Australia
ICA engages treasury on proposed financial advice reforms
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).
NDIS participants see improved employment opportunities
The National Disability Insurance Scheme (NDIS) participants feel they have more control over their choices in over three quarters.
QBE reports strong premium growth, up 10% YoY
The group’s performance was partially offset by short-tail prior-year development.
NDIS establishes task force for improved registration system
Risk-proportionate regulatory model and a new provider risk framework are initiatives in mind.
Actuaries Institute urges policy shift to address retirement challenges
About 16 million Australians are facing challenges when it comes to retirement.
APRA issues supervision and policy priorities for 1H’24
There will be a focus on balancing financial sustainability with affordability and availability in the insurance sector
ICA CEO addresses House Committee, acknowledges failures in 2022 flood response
Despite the efforts of insurers and their personnel working around the clock, some systems and processes fell short, the CEO admitted.
Australian group advocates for strict regulation on genetic test use
The Council of Australian Life Insurers calls for gov’t regulation.
Actuaries Institute urges ethical AI use, stresses role in financial fairness
Actuaries Institute President David Whittle also identified the home insurance market as an area of concern.
Auto & General hit with AU$50m capital blow in APRA’s risk crackdown
The company has accepted the findings and committed to the remediation programme.
Actuaries Institute urges overhauling Australia's retirement system
The white paper calls for a regulatory framework for superannuation trustees.
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For Asia’s insurers, boldness is the key to an AI-driven transformation
India’s cyber risk paradox: High attack rates, low insurance preparedness