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Australia tag returned 708 results

  • Australia's second largest global insurer sees net profit rise by 29% in 1H2019

    Despite reporting an underwriting loss of $24m in 1H2019, QBE Insurance posted a 29% jump in statutory net profit amounting to $463m compared to $358m in the same period last year. Its cash profit after tax increased by 35% to $520m. This resulted in the combined operating ratio decreasing to 95.2% from 95.8% year-on-year.

    Asia | 20 Aug 2019
  • Australia: Treasurer unveils roadmap for implementing Royal Commission recommendations

    The government has released its Banking, Superannuation and Financial Services Royal Commission Implementation Roadmap setting out how it will deliver on its comprehensive response to the Royal Commission's report, "Restoring trust in Australia's financial system".

    Asia | 20 Aug 2019
  • Australia: Allianz faces additional US$170m capital requirement

    The Australian Prudential Regulation Authority (APRA) has announced that it will apply an additional A$250m ($170m) capital requirement to Allianz Australia to reflect the issues identified in the insurer's risk governance self-assessment.

    Asia | 16 Aug 2019
  • Australia: Rising defamation damages could shrink insurance capacity

    An explosion of damages awarded in defamation cases in Australia could see insurance capacity shrink. There is already anecdotal evidence of reduced insurance capacity and availability. According to Victorian Bar Queen's Counsel David Gilbertson this means higher premiums are 'inevitable'.

    Asia | 15 Aug 2019
  • Australia: Townsville flooding losses continue to surge

    The revised estimate of the property insurance market loss for the Townsville/northern Queensland flooding event in Australia between 26 January and 10 February 2019 stands at A$1.217bn ($826.4m) according to the third property loss estimate released by PERILS, an independent catastrophe insurance data provider.

    Asia | 14 Aug 2019
  • Australia: Greater number of bathrooms in homes leads to higher water damage claims

    Properties with open floor plans and multiple bathrooms could soon become more difficult and costly to insure, as insurers warn of a spike in the size of water damage claims.

    Asia | 14 Aug 2019
  • Australia: Early adopters of driverless vehicles likely to be uninsured

    With Australian legislation being way behind the technological advances of driverless cars, there is a risk of early adopters being on the roads without insurance coverage according to Barry.Nilsson.Lawyers principal Henry Silvester who will address this topic with delegates at the Australian Insurance Law Association (AILA)'s national conference later this year.

    Asia | 13 Aug 2019
  • Pacific: Region sees largest composite pricing increases in 2Q - Marsh

    Premium price gains in the Pacific region, including Australia and New Zealand, tripled the pace of global increases in the second quarter of this year, a Marsh report shows.

    Asia | 13 Aug 2019
  • Australia: AMP settles for new deal to sell life insurance operations

    Wealth management giant AMP has revised the terms of the sale of its life insurance business to British insurer Resolution Life, after it announced last month that a deal to sell the operations was being blocked by the Reserve Bank of New Zealand unless assets underpinning the policies of New Zealand residents were given ring fenced.

    Asia | 12 Aug 2019
  • Australia: Thailand pullout boosts IAG net profit to over A$1bn for FY2019

    Australia's second largest insurer by market value, Insurance Australia Group (IAG), has announced that its net profit for the financial year ended 30 June 2019 jumped by 16.6% to A$1.08bn ($733m). Analysts had been expecting profit of about $1bn.

    Asia | 09 Aug 2019

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