77m in 2020.

Australia private health insurers rallies in 2021 with 229.3% surge in profits

The increase was driven by insurance profits and investment income recovery.

AIA sells Australian savings and investment business

AIA said that the business is no longer core to its business strategy.

ICA urges Australian governments to double Federal funding to AU$200m a year

The council said this will help make the country more resilient against extreme weather.