Australia
Australian insurers see revenue growth in the September quarter
Australian insurers see revenue growth in the September quarter
Total assets totalled $174b during the period.
Ageing workforce fuels talent crisis in Australia’s insurance sector
About 58% of insurance professionals in the country are over 45.
Allianz Australia’s RAA acquisition to boost market position: S&P
Allianz Australia’s capital adequacy is not expected to be affected by this.
Zurich buys AIG travel insurance for $600m
This positions Zurich as one of the world’s largest travel insurers.
Allianz Australia to acquire RAA’s general insurance business
The transaction is expected to be completed by mid-2025.
Suncorp partner with Duck Creek Technologies to digitalise operations
It aims to replace multiple on-premises legacy systems.
RACQ Bank’s insurance arm sale heralds' step towards revenue stability: report
Revenue from its insurance business has been volatile, according to Moody’s Ratings.
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.
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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