Australia
Australians strike out health insurance amid soaring costs
Over the past twenty years, health insurance prices have more than tripled.
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).
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.
Commentary
Market Saturation and Competition: Obstacles in Singapore's Insurance Sector