Arch Insurance Australia has promoted Mr Nick Barry to accident and health (A&H) underwriting manager, Southern Region.
Australia's life insurers are warning that the nation's financial safety net is being pushed to its limits, with more Australians leaving work permanently due to mental ill health than ever before.
Asia-Pacific life profitability outlook remains stable, though foreign exchange hedging costs may weigh on margins in Japan, says Swiss Re Institute (SRI) in a report on world insurance developments.
Canopius has appointed Ms Micia Yong as head of property and specialty treaty APAC.
Arch Capital Group has promoted Ms Ondine Bourrut Lacouture to the role of active underwriter of Arch Syndicate 1955 at Lloyd's.
Overall, APAC's life insurance sector overall has a 'neutral' outlook at the moment, Fitch Ratings head of APAC insurance ratings Jeffrey Liew said at the company's media briefing.
Global non-life premiums are expected to grow to $4.8tn in 2025 (2024: $4.6tn), with an 85%:15% split between advanced and emerging markets, according to Swiss Re Institute's latest Sigma report, titled 'World insurance in 2025: A riskier, more fragmented world order'.
Insurers, superannuation funds and banks in Australia will now need to meet higher standards of operational risk management as new requirements for operational risk management laid down by the Australian Prudential Regulation Authority (APRA) have come into force.
The plan by the Tasmanian Liberals to establish a state-owned insurance company would put significant financial risk onto the public balance sheet according to Insurance Council of Australia (ICA).
The Australian Securities and Investments Commission (ASIC) has warned the public to stay away from pushy sales tactics that recommend quick superannuation switches.