Australians are now almost three times more likely to insure their car instead of their biggest asset - themselves and their earning potential - with new research revealing a deepening national crisis in access to affordable financial advice.
The first half of 2024 saw a significant improvement in market competition and the return of insurer choice for buyers, from both existing insurers and new entrants, says Mr Scott Eccleston, head of global placement, Pacific, at global insurance broking giant March.
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.