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Australia tag returned 660 results

  • Australia: Regulator releases minor corrections to general insurance standards

    The Australian Prudential Regulation Authority (APRA) has revised prudential standards GPS 110 Capital Adequacy (GPS 110) and GPS 116 Capital Adequacy: Insurance Concentration Risk Charge (GPS 116), that were due to come into effect on 1 July 2019.

    Asia | 26 Jun 2019
  • Aon launches cyber risk management solution in Australia

    Aon has launched a dynamic cyber risk management analytical portal, Cyber Quotient Evaluation (CyQu). This latest solution by Aon will empower Australian enterprises to better understand areas of vulnerability, build a framework to strengthen and protect their organisation and focus cybersecurity investments.

    Asia Risk | 26 Jun 2019
  • Australia: Reinsurance pool commissions study on impact of cyber terrorism

    The government-run Australian Reinsurance Pool Corporation (ARPC) has commissioned a 12-month research study into the nature and cost of physical damage to commercial property (including business interruption) caused by acts of cyber terrorism, says the Auditor General in a report following a performance audit of ARPC.

    Asia | 26 Jun 2019
  • MDRT: Increased in-person and digital resources for members

    MDRT has expanded its in-person and digital offerings that bring innovative ideas and opportunities for limitless growth to its global membership base in more accessible formats, it announced at the recent MDRT Annual Meeting.

    Agents | 25 Jun 2019
  • New cyber risk management solution for Australian enterprises

    Recognising that 'cyber attacks and data breaches' are ranked as the fifth highest concern amongst Australian businesses in its 2019 Global Risk Management Survey, Aon has introduced a cyber risk management analytical portal for Australian enterprises called Cyber Quotient Evaluation (CyQu). Globally, businesses have ranked cyber as the sixth most pressing risk in Aon's biennial market study. However, Aon predicts that cyber will jump to the third-highest overall risk in 2022.

    Asia | 21 Jun 2019
  • Over $528m estimated losses caused by 2018 Sydney hailstorms

    The hailstorms which affected the greater Sydney region on 20 December 2018 are estimated to have caused a property insurance market loss of A$766m ($528.9m) according to PERILS's third loss estimate. This third report marks the first time that a detailed market-loss footprint, based on collected insurance loss data, has been made available for an Australian hail event. The estimate also includes the losses from the storm activity in south-eastern Queensland on 21 and 22 December 2018.

    Asia | 20 Jun 2019
  • Australia: Industry body concerned about NSW budget burdening insurance customers

    The Australian insurance industry is concerned that the New South Wales (NSW) budget, which emphasises solid operating surpluses, fiscal responsibility and strong infrastructure spending, comes at a cost to households and businesses that insure their assets. According to a statement from Insurance Council of Australia (ICA) CEO Rob Whelan, the amount of revenue that the NSW state government expects to raise from inequitable insurance taxes and levies will continue to place an unfair burden on NSW policyholders.

    Asia | 20 Jun 2019
  • Australia:ASIC encourages retirement calculations that allow for maintaining living standards

    The Australian Securities and Investment Commission (ASIC) has amended the relief conditions for superannuation and retirement calculators. Specifically, ASIC has removed the requirement that superannuation and retirement calculators discount at a fixed rate of CPI - 2.5% - and instead encourages providers of these tools to use a higher rate that allows for rising community living standards beyond keeping up with inflation.

    Agents | 19 Jun 2019
  • Australia: APRA urges insurers to develop plans to tackle financial sustainability

    The Australian Prudential Regulatory Authority (APRA) has warned private health insurers (PHIs) to urgently address rising challenges that threaten the sector's financial sustainability. Insurers that continue to take a passive approach can expect more assertive action from APRA, the regulator says.

    Asia | 19 Jun 2019
  • Australia: ASIC encourages retirement calculations that allow for maintaining living standards

    The Australian Securities and Investment Commission (ASIC) has amended the relief conditions for superannuation and retirement calculators. Specifically, ASIC has removed the requirement that superannuation and retirement calculators discount at a fixed rate of CPI - 2.5% - and instead encourages providers of these tools to use a higher rate that allows for rising community living standards beyond keeping up with inflation.

    Asia | 18 Jun 2019


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