Sydney-headquartered QBE Insurance Group, one of the world's top 20 general insurance and reinsurance companies, has announced that its net profit after tax attributable to equity holders of the company stood at $151m for the first half of this year, 66% down from $441m in the corresponding half in 2021.
The Australian Prudential Regulation Authority (APRA) has published its updated plan to reinforce the financial soundness of the insurance, banking and superannuation industries over the next four years 2022 to 2026.
More than 60 entities regulated by the Australian Prudential Regulation Authority (APRA) are generally aligning well to the regulator's guidance on managing the financial risks and opportunities that may arise from a changing climate, especially in the areas of governance and disclosure.
Argenta Underwriting Asia (AUA) has announced that it will cease writing new and renewal business in Singapore with immediate effect.
One of Australia's biggest financial services companies, Brisbane-headquartered Suncorp has announced that its insurance operations in Australia (dubbed 'Insurance Australia') reported profit after tax of A$174m ($122m) for the financial year ended 30 June 2022 (FY22), a 68.2% fall compared to FY21.
Deaths from COVID-19 are expected to reach 7,100 for the first seven months of 2022, according to the latest Actuaries Institute research, with COVID-19 expected to be the third leading cause of death so far this year.
The Insurance Council of Australia (ICA) yesterday acknowledged the High Court's request to hear oral arguments on the applications for special leave to appeal the Full Court of the Federal Court of Australia's recent judgment on the interpretation of policy wordings in business interruption policies in the context of COVID-19.
TAL Dai-ichi Life Australia has recently announced the completion of its acquisition of Westpac's Australian life business, a year after the two parties agreed to the deal.
Insurance pricing in the Pacific region, that is dominated by the Australian market, increased by 7% in the second quarter of this year, down from 10% in the prior quarter and the sixth consecutive quarterly reduction in rate increases, according to the 2Q2022 "Global Insurance Market Index" report released by leading global insurance broker Marsh.
Australia-based insurance broker Aviso Broking has acquired Macquarie Insurance Brokers (Australia) Pty Ltd in Sydney, which caters to commercial and personal insurance lines.