S&P Global Ratings expects solid head-line growth in gross written premiums of about 6% per year for P&C insurers across personal and commercial lines in Australia.
PERILS, a Zurich-based organisation providing industry-wide catastrophe insurance data, disclosed its second industry loss estimate for the Eastern Australia floods, which occurred from February to March. The second estimate of the insurance market loss is A$4.895bn ($3.382bn). This compares to the initial loss estimate of A$3.991bn which was issued by PERILS in April. The loss estimate includes losses from the property and motor hull lines of business and is based on data collected from most of the Australian insurance market.
The Financial Services Council (FSC) and the life insurance industry have published the new Life Insurance Code of Practice (the Life Code). The new Code takes effect on 1 July 2023, and provides the industry with 12 months to make the transition.
The Insurance Council of Australia (ICA) has welcomed the confirmation of A$741m ($518m) in additional funding in the State Budget handed down yesterday to better protect Queensland homes and communities from the impact of extreme weather.
Internet, electricity and mobile services provider Slingshot has formed a partnership with digital insurer Open, enabling the delivery of house, contents, and landlords' insurance along with energy, mobile and broadband on a single bill.
Zurich Financial Services Australia (Zurich) last week announced several targets and initiatives to drive forward its sustainability efforts in Australia and New Zealand.
BMS, a London-based independent specialist insurance and reinsurance broker, has announced the acquisition of SRG Group, an Australian corporate retail broker with operations in Perth and Queensland.
There were 4,000 more deaths than expected in Australia during the first two months of 2022, according to the latest modelling data from the Actuaries Institute. This means excess mortality of 15% above pre-pandemic levels, revising previous estimates upwards by 50%.
Many Australian businesses have yet to recover from the economic shocks of the pandemic, highlighting a general need to improve organisations' risk preparedness according to a new study by AI business company Dataminr.
ClearView is calling on the Treasury to avoid tinkering with commission rates to ensure accessibility and affordability.