In the event of a cyber breach, it is advisable to notify customers even in the absence of legal obligation to do so. Customers being notified can actually assist in mitigating reputation damage, said speakers at the latest Emergence Insurance webinar for brokers.
Health Minister Gregg Hunt has announced that the average industry premium change for 2020, which will take effect on 1 April, will be 2.92%.
The Australian Securities and Investments Commission (ASIC) yesterday announced a ban on unsolicited 'cold call' telephone sales of direct life insurance and consumer credit insurance (CCI). The ban will address poor sales practices that have led to unfair consumer outcomes. It will take effect from 13 January 2020.
The condition of the Great Barrier Reef in Australia is so dire it should be insured for its economic value, according to a new report 'Great Barrier Reef Queensland, Australia.'
The Australian Prudential Regulation Authority (APRA) has commenced a consultation exercise aimed at updating and strengthening the capital framework for private health insurance (PHI).
The Australian Prudential Regulation Authority (APRA) has launched an intervention into the life insurance market in response to ongoing heavy losses in respect of individual disability income insurance (DII).
Private health insurance premiums in Australia could be reduced by up to 10% if private hospitals were made more efficient and stopped over-servicing, revealed a new report from public policy think tank Grattan Institute.
Munich Re has appointed Nicolas Carro as CEO for its life and health business and operations in Australia and New Zealand, with effect from 1 January 2020. Based in Sydney, Mr Carro will report to Munich Re CEO life & health in Asia Pacific, Middle East and Africa Daniel Cossette.
A proposal has been raised for efforts to be made to reduce preventable hospitalisation to order to curb rising health insurance premiums.
International professional services firm KPMG has highlighted two specific challenges for the life insurance industry.