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Australia tag returned 655 results

  • 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
  • Australia: Travel insurers work to extend coverage for mental health

    The Insurance Council of Australia (ICA) is leading an industry-wide approach to further extend coverage in travel insurance policies for mental health conditions.

    Asia | 17 Jun 2019
  • Australia: Drivers can now get full kangaroo crash cover

    Huddle Insurance, which calls itself a technology company that uses AI to improve insurance services, has launched Australia's first product to cover fully drivers in the event of a collision with a kangaroo or other animals.

    Asia | 14 Jun 2019
  • Australian insurer divests subsidiary after it fails to comply

    Australia's Freedom Insurance Group (FIG) has decided to close down the business carried on by its 100% owned subsidiary, Spectrum Wealth Advisers with immediate effect. FIG comprises the Freedom Insurance and Spectrum Wealth Management brands.

    Asia | 07 Jun 2019
  • Australia: Financial regulators hailed for leading in climate risk action

    Australia's financial regulators are taking the lead in a global push to put climate risk at the centre of financial supervision, Mr Jonathan Dixon, secretary general of the International Association of Insurance Supervisors, has said.

    Asia | 07 Jun 2019
  • Australia sees first insurer offering Google Assistant-integrated service

    As part of its customer service offering, Real Insurance Australia has introduced a Google Assistant app which specifically answers important questions on life insurance from customers through their Android mobile device or Google smart speaker at any place and time. Real Insurance is said to be the first life insurer in the country to execute a Google Assistant integration.

    Asia | 06 Jun 2019


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