Insurance rates in the Pacific region, dominated by the Australian market, dropped by 6% in the third quarter of 2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Australian Securities & Investments Commission (ASIC) is urging financial services and credit licensees, including insurance companies, to ensure their governance practices keep pace with their accelerating adoption of artificial intelligence (AI).
Insurance company board directors have been challenged to do more to ensure customers are treated fairly amid a groundswell of complaints about health, life, home and motor policies, a paper published by the Actuaries Institute suggests.
The Australian Prudential Regulation Authority (APRA) has growing concerns about superannuation trustees' spending behaviour after observing deficient practices and questionable expenditure in some areas, according to APRA deputy chair Margaret Cole.
Tysers has appointed Ms Babita Rai as CEO, Singapore and Mr William Furness-Smith as head of marine, APAC.
Australians will face a chain reaction of financial uncertainty over generations if proposed advice reforms are not legislated before the next federal election, warned the Council of Australian Life Insurers (CALI), which represents the Australian life insurance industry.
Tokio Marine Kiln (TMK) has appointed Mr Alexandros Ampatzis as head of marine in APAC, effective 1 November. In his new role, he will primarily be focused on deepening TMK's presence in target markets across the region and continuing the team's rapid growth.
By 30 June 2024, 18 insurers had joined the cyclone pool managed by Australian Reinsurance Pool Corporation (ARPC), according to a report released last week by the public financial corporation.
The Board of the Council of Australian Life Insurers (CALI) has elected Mr Kent Griffin, CEO and managing director of MLC Life Insurance as co-chair. Ms Fiona Macgregor, CEO and managing director of TAL Group, Mr Nicolas Carro, CEO of Munich Re Australasia Life and Mr Anton Kapel, chief executive of life and solutions of Challenger have also been elected as board directors.
Australia's biggest general insurer QBE has announced a strategic partnership with Taipei-headquartered Eos Rhea Metis (ERM) to enhance its risk engineering services for corporate clients in Taiwan and across Asia.