A common theme that increasingly pervades all three sectors of the insurance industry - general insurance, life insurance and health insurance - is the affordability and availability of insurance, Mr Wayne Byres, APRA chairman.
Although many in the insurance industry are predicting positive growth in Australia over the coming year, many issues that defined 2021 remain front of mind for 2022, with some of them also part of global insurance trends, states the legal services firm Sparke Helmore Lawyers which is a member of the Global Insurance Law Connect (GILC), an alliance of insurance law firms spanning four continents.
Suncorp has committed itself to more ambitious, deeper and broader actions relating to financial inclusion by moving its Financial Inclusion Action Plan (FIAP) up a step onto the "Build" level. This phase will last a longer term of three years till March 2025.
One in 25 Australian properties will be effectively uninsurable by 2030 due to rising risks of extreme weather and climate change according to a new analysis by the Climate Council of Australia.
Some of Australia's biggest insurance companies have discreetly introduced policies to use generic, non-genuine (off-brand) parts in crash repairs.
Australian-listed AUB Group yesterday announced it has entered into a binding agreement to purchase Tysers, a leading Lloyd's wholesale broker and is undertaking an equity capital raising to provide funding towards the acquisition
Sydney-headquartered QBE Re has announced significant changes to its organisational structure as part of its strategy to further align and unify the global structure of the business.
QBE Insurance Group, Australia's largest international insurance and reinsurance company, has said that it currently expects to have some exposure to the broader Russia-Ukraine conflict across a number of lines such as political violence, political risk and aviation.
The majority (83%) of Australians with insurance in superannuation say it is important; however, only 42% ever review their cover, according to the findings of a survey by MLC Life Insurance.
The Insurance Council of Australia (ICA) yesterday provided updated data on the storms and floods that impacted South-East Queensland and coastal New South Wales in February and March, showing that the event is estimated to be Australia's costliest flood ever.