The rate of increase in the cost of group healthcare in Asia Pacific is expected to slow down to 8% in 2021, from a projected 8.7% in 2020, due to a decrease in medical plan utilisations arising from the COVID-19 pandemic, according to a survey by Aon.
Lloyd's of London firm Apollo, which provides insurance for Adani Enterprises' Carmichael thermal coal mine until September 2021, but is not planning to provide any further insurance for the mine, reported Reuters.
The Australian Reinsurance Pool Corporation (ARPC) last week published its 2019-2020 annual report in which it showcased strong performance for that financial year, with an operating result (surplus) of A$69.1m ($48.8m), A$42.5m better than forecast.
The Australian Actuaries Climate Index, which measures the occurrence of extreme weather conditions and sea levels, showed winter this year was relatively benign across most of Australia, with the Index falling to levels not seen since winter 2015.
The Australian Securities and Investments Commission (ASIC) has updated its information sheets on unfair contract terms protections for consumers and small businesses.
Insurance and financial services company Suncorp has warned that wild weather this summer could blow out the nation's natural disaster bill and cause insurance premiums to spike.
The overall value for the Australian pension system decreased from 75.3 in 2019 to 74.2 in 2020 on the Mercer CFA Institute Global Pension Index (MCGPI) primarily due to a reduction in the net replacement rates published by the OECD.
Almost half (47%) of insurance brokers in Australia placed client's business directly with insurers, according to data collected by APRA for the half-year to 30 June 2020.
The insurance broking industry in Australia, similar to the rest of the financial services sector, has been experiencing increasing scrutiny of its business model by regulators, policymakers and the general public.
The Insurance Brokers Code of Practice has to stay up to date with change and thus there is an absolute necessity for regular, independent and professionally constructed Code reviews, points out the independent chairman of the Insurance Brokers Code Compliance Committee (IBCCC), Mr Michael Gill.