Japan is ranked second in a new Swiss Re study on life and health insurance availability, accessibility and affordability (three 'A's). Japan's aggregate inclusion score is 0.66, behind the 0.67 score for the US.
The Insurance Council of Australia (ICA) has called for the Federal Government to continue funding its Disaster Ready Fund (DRF) past the five-year budgeted commitment to better prepare for and protect Australian communities from worsening extreme weather.
The Australian Prudential Regulation Authority (APRA) has granted PetSure (Australia) a licence to operate as a general insurer (GI). APRA has also licensed PetSure Holdings as a non-operating holding company.
Financial planners say they continue to have reservations about the proposed Compensation Scheme of Last Resort (CSLR) and the Financial Accountability Regime (FAR) after legislation for the two Hayne royal commission-backed measures was introduced in the House of Representatives last week.
PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, says that its fourth and final industry loss estimate for the Eastern Australia floods in 2022 is A$6,527m ($4,348m). The event generated the largest loss on record for the Australian insurance industry.
Life insurance helps customers feel in control of their financial situation, with 82% saying that having adequate life insurance is an important part of being financially secure and that they feel more confident as a result, according to a new industry report from MetLife Australia.
The general insurance industry in Australia chalked up a net profit after tax of A$2.3bn ($1.5bn) and a return on net assets of 7.2% for the year to 31 December 2022, reveal statistics released by Australian Prudential Regulation Authority (APRA).
Australia's life insurance industry reported a net profit after tax of A$1.1bn ($745m) in 2022 for risk products, nearly 50% higher than the A$745.6m net profit recorded in 2021, according to data released by the Australian Prudential Regulation Authority (APRA).
Members of the Association of Financial Advisers (AFA) and Financial Planning Association of Australia (FPA) have voted in favour of the proposed merger of the two associations at extraordinary general meetings in Sydney on 28 February 2023.
The Australia government says that it is making the country's superannuation system more sustainable and fairer with one change that affects less than 0.5% of all Australians.