IAG, one of Australia's leading general insurers, and RACQ have announced that IAG will acquire 90% of RACQ's existing insurance underwriting business, with an option to acquire the remaining 10% in two years on consistent terms. The consideration amounts to A$855m ($555m).
The Senate Select Committee has presented its report on the "Impact of Climate Risk on Insurance Premiums and Availability" that contains recommendations that seek to address the immediate challenges of insurance unaffordability arising from climate risk, while providing longer-term solutions for communities.
The Australian government has announced a package of reforms in response to the feedback received from the "Superannuation in Retirement" consultation, to ensure the superannuation system will better support Australians' needs.
Jobs and Skills Australia (JSA) has retained its classification of financial investment advisers as being in shortage in 2024 in its latest Occupations Shortage List (OSL).
The age profile of Australians working in insurance is skewing older and the talent gap is getting wider, said AXA XL country leader, Australia Catherine Carlyon.
Australian road deaths climbed by 4.9% in the year to 31 October 2024, according to the Australian Automobile Association (AAA), citing statistics from the Bureau of Infrastructure and Transport Research Economics.
Nearly two-thirds (61%) of Australians are at medium to high risk of developing skin cancer, according to new data from leading health insurer, nib.
Changes to reinsurance-related capital requirements proposed by the Australian Prudential Regulation Authority (APRA) could support Australian general insurers' credit profiles over the medium term if they improve access to reinsurance protection, says Fitch Ratings.
The current technology-neutral Australian Consumer Law (ACL) should be maintained and applied to new and emerging technologies as it already is, says the Insurance Council of Australia (ICA).
While a series of cyber attacks in the past two years provided a stark wake-up call for Corporate Australia to strengthen their cyber security and preparedness, many small-to-medium-sized businesses (SMEs) have not followed suit, said Taylor Fry principal Win-Li Toh.