Australia
ICA backs Senate's recommendations on climate risk impact on insurance premiums
ICA backs Senate's recommendations on climate risk impact on insurance premiums
Insured losses reached $2.19b between 2023 and 2024 due to four extreme weather events.
Aussies three times more likely to insure cars than themselves: survey
Whilst almost 80% have car insurance, only one-third hold life insurance.
IAG acquires 90% of RACQ Insurance in $855m deal
The deal is expected to add $1.3b to IAG’s gross written premiums.
ICA outlines recommendations for strata complexes amidst rising insurance costs
Insurance costs have been driven by inflationary pressures.
Cyberattacks cost Australian businesses $71,600 on average
74% of Australians identify data breaches as a major privacy risk.
Australian insurance market improves in H1 2024 amidst increased competition, choices
Post-pandemic business changes continued to impact the life insurance market's profitability.
Australian council backs tech-neutral consumer laws for AI
The council also urged the government to avoid regulatory duplication between the ACL and existing financial legislation.
Increased capital ratio supports Arch Indemnity's growth
Fitch expects this ratio to remain above the insurer’s internal target range.
Australia’s new reinsurance capital requirements to boost general insurers
Whilst lower reinstatement requirements could reduce reinsurance costs, mandating all-perils coverage may increase them.
Suncorp Group's outlook challenged from higher risks, costs challenges
Despite this, SGL's prescribed capital amount coverage remains robust.
Mitsui, Argyle boost SME insurance in Australia
Argyle will provide a business insurance package with a combined limit of up to $7m.
Actuaries Institute stresses need for SME cyber defenses
Large corporations reinforced cybersecurity, whilst many SMEs remain behind.
Actuaries Institute seeks fairer insurance
The paper found that existing customers are charged more than new clients.
Aussie insurers to slash costs by 30% with tech revama
Insurers’ operating costs have surged—20% for incumbents.
Climate change renders Australian home insurance unaffordable
Surge in claims led to an average home insurance premium increase of at least 14%.
ASIC files case against QBE Insurance for alleged ‘misleading’ discounts
Loyal customers were promised discounts but reportedly did not receive them.
AXA XL makes three hires in Perth
The group named Chris McElroy, Amanda Rattue, and Trent Jeuring as senior underwriters.
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AI isn’t replacing insurance, it’s finally making it work