Country Profile on Australia: Buffeted but buoyant
Source: Asia Insurance Review | Apr 2009
The Australian insurance industry is stable amidst the global financial turmoil and APRA has been duly credited for this. However, insurers concurred that while they are insulated for the time being, they will not be immune to it. In this Country Profile on insurance Down Under, we see general insurers buffeted by severe weather events as the country saw its worst bushfires for more than a century. Life insurers are offering differing prognosis with some registering lower profits and others still predicting profits and growth. One life reinsurer urges the need for innovation in the distribution channels, while the health insurance industry sees hefty premium increases and expects the sector to consolidate.
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