Business interruption (BI) claims are likely to be the largest source of pandemic-related claims for Australian non-life insurers, although there is still uncertainty about the ultimate cost, says Fitch Ratings.
PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, says that its final industry loss estimate for the January 2020 Australian hailstorms stands at A$1,887m ($1,456m).
QBE, Australia's biggest insurer in terms of premiums, has stated that its 2020 financial results will now include an additional $185m risk margin strengthening with respect to potential Australian business interruption claims.
The 2019-20 Black Summer bushfires in Australia are a wake-up-call demonstrating the extreme effects of climate change according to a new study which examines the factors that caused the disaster.
The quality of group insurance data has in general improved recently; however, most, if not all, data will have some missing or conflicting values, ambiguity, and a lack of granularity, says Rice Warner which provides actuarial consulting, research and technology solutions.
2021 will be an interesting year for insurance brokers in Australia, said National Insurance Brokers Association (NIBA) CEO Mr Dallas Booth with his comments carried in the association's newsletter Insurance & Risk.
Over 12,573 advisers have sat the adviser exam with 9 in 10 demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam, according to a statement issued by the Financial Adviser Standards and Ethics Authority (FASEA).
Howden, the international insurance broker, part of Howden Group Holdings, announced yesterday that it is building on its 20-year relationship with Steadfast, the Australian insurance intermediary network, by forming a strategic partnership to support Steadfast's London Market broking requirements and launching an Australian broking operation in association with Steadfast.
QBE, Australia's largest insurer in terms of premium income, has finalised renewal of the Group's reinsurance programme effective 1 January 2021, the company says in a statement.
Within Australia's insurance job market, the skills in greatest demand this year include those of brokers with a Tier 1 qualification and at least five years of experience, according to a report by the global recruitment and human resources services firm, Hays.