IAG yesterday announced its first half results for financial year 2025, reporting a net profit after tax of AUD778m ($488m), up 91% from $407m in 1H24.
A revised draft of the Motor Vehicle Insurance and Repair Industry Code of Conduct will be available for public consultation in early March 2025 with submissions encouraged from the motor vehicle insurance and repair industry, government stakeholders and interested parties, a media release from the Insurance Council of Australia (ICA) said.
Suncorp Group reported net profit after tax (NPAT) of A$1.1bn ($692m). The result includes a one-off gain on sale of A$252m of Suncorp Bank, which was completed in July 2024. Other factors that supported the result include favourable natural hazard experience, positive investment returns and the nonrecurrence of prior year reserve strengthening, which impacted the prior period.
Sompo has appointed Ms Lily Claydon as CRO, effective 3 March 2025. In her new role, she will be responsible for leading Sompo's APAC risk management, governance and analytics, in addition to developing talent and capabilities across the region. She will also join the APAC executive team based in Singapore.
The federal government is backtracking on one key financial adviser education requirement by scrapping the list of approved qualifications and proposing to allow any bachelor's degree or higher.
The Financial Services Council (FSC) welcomes the Government's decision to reform education requirements for professional financial advisers, a vital move toward securing a sustainable advice profession.
Swiss Re has appointed Mr Lloyd Campbell-Gibson as head of life and health (L&H) Australia and New Zealand.
Insurers in Australia received more than 3,950 storm and flood claims till early February 2025. These claims are related to recent severe weather and flooding event in north Queensland, which was declared a Significant Event by the Insurance Council of Australia (ICA) on 2 February 2025.
The Actuaries Institute has identified key priorities to strengthen economic resilience and social equity, calling out five key areas for the federal government to consider in its 2025-2026 Budget.
Around 15% of Australians, approximately 2.8 million people nationwide, said car insurance was their most dreaded bill, according to research by Money.com.au.