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  • Munich Re appoints managing director for Australasia

    Munich Re has appointed Scott Hawkins as managing director, Australasia. He will be responsible for overseeing the leadership and strategic steering of Munich Re's businesses in Australia and New Zealand, as well as being principal officer of Munich Holdings Australasia. This appointment is effective from 1 April 2021.

    People | 09 Mar 2021
  • Australia: Non-life insurance sector's net profit plunges 99% in 2020

    The general insurance industry reported a net profit after tax of A$35m ($26.9m) for the year ended 31 December 2020, which was 1.1% of the A$3.1bn posted for 2019, according to data released by the Australian Prudential Regulation Authority (APRA).

    Asia | 09 Mar 2021
  • Australia: Life insurance market reports losses for 2020

    The Australian life insurance industry's performance continues to be challenged, says the Australian Prudential Regulation Authority (APRA) as it released its "Quarterly Life Insurance Performance Statistics" publication for the December 2020 quarter.

    Asia | 08 Mar 2021
  • Australia: Capacity in insurance mart tightens

    The Australian insurance market has seen a period of prolonged hardening that has shifted from primarily rate increases to now deductible movement and coverage contraction, notes Aon, a leading glob

    Asia | 05 Mar 2021
  • Australia: Bushfires highlight need for available and affordable insurance

    The bushfire season has highlighted the importance of accessible and affordable insurance coverage, Dr Sean Carmody, APRA executive director, Cross-Industry Insights and Data Division, said yesterday at a hearing held by the Senate Standing Committee on Finance and Public Administration, which is conducting an inquiry into the lessons to be learned in relation to the devastating Australian bushfire season 2019-20.

    Asia | 03 Mar 2021
  • Australia: Think tank urges prosthesis market reform to make private health insurance more sustainable

    The prosthesis market in Australia needs major reform because private hospital insurance pays out more than A$2bn ($1.55bn) each year in benefit payments for prostheses, accounting for more than 12% of all benefit payments, says the non-partisan Grattan Institute, a think tank dedicated to developing high quality public policy for Australia's future.

    Asia | 02 Mar 2021
  • Australia: Compensation for customers who suffered because of fees for no service misconduct

    Six of Australia's largest banking and financial services institutions have paid or offered a total of A$1.24 billion (US$961.5 million) in compensation, as at 31 December 2020, to customers who suffered loss or detriment because of fees for no service misconduct or non-compliant advice, according to the Australian Securities and Investments Commission (ASIC).

    Agents | 01 Mar 2021
  • Australia: Second COVID-related business interruption test case commences

    The Insurance Council of Australia (ICA) yesterday welcomed the commencement of proceedings in the Federal Court of Australia to test the application of further issues in relation to pandemic coverage in business interruption policies.

    Asia | 25 Feb 2021
  • Actuaries Institute Australia gets a new president

    Risk management is a significant area of growth for Australia's actuaries as the private and government sectors and the economy and jobs market recover from the impact of COVID-19 according to Actuaries Institute of Australia's incoming president Jefferson Gibbs.

    Asia Risk | 24 Feb 2021
  • Australia: Insurers and builders pledge to improve sharing of info on housing resilience

    Both the Insurance Council of Australia (ICA) and Master Builders Australia (MBA) have committed to working with the government to improve information sharing between the sectors, and to improving consumer information on housing resilience.

    Asia | 23 Feb 2021

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