There must be recognition that additional meaningful industry cost savings and enhanced industry participation can only be realised through new government reforms, according to Medibank Private chief executive Craig Drummond.
Data released by the Australian Prudential Regulation Authority on show that 46,969 fewer people aged between 20 and 34 had hospital cover in December, compared with a year earlier.
The bushfires that have ravaged Australia over the past three months have damaged over 2000 homes and cost at least AUD1bn in claims. A typical bushfire season used to see only 100 homes lost.
If there is one thing that businesses have learned from the rise of Netflix, Amazon Prime and Apple - it is that the future of customer loyalty lies in securing subscriptions. And this applies to the insurance sector as much as any other.
Climate change could make insurance premiums unaffordable, especially for customers exposed to extreme weather events. According to a press report by Reuters, Australia's QBE Insurance Group (QBE.AX) considers climate change a "material risk" for its operations across the globe.
Australia's QBE Insurance Group has said that climate change could make some premiums unaffordable, especially for customers exposed to extreme weather events, and was a "material risk" for its operations across the globe, reported Reuters.
PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has provided its initial property loss estimate for the Australian bushfires for the peak period during December 2019-January 2020.
Insurance pricing in the fourth quarter of 2019 in the Pacific region, which is dominated by the Australian market, increased by 20%, continuing an upward trend that began in 2015, according to Marsh's Global Insurance Market Index for 4Q2019.
Many Australian insurers appear positioned to absorb losses from the recent bushfires, but the fires could affect earnings and reinsurance renewals, says Mr Alex Rafferty, AM Best associate director of analytics.
Insured losses caused by the devastating bushfires in Australia are currently estimated at A$1.9bn ($1.3bn), according to the Insurance Council of Australia (ICA).