Australia
NDIA holds quarterly meeting for further enhancement of the RFO programme
The programme focuses on identifying scheme improvements prior to the government’s response to the NDIS review.
NDIA holds quarterly meeting for further enhancement of the RFO programme
The programme focuses on identifying scheme improvements prior to the government’s response to the NDIS review.
Markel expands into Australia with specialised coverages
The new professional indemnity products cover six professional areas.
AM Best affirms Hollard Insurance’s outlook as stable
The company’s strong financial flexibility is attributed to shareholder support, including capital injections and hybrid debt issuances.
Australians strike out health insurance amid soaring costs
Over the past twenty years, health insurance prices have more than tripled.
41% of Australian travellers opt out of purchasing travel insurance
27% of Australians think travel insurance is unnecessary.
ASFA blames legislative changes for superannuation insurance downturn
Legislative changes blamed for superannuation insurance downturn.
New regime to strengthen accountability framework for Australia’s financial institutions
The Financial Accountability Regime (FAR) is effective beginning 15 March.
Claims soar to 19,932 after Victoria thunderstorm – ICA
About 85% of the claims are related to home and contents damage.
ICA backs standardised definitions for natural hazards in insurance policies
Standardised definitions entail all insurers use the same definition for a specific event in their policies.
Australian regulator calls for better claims handling
ASIC expects the industry to improve its response to recent events and prioritise the resolution of outstanding claims related to 2022 floods.
ICA engages treasury on proposed financial advice reforms
A consultation roundtable was conducted last 19 February.
Over 18,000 new claims filed after recent Australian catastrophes
Insurers have already closed 28% of claims, paying out AU$171m
Pacific Int’l Insurance should see better ERM capabilities: AM Best
The insurer’s profile is deemed limited due to its focus on motor coverage and partnerships.
Hospital treatment coverage reaches 44.9% of Australian population
Policies for both hospital and general treatment saw an increase.
EV rise in Australia drives risk considerations and insurance hurdles
About 130,000 electric vehicles are driving around Australian soil.
Australian employers to boost 2024 salaries by 4.0%; insurance sector trails: WTW
Inflationary pressures and concerns over a tight labour market continue to be catalysts.
IAG's GWP surges 12.5% 1H’24
Profits from its insurance business accumulated $403.3m (AU$614m).
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Proactive dialogue with regulators, embracing tech advancements are key to preemptive compliance – EY's Anita Sun-Young Bong
![Proactive dialogue with regulators, embracing tech advancements are key to preemptive compliance – EY's Anita Sun-Young Bong]()
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The EY Partner reiterated that though innovation carries inherent risks, balancing it with risk management through crisis simulation systems ensures sustainable progress.
The EY Partner reiterated that though innovation carries inherent risks, balancing it with risk management through crisis simulation systems ensures sustainable progress.
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Firewalls are never enough